WATERTOWN - A joint agreement previously announced
between Watertown Regional Medical Center and LifePoint Health was
finalized Tuesday. The nonprofit WRMC and the private company
LifePoint Health will share ownership and operation of the hospital
under the agreement.
“This is an exciting day for WRMC and our
communities,” said Jeff Baum, chairman of the WRMC Board of
Directors, in a statement. “As part of LifePoint’s system, we have
resources and support to advance health care throughout our region
and strengthen the future of the communities we serve. We are
pleased to have found a partner who shares our commitment to
providing high-quality care to south central Wisconsin.”
The joint venture will invest $100 million in WRMC
and the community during the next 10 years, which will include
advancements in technology, the expansion of clinical services and
initiatives and facility improvements. LifePoint has also committed
to hiring all employees, subject to standard pre-employment
screenings, and investing in their professional development,
according to the announcement.
As part of the joint venture, LifePoint will own 80
percent of the hospital, while WRMC and the community will retain a
20 percent ownership stake, according to the announcement.
Governance of the hospital will be shared equally through the
creation of a board with equal representation from both WRMC and