Northern Wyoming Surgical Center physician owners are at odds with partner West Park Hospital on how to handle ownership shares as some surgeons retire and others wish to buy-in, according to a Cody Enterprise report.
Here are five things to know about the controversy:
1. The physicians have majority ownership at the surgery center and as original owners begin retiring the partners would like to make shares available for new surgeons to buy in. The ASC opened in 2000 as a joint venture between the physician owners and West Park Hospital.
2. West Park's investment includes 40 shares in the center at $10,000 per share while the 13 combined physician owners have the remaining 60 shares. In the summer of 2015, Northern Wyoming Surgical Center's administrator asked the hospital to sell 10 to 20 shares back to the surgical center to recruit new physician owners.
3. The ASC has a six-member board that includes four physicians and two hospital representatives; the hospital representatives were hesitant to sell until the new physician buyers were disclosed and inquired whether the physician-owners would sell as well.
4. The three initial physician investors all owned 15 shares at the onset, but over time gave up between 11 and 13 shares to new investors. The operating agreement specifies any new physician brought is limited to five shares.
5. The two sides are still divided; the board decided the hospital would not sell shares at the moment but there could be future negotiations. However, the surgery center leaders anticipates another six to seven surgeons "coming to town" over the next four to five years.