Joint venture finalized for Watertown hospital and private company

Freeman Staff

Sept. 1, 2015

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 LifePoint.