OKLAHOMA CITY (AP) - University of Oklahoma regents have decided to create a new entity to run OU Medical Systems.
The Journal Record reports that regents voted unanimously Friday to take control of the hospital and clinic systems by forming an affiliation agreement with newly created nonprofit OU Medicine Inc.
The new agreement was spurred by the breakup of the system's former operator, Tennessee-based Hospital Corp. of America Holdings Inc.
OU Health Sciences Center Provost and Senior Vice President Jason Sanders says the integrated model will give the university more control.
The agreement will last for 50 years and can be extended in 20-year terms. Under the agreement, the university and the nonprofit will review terms every two years and have the ability to amend it if needed.
Several state and local authorities still need to approve the deal.
Information from: The Journal Record, http://www.journalrecord.com