Williamson Health’s Board of Trustees has voted to sell the county-owned health system to Ascension, a move that would end nearly seven decades of county ownership if approved by the Williamson County Commission, the Nashville Business Journal reports. Click for More News
The board unanimously approved Ascension’s proposal during a special meeting Monday. The agreement includes a $700 million purchase price, along with commitments for additional investments that bring the total value of the deal to about $950 million.
Under the proposal, Ascension would invest $235 million over the next 10 years for facility improvements and electronic health records. The company also pledged another $140 million for strategic projects during the first five years, plus $20 million for routine capital improvements.
The sale is not final. The Williamson County Commission must approve the agreement before it can move forward. Commissioners are scheduled to discuss the board’s decision during a special meeting Monday evening, with a vote on a letter of intent expected in September.
Williamson Health began exploring its future last year after financial projections showed the system could face annual losses of more than $31 million by 2029. Leaders also determined the hospital would need about $150 million in additional capital improvements over the next five years.
During the review process, Williamson Health contacted 28 healthcare organizations about a possible partnership or sale before narrowing the list to several finalists. Ascension was ultimately selected over the remaining bidders.
Board members also considered ways to keep Williamson Health independent, including reducing costs, seeking more funding, negotiating higher insurance reimbursements, converting to a nonprofit, and requesting county tax support. According to the board, none of those options would provide the long-term funding needed to keep the health system financially stable.
More than 70 employees, community members, and local leaders attended Monday’s meeting. No one spoke during the public comment period.
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