GIBBINS ADVISORS appointed Independent Monitor of HCA’s $1.5 billion Mission Health transaction
November 4, 2019
GIBBINS ADVISORS has been appointed as the Independent Monitor to oversee HCA Healthcare’s compliance with the terms of the agreement related to its purchase of Asheville, NC-based Mission Health. The transaction included six hospitals among other healthcare facilities.
GIBBINS ADVISORS was picked by the board of ANC Healthcare, formerly Mission, and Dogwood Health Trust (“Dogwood”), the new not-for-profit organization formed using net proceeds from the $1.5 billion deal. Dogwood’s mission is to make significant investments in partnerships that will study and address core social determinants of health in Western North Carolina.
Janice Brumit, chair of Dogwood’s Board of Directors, said in a statement she’s pleased with the selection. “Gibbins is a highly qualified firm that we believe will take a proactive approach to evaluating community needs,” she said. Gibbins will be responsible for reviewing Nashville-based HCA’s annual reports, inspecting hospital facilities and evaluating HCA’s compliance with its obligations under its Mission purchase agreement. It will regularly apprise Dogwood and five regional advisory boards on HCA’s compliance, and will share responsibility with regional advisory boards on approving or denying changes to HCA’s commitments to local hospitals, the news release said.
“We appreciate the trust placed in Gibbins Advisors by ANC and Dogwood Health Trust” said Ronald Winters, Principal and co-founder of GIBBINS ADVISORS. “As an organization made up of experienced C-level healthcare professionals, we are ideally positioned to serve as Independent Monitor. We understand our role is important to Western North Carolina communities and we take that responsibility seriously. We will begin work immediately, prioritizing understanding community needs and establishing a process to ensure citizens and patients are fully informed of our monitoring and reporting efforts.”