April 9, 2008
The Culpeper Regional Hospital (CRH) and the UVa Medical Center (UVaMC) are exploring a possible partnership. Both health care providers have already taken the first steps to join forces.
Under the terms of the Letter of Intent approved by the leadership of both institutions, UVaMC would receive a 49 percent interest in CRH.
“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,” said Lee Kirk, President and CEO of Culpeper Regional Hospital.
Under the terms 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.
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