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Randolph Health News

FOR IMMEDIATE RELEASE
6/7/2021 12:00:00 AM EASTERN
Updated: 6/7/2021 4:35:18 PM EASTERN
For more information, contact Paula Richards.
Randolph Health Moves Closer to a Final Transaction

    ASHEBORO, NORTH CAROLINA – Randolph Health has been on an extended journey exploring all options to ensure our region’s health care future because the people of Randolph County depend on local access to lifesaving, high-quality care. On Friday, June 4th there was a regularly scheduled bankruptcy hearing. At this hearing, three milestones were achieved, getting Randolph Health closer to a final transaction.

  1. The bankruptcy judge approved an amendment to the Ankura retention agreement, appointing Mike S. Miller as the “Interim CEO” effective June 5th. Miller will serve in this capacity until the final transaction, at which time Tim Ford will become the new CEO.
  2. An amended Asset Purchase Agreement with American Healthcare Systems, LLC, was approved. A previous Asset Purchase Agreement had been agreed upon, based on the potential for $20 million from the Rural Healthcare Stabilization Program. Last month, the Local Government Commission approved the Rural Healthcare Stabilization Program application from Randolph County for a loan of $12 million. This funding will be made available to American Healthcare Systems, LLC, over several years and after the sale is complete. Following good faith negotiations, all parties agreed to a reduction in purchase price of $10,200,000.
  3. The Attorney General of North Carolina verbally approved the transaction with American Healthcare Systems, LLC.

    “This is all positive news and gets us closer to a final transaction with American Healthcare Systems, LLC, later this summer,” said Mike S. Miller, Interim CEO.

     Miller has served in the healthcare industry for over 30 years with an emphasis in operations and finance. “I have experience in several different health care settings, including hospitals, long-term acute care hospitals, skilled nursing, rehabilitative units, psychiatric units, ambulatory care clinics and durable medical care. I’ve worked in not-for-profit and for-profit areas, including leadership in a large publicly traded hospital corporation and academic medical centers. I’m a former hospital CEO and am often retained to serve as an ‘Interim CEO,’ helping organizations turn around management for operational, and state/federal regulatory compliance,” said Miller.

    Miller has been working at Randolph Health for over two years on various projects, and for the past month, has been working side-by-side with Angela Orth, former CEO, to ensure a smooth CEO transition.

    “I know Randolph Health and the current challenges it faces. I am dedicated to working alongside the staff and ensuring that providing high-quality care remains a top priority,” said Miller.

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