The old hospital board believed a change was necessary because of increasing managed care penetration and loss of market share. The hospital was financially sound throughout most of its 40-year life. This conversion was a high profile event, widely covered in newspapers across the state and attracting the attention of the State Attorney General. This sale arrangement received a great deal of scrutiny in the media, by the Attorney General, and from the medical community. There was disagreement among the medical community concerning the sale, leading a group of physicians to attempt to purchase the facility.
Assets appear to have been sold at a fair price.
There was tremendous variation in the dollar value of the bids received for the hospital. The community has permanently lost control of the hospital after the sale, but retains some advisory control through community representation on a local board. There has not appeared to be any community concerns regarding this loss of control. This again places control of Cape Fear Memorial hospital at the local level. Community Health Impact Hospital Survival.