Today, Floyd Healthcare Management Inc., (FHMI) and the Hospital Authority of Floyd County (HAFC) approved two agreements in preparation for Floyd to request state approval of its strategic combination with Atrium Health.
FHMI and HAFC approved the form of a member substitution agreement between FHMI, the Charlotte-Mecklenburg Hospital Authority and Atrium Health Georgia Inc. for submission to the Georgia Attorney General.
The member substitution agreement, once executed, establishes Atrium Health Georgia Inc., a subsidiary of the Charlotte-Mecklenburg Hospital Authority, doing business as Atrium Health, as the sole member of Floyd Healthcare Management Inc.
FHMI, as lessee of Floyd Medical Center from HAFC, manages and operates Floyd Medical Center and its affiliates.
In addition, FHMI voted to approve an amended and restated lease agreement between HAFC and FHMI.
The agreement extends the HAFC's lease of Floyd Medical Center to FHMI to 40 years from the date of closing.
George Bosworth, M.D., Chairman of FHMI stated:
“Today's vote is the next step in our strategic combination with Atrium Health. We now are prepared to file our member substitution agreement with the Georgia Attorney General's office for approval, setting the stage for final approval in late June or early July.
“After more than a year of review, due diligence and organizational discussions, we are more confident than ever that Atrium Health is the right partner for Floyd to ensure that we can continue to provide the highest-quality medical care in our community for generations to come."