Pineville Community Hospital Association and a subsidiary of Americore Health llc have signed an asset purchase agreement regarding the sale of substantially all of the hospital’s non-real estate assets. The closing of the transaction is subject to certain consents and approvals and is expected in the next 30-60 days. In addition, Americore has entered into a long term lease with an option to purchase with regards to the hospital real estate assets and the medical office building downtown. In the interim period prior to closing Americore will also manage the hospital and is commencing the implementation of several of its unique, profitable new business initiatives.
Americore is a market changing, new healthcare company with a team of proven experts and an innovative business model to drive significant new revenue and profitability to rural hospitals while preserving a community centric focus and extremely high level of care. Americore is actively pursuing the acquisition of rural hospitals across the United States and has several acquisitions under contract. Americore brings to the table access to significant investment capital, a new business model and a network of strategic nationwide partnerships that will rationalize costs, optimize the medical staff and real estate and drive new high margin revenue streams for Pineville.
The hospital has been under financial duress for a long time and continues to be. The closing of this transaction will stabilize the hospital financially and improve quality of care and service offerings. The hospital is one of the largest employers of any business within Pineville. The most important thing for many in the area is that they are confident the hospital will remain open and providing the acute care services the community deserves.
Americore is also negotiating to reopen the hospital in Lee County, VA. Grant White, CEO of Americore highlighted
“Americore is making a significant investment in the region. We expect there to be tremendous synergies between the two locations and an opportunity to expand medical services.”
“We are committed to operating a world class medical center in Pineville that delivers traditional acute care services to the area and several new medical services that serve the needs of the community and surrounding areas”, according to Travis Roderick, Americore Health COO.
“Pineville has a great team here, many of whom have dedicated their lives to serving the health care needs of this community.”
“It’s an exciting time to witness the commitment of Americore’s team that is bringing in the best in class processes and instilling a new culture that empowers employees to be passionate in their efforts to provide excellent patient care”, according to John Combs, a Board Member at the Hospital.
In other action the Board appointed Rick Tichenor as the CEO. Mr. Tichenor has had a long career in acute care and small hospital operations and brings a people centered management philosophy to the team.