CoxHealth officially made a previously announced investment Wednesday, presenting the Skaggs Foundation with a check for $25 million.
“I’d like to congratulate the hospital’s staff and physicians for this new partnership,” said Rodney Arnold, the foundation’s president. “It will make a tremendous impact in the community for years to come.”
Skaggs Regional Medical Center officially became a subsidiary of CoxHealth Tuesday.
While signage around the hospitals campus already reads Cox Medical Center Branson, the foundation will still bear the name of the hospital's founder Marion Skaggs.
“This is going to be a great opportunity for this community,” said Leon Combs, chairman of the foundation’s board. “It will result in the healthcare unlike anything we’ve ever seen in this community.”
Combs said the $25 million gift will be an endowment, with the goal of providing for the communitty for years to come.
“This will be invested and we’ll only spend the income off that,” he said. “Some day when we’re all gone, this should result in 25, 50 or 100 million dollars to provide for the healthcare needs of this community.”
Arnold said the partnership between health systems paves the way for a new, expanded mission.
“We’ll continue to support this hospital,” he said. “But with this new endeavor we plan to partner with other organizations to truly make an impact in health and wellness in our community.”
He said the foundation’s goal is to invest $1 million toward health and wellness in the community each year.
The gift to the foundation is just an early step in the partnership between CoxHealth and Skaggs, and it’s one that’s already proving to be a good match, said William Mahoney, president and CEO of the new CoxHealth Branson.
“I know this is the best decision our board could have made,” he said. “CoxHealth has great quality scores and good financial backing. I’m glad we’re focused on growing.”
Steve Edwards, president and CEO of CoxHealth, said the two health systems have a similar goal.
He told the story of a man who wrote him a letter after seeing a CoxHealth ambulance crew rescue a family from a burning car on the highway.
“That letter stood out to me because I didn’t know about that (rescue),” he said. “We have 40,000 ambulance calls a year, and that’s just one more tick.
“These hospitals have that in common — a loyal committment to serving the community.”