After nearly a year in the making, American Healthcare Systems, LLC (AHS) purchase of Randolph Health for $10.2 million has been finalized, the Triad Business Journal reported. The deal closed on July 1, allowing AHS to acquire “substantially all of Randolph Health’s operating assets except for the Accounts Receivable,” a spokesperson for Randolph Health said. In early June, N.C. Attorney General Josh Stein gave verbal approval of the deal. In March 2020, Randolph Health filed for chapter 11 protection, in accordance with a plan to seek debt restructuring while searching for a suitable buyer. While looking for a suitor, Randolph Health and Randolph County officials applied for a $20 million loan through the Rural Health Stabilization Program. In May, the Local Government Commission approved the Rural Healthcare Stabilization Program application from Randolph County for a loan of $12 million. A statement from the office of N.C. State Treasurer Dale Folwell, said the loan would act as a "linchpin" in the purchase offer from AHS. However, UNC Health, which had a lead role with the Rural Health Stabilization Loan Program committee, performed a separate evaluation of the purchase proposal and said it could not recommend the loan approval because the plan does not represent "a realistic and feasible path forward for Randolph Health." The funding was still approved and will be made available to AHS over several years now that the deal is complete. At this time, no funds have been dispersed, a Randolph Health spokesperson said.
