Randolph Health merger nears finish line
Jun. 24—RANDOLPH COUNTY — The long-sought merger of financially strapped Randolph Health with a California-based health care group has moved closer to reality after the deal cleared its last regulatory hurdle.
The N.C. Attorney General's Office has signed off on the sale of the health system to American Healthcare Systems. The Attorney General's Office had to approve the merger proposal because a nonprofit entity — Randolph Health — is being sold to a for-profit group.
In a seven-page letter, Attorney General Josh Stein said his office has no objection to the merger after examining the terms of the deal.
The U.S. Bankruptcy Court for the Middle District of North Carolina previously approved the sale of Randolph Health for $10.2 million to American Healthcare Systems. Randolph Health filed for bankruptcy protection in March 2020 after several years of an eroding financial position in which expenses ate away at revenues and the health system's fund balance.
Leaders of Randolph Health have been candid during the past three years in saying that the health system needs a merger or financial partner to sustain itself for the long term. Randolph Health is the leading health care provider in Randolph County through Randolph Hospital in Asheboro and a network of medical practices.
Randolph Health leaders announced earlier this month that the health system expects to complete the merger July 1.
pjohnson@hpenews.com — 336-888-3528 — @HPEpaul
