Non-binding has just become binding

OconeeMedicalCenter and Greenville Health Systems completed their affiliation agreement today.  The announcement, along with an explanation, came following a special meeting of the OMC board—where Chairman Rick Phillips said agreement was unanimous.  The Oconee hospital becomes part of the Greenville system beginning October 1 and continuing through the life of a 50-year lease.  Both sides are realizing considerations.  GHS captures Golden Corner health care business while, as explained by OMC President/CEO Ward, Oconee gets assurance that the county will continue to have a local hospital.  A prime consideration in the deal is GHS’s assumption of OMC’s debt, which includes about $75 million in long-term bonds.  Ward will continue to lead OMC.  Also, staying on will be Hunter Kome, the chief operating officer.  The hospital staff will become GHS employees.  Employed physicians will be offered positions within University Medical Group—the physician network of GHS.  And Phillips said while OMC will still have a local board of directors, the board’s role will change and some of its important duties will be surrendered to the parent GHS board.   OMC will get two seats on the GHS board.