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Information from edited news release . . .
Today, CoxHealth and the new Cox Medical Center Branson (formerly Skaggs Regional Medical Center) celebrated the finalization of their strategic partnership with a news conference and the presentation of a $25 million check to the Skaggs Foundation. The foundation retains the Skaggs name in honor of M.B. Skaggs, the hospital’s original namesake.
The donation to the Skaggs Foundation will be used for community health and outreach activities and to provide medical care for the residents of Stone and Taney counties. The donation is part of a more than $100 million investment CoxHealth will make in the Tri-Lakes region over the next five to seven years as the organization completes capital improvements, upgrades equipment, assumes Skaggs’ debt and more.
“This partnership has been a year in the making, and we are excited to move forward together providing the highest quality health care to our friends and neighbors in the Tri-Lakes area,” said Steve Edwards, CoxHealth president and CEO. “In the coming weeks and months our investments in technology, facilities, employees and physicians will take shape as we honor M.B. Skaggs’ legacy of caring and commitment to the people of Branson.”
"We are pleased that CoxHealth, a locally owned healthcare system, has invested in us as a fully comprehensive hospital that takes care of our community and visitors,” said William Mahoney, Cox Medical Center Branson president and CEO. “Their generous investment allows us to continue our tradition of quality healthcare, upgrade facilities and have state-of-the-art equipment. Facilities and equipment will change but our commitment to the health of our community remains the same.”
Under the agreement, a member substitution model, Cox Medical Center Branson continues to maintain its own hospital board while becoming a subsidiary of CoxHealth. As the parent company, CoxHealth assumes the responsibilities previously held by the Skaggs Board of Trustees, and Cox Medical Center Branson and CoxHealth will have representation on each other’s boards.
This arrangement allows both parties to act together as one entity for the purposes of contracting, recruitment and growth.
The finalization comes after Skaggs first began its search for a strategic partner by issuing a Request for Proposals in January 2012. The field was narrowed to two potential partners and in June, Skaggs signed a letter of intent with CoxHealth.
In September, the Skaggs Board of Directors recommended the Skaggs Board of Trustees approve the partnership, and the board of trustees voted 98-0 in favor of the arrangement. The deal closed Dec. 31, 2012.
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