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Novant Health increases ownership share of LNRMC
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Published: October 2, 2009
The restructuring of Novant Health and Health Management Associates' joint venture with seven of HMA's properties will affect two hospitals in Iredell County.
Under the plan announced on Friday, Novant will no longer own a share of Davis Regional Medical Center and will increase its ownership share of Lake Norman Regional Medical Center from 27 to 30 percent. The most significant part of the restructuring involves Novant increasing its effective ownership interest to 99 percent in Franklin Regional Medical Center in Louisburg, and Upstate Carolina Medical Center in Gaffney, S.C. With that change, Novant will begin to manage and operate those two hospitals.
Winston-Salem based Novant, which owns Presbyterian Hospital in Charlotte, formed a partnership with HMA in March 2008 when it purchased a 27 percent share of ownership of seven HMA hospitals, including Davis, LNRMC, Franklin Regional, Sandhills Regional, Chester Regional, Upstate Carolina Medical Center and Carolina Pines Regional Medical Center.
Novant Health will no longer be part owner of the other four HMA hospitals located in Statesville, Hamlet, Chester and Hartsville.
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