November 5, 2019–9:52 a.m.
NEWS RELEASE
Floyd Health System (Floyd) and Atrium Health announced today that the organizations have signed a letter of intent to combine, with the goal of bringing enhanced capabilities and new investments in skills and talent, facilities and technology to the communities served by Floyd.
The agreement is subject to regulatory approvals by state authorities and is expected to be completed by the end of 2020.
Headquartered in Charlotte, North Carolina, Atrium Health is one of the nation’s leading health care organizations with an integrated network of 39 hospitals.
- Combination will provide Floyd with resources to invest in the future of care
- Agreement preserves Floyd’s ability to make local decisions
- Atrium Health will invest $80 million in Floyd Healthcare Foundation to address health disparities, indigent care, health needs and social determinants in the region.
“Our governing board selected Atrium Health because of its mission, its commitment to all patients, its industry-leading best practices, its success and vision and its desire to invest in and help further Floyd, while also preserving our ability to make local decisions,” said Kurt Stuenkel, Floyd president and CEO. “This strategic combination will help continue Floyd’s success and will allow us to be more responsive to the needs of our communities through additional investments and resources.”
“From the first moments we met Kurt, his team and their board, we knew Floyd Health System was special,” said Eugene A. Woods, president and CEO of Atrium Health. “The team at Floyd is known for their deep commitment to clinical excellence, for their relentless focus to continuously improve, and most importantly, for keeping their mission at the heart of everything they do. I know our shared future is limitless, and we can’t wait to formally welcome them to our family.”
Floyd is the region’s largest employer with an economic impact of nearly $800 million annually. Through Atrium Health, Floyd will have more resources and be able to make an even greater impact in the communities it serves. Atrium Health has pledged to invest $650 million in capital for Floyd over the next 11 years to enhance capabilities, skills and talent, facilities, and technology.
As part of the combination and capital commitment, Atrium Health will invest $80 million in support of Floyd Healthcare Foundation. Founded in 1979 by a small group of visionary local citizens, Floyd Healthcare Foundation has become an integral part of the Floyd health system, supporting health-related programs in communities served by Floyd. “This endowment will provide additional resources to creatively impact health care disparities in our region,” Stuenkel added.
More information on the strategic combination is available at www.floydandatrium.org.