Healthcare Foundation selling its stake in Wilson Medical Center

The Healthcare Foundation of Wilson board of directors voted Monday night to exercise its put option to sell its ownership in the Wilson Medical Center.

The decision came during a special called meeting.

Wilson County Manager Ron Hunt told the Times Monday night that the Foundation informed the county commissioners earlier in the day about their intentions. “This should be no surprise,” Hunt said. “Commissioners have been dissatisfied with the hospital for a long time.” He said the dissatisfaction continues. Hunt said the hospital needs a definite change to improve patient care and outcomes. “We continue to not see that.”

When Wilson Medical Center was sold to Duke LifePoint Healthcare in 2014, the Healthcare Foundation of Wilson was established from the proceeds of the sale, according to a statement from the Foundation. As part of that transaction, the Foundation retained a 20% interest in the hospital with the option to sell to Duke LifePoint.

“For the past 10 years, we’ve had a minority interest in the Wilson Medical Center,” said Kurt Schmidt, board chair of the Healthcare Foundation of Wilson. “Exercising our option to sell our interest in the hospital gives the Foundation greater flexibility to address Wilson’s greatest health needs.”

The next step in the process is for the Foundation and Duke LifePoint to have an independent valuation of the hospital completed, which could take several months. The proceeds from the sale will go to the Foundation and be earmarked to improve the health and wellness of the Greater Wilson community.

“We have been committed to supporting our community since the day the Foundation was formed,” said Paula Benson, executive director of the Foundation. “While we will continue to offer grants in the future, exercising this option gives us additional flexibility in identifying opportunities to improve health care in Wilson that align with the Foundation’s mission and focus areas.”

While future projects and partnerships have not yet been decided, the decision to earmark the funds from the proceeds of the sale of the minority interest allows the Foundation to strengthen its impact by focusing on the community’s greatest health, the statement continues.

In a FAQ section of  the Foundation website, officials said they don’t see this having an impact on the hospital. “Duke LifePoint has had majority ownership and control for the past 10 years, and this change simply takes them from 80% to 100%, meaning they will have sole ownership of the hospital,” the site states.

Wilson Medical Center CEO Chris Munton announced earlier this month that he is leaving the hospital after a year in the role.

He came to Wilson after the hospital endured a crisis, with the Centers for Medicare & Medicaid Services placing it on immediate jeopardy status four times in a year. Regulators lifted those statuses after corrective plans were implemented. Munton’s first day on the job was the same day county commissioners unanimously passed a resolution exerting pressure on the hospital to improve patient care.

The Healthcare Foundation of Wilson is a public foundation that was established in 2014 when Duke LifePoint Healthcare purchased Wilson Medical Center. The assets received, as well as prior hospital reserves, provide the funding for the responsive and strategic grants awarded and many of the physical improvements to the hospital. The Foundation’s mission is to invest in collaborative efforts that influence and measurably improve the health and wellness of the Greater Wilson community. Since the first grants were issued in 2016, over $56.7 million has been expended. The Foundation remains committed to creating a healthier Wilson community and looks forward to more collaborative partnerships in the future.

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