Atrium, WakeMed make their merger case to Wake leaders - Business North Carolina
Article excerpt
Atrium Health and WakeMed officials discussed their proposed combination with the Wake County Commission Monday after producing a 61-page document providing more rationale for the deal. The two hospital systems held a secret meeting with the county commission in mid-March, but didn’t disclose their plans until Friday, May 4, when it was included on a meeting agenda. Plans called for a vote approving the new relationship on Monday, May 7, but community protests prompted the county board to push back a decision by at least 90 days. The new filing and Monday’s presentation made the the case of why the combination will benefit the county, state and the institutions, emphasizing Atrium’s rapid growth and commitment to broad healthcare access. It notes that WakeMed, the county’s largest hospital operator with $2.6 billion in revenue, “does not have sufficient cash on hand, nor the debt capacity needed to grow as necessary to meet community needs while dealing with rising supply, labor and pharmaceutical costs.” Safety-net hospitals like WakeMed face “almost insurmountable odds” of surviving in a consolidating hospital industry, Dr. Thad McDonald, a retired Raleigh physician who chairs WakeMed’s board, said at today’s meeting. He called Atrium a “mirror image” of WakeMed at today’s meeting. At the same time, the filing noted that “WakeMed is in a strong financial position today...
Keep reading with a free account
The rest of this article, and every signal for Atrium Health, is in your free account.
Extracted from this sentence
Atrium has pledged to invest $2 billion in WakeMed projects over the next decade, while adding more than 3,000 jobs.
