LEXINGTON — Carilion Clinic has reached an agreement to purchase the last 20 percent share of Stonewall Jackson Hospital from the SJH Community Health Foundation for $10.9 million, giving Carilion full ownership of the hospital. The hospital will be known as Carilion Rockbridge Community Hospital.
“Today’s announcement marks the beginning of the next chapter in the 15-year partnership between Carilion and the SJH Community Health Foundation,” said Dr. Richard Teaff, chair of the Carilion Stonewall Jackson Hospital Board of Directors.
The SJH Community Health Foundation and Carilion Clinic have been discussing the purchase for nearly two years, taking great care to conduct necessary due diligence and valuation work.
“Carilion has been an excellent community partner since they acquired the majority share of Stonewall Jackson Hospital 15 years ago,” said Robert J. Hobbs, chair of the SJH Community Health Foundation board.
Since acquiring 80 percent ownership of the hospital in 2005 and taking over management in 2006, Carilion has invested more than $25 million in operations, capital improvements and new clinical services.
“Compassionate care for our patients has been our top priority since we arrived,” said Greg Madsen, vice president and administrator of the hospital.
As sole owner of the hospital, Carilion will now follow the naming convention it uses for all other facilities. After regulations are met, the hospital will be called Carilion Rockbridge Community Hospital to reflect the region it serves.