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The Cone Health Merger and Its Impact on Our Community

“Cone Health is a huge part of Greensboro’s economy and our community.  With over 100 locations, 5 hospitals, 13,000 employees and 1,800 physician partners, Cone Health is our City’s largest employer.” 

Justin Outling

05/17/21

Dear Friend:

Cone Health is a huge part of Greensboro’s economy and our community.  With over 100 locations, 5 hospitals, 13,000 employees and 1,800 physician partners, Cone Health is our City’s largest employer.  More than that, Cone Health is a community partner with a long history of making major contributions to local endowments and foundations to benefit the Greensboro community.  So, news stories about its merger with a Virginia based firm have naturally left people with concerns and questions.

I’ve communicated with officials at Cone Health to learn all I can about the merger and what its impact on our community might be.  Yesterday, I also made public comments to the Attorney General’s Office, which has the responsibility of reviewing any transaction of a charitable corporation selling all or a majority of its assets.  In my comments, I asked that his office ensure the community receive greater information about how the merger will benefit the region generally, and Greensboro specifically.

Such mergers are not unusual and can offer advantages.  But when they occur regulators must secure firm commitments from the incoming provider. These ensure that vulnerable and marginalized community members receive the medical care and support they need and are not harmed by the merger or acquisition.  For example, roughly $50 million dollars were provided to an independent endowment/foundation to benefit the Wilmington area when New Hanover Regional Medical Center was acquired by Novant Health in January 2021. At this time, we don’t have the information we need to evaluate their commitment to Greensboro endowments and foundations.

Healthcare-related mergers are complex and the long-term impact can be far-reaching.  That is why, until the merger is approved, leaders in our community must use the time they have to ask the right questions, bring the entire community into discussions, and utilize the process to maintain and expand the level of health care, jobs, and protections that currently exist.  I will do my part to see that is the case and I will keep you informed about how the process is proceeding.

Sincerely,