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May 13, 2021 GMT
AUGUSTA, Ga. (AP) Days after announcing a plan to buy four other hospitals for $950 million, Atlanta-based Piedmont Healthcare has signed an agreement to take over Augusta’s University Hospital system, pushing deeper into a statewide expansion.
Directors of the three-hospital University system announced Wednesday that they have approved a nonbinding letter of intent. Jim Davis, CEO of the nonprofit University system, says the merger could be completed late this year or early next year. Davis tells WJBF-TV that University is likely to change its name to Piedmont-Augusta.
Hospitals have been merging to seek greater market power in bargaining for reimbursement rates with insurers. University began seeking a partner in 2019, saying remaining independent would have been difficult with payment rates declining and costs rising. Piedmont also offers access to technology and data systems University can’t afford.