Contact:
David Foreman
(434) 924-2242
daf4n@virginia.edu
Culpeper Regional Hospital and UVA Medical Center
Sign Agreement to Explore Partnership
Charlottesville, Va., April 9, 2008, - Culpeper Regional Hospital (CRH) and the University of Virginia Medical Center (UVAMC) have taken the first steps in forming a new partnership between the two health care providers. Under the terms of the Letter of Intent approved by the leadership of both institutions, UVAMC would receive a 49 percent interest in CRH.
Under the terms of the letter, subject to required approvals, UVAMC would invest substantial capital in CRH, which would remain an independent, not-for-profit hospital with an independent board. UVAMC would have representation on the CRH Board of Trustees proportionate with its 49 percent investment. UVAMC will participate in long-term strategic decisions of CRH, through its membership of the Board.
"The face of healthcare in Culpeper is changing rapidly," says Lee Kirk, President and CEO of Culpeper Regional Hospital. "Our rapidly increasing and aging population has growing expectations and more complex medical needs. At the same time, we are faced with providing increasingly sophisticated care with relatively fewer resources and shrinking reimbursements," says Kirk. "After careful consideration, Culpeper Regional Hospital approached our longtime partner UVA Medical Center about an exclusive partnership which would allow Culpeper to retain local control over its operations, but provide the strategic resources we need to better meet the healthcare needs of our community, not just today or next year, but for the next several decades."
Kirk says the expanded partnership is based on a shared set of values, the most important being the quality of care delivered to patients. In addition, CRH and UVAMC have imbedded within their culture the values of compassion, integrity, teamwork, stewardship and excellence. The partnership will reflect the University of Virginia Health System's commitment to education and the creation and sharing of knowledge.
"UVA Medical Center and Culpeper Regional Hospital have a long history of partnering for the residents of the Culpeper region. For more than a decade, UVA has had a significant (49 percent) share of Culpeper Medical Associates, a physician practice management organization," says R. Edward Howell, Vice President and CEO of UVA Medical Center. "This new partnership will allow Culpeper Regional Hospital to better meet the increasing needs of its rapidly growing community and will strengthen UVa's patient referral base in the Culpeper region."
"As we grow to meet the needs of our community, there are many ways we can better fulfill our mission by partnering with one of the nation's top academic medical centers in the University of Virginia Medical Center," says Kirk.
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