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North Carolina system completes $2.4B deal to acquire 3 South Carolina hospitals
Novant Health has purchased the facilities, and a host of clinics, in a deal with Tenet Healthcare Corp. Novant expands its presence in South Carolina.
Just a few months after announcing the deal, Novant Health has completed its $2.4 billion purchase of three South Carolina hospitals from Tenet Healthcare Corp.
Novant Health has acquired three South Carolina hospitals from Tenet Healthcare Corp.: Hilton Head Hospital in Beaufort County, Coastal Carolina Hospital in Jasper County, and East Cooper Medical Center in Charleston County, pictured. (Image: Novant Health)
Novant, based in Winston-Salem, N.C., and Tenet both announced the completion of the deal Thursday. With the move, Novant has acquired Hilton Head Hospital in Beaufort County, Coastal Carolina Hospital in Jasper County, and East Cooper Medical Center in Charleston County.
The deal also includes 27 physician clinics in Charleston and Beaufort counties and a freestanding emergency department in Jasper County.
Carl S. Armato, president and CEO of Novant Health, has touted the deal as part of a commitment to expand healthcare in South Carolina.
“We are beyond thrilled to welcome our new team members and grow our presence in South Carolina,” Armato said in a statement. “Novant Health’s long-term vision is to transform the health and wellness of these communities through expanded specialty services and clinical expertise. We are energized and united behind our cause to create a healthier future together by building connections with patients and clinicians in coastal South Carolina.”
As part of the deal, Tenet’s Conifer Health Solutions subsidiary will provide revenue cycle services to the three South Carolina hospitals over a 15-year contract.
The leaders of the three hospitals issued statements reflecting enthusiasm for the new partnership.
Joel Taylor, market CEO of Hilton Head Regional Healthcare, said his organization is working with Novant to provide a “seamless transition.”
“We are eager to move forward together in support of our teams and know decisions will be made with our community’s needs at the forefront,” Taylor said in a statement.
Tyler Sherrill, CEO, East Cooper Medical Center, pointed to Novant’s reputation for “elevating clinician leadership” and the system’s top technology.
“There’s a lot to be excited about when planning for our future,” Sherrill said in a statement.
Ryan Lee, CEO of Coastal Carolina Hospital, also pointed to access to additional resources for his organization.
“I’m delighted to join a leadership team that strives to not only be a healthcare provider of choice but also an employer of choice,” Lee said in a statement.
The news comes just days after federal regulators announce that they are suing to block Novant Health’s plans to buy two other hospitals in North Carolina.
The FTC said last week that it’s suing to stop Novant’s purchase of the facilities from Community Health Systems, the for-profit system based in Tennessee. Novant is planning to buy Lake Norman Regional Medical Center and Davis Regional Medical Center in a $320 million deal.
Analysts say they expect to see more hospital mergers and acquisitions in 2024, even with the prospect of additional scrutiny from regulators.
