The company created by WakeMed Health & Hospitals and two other major North Carolina health systems will be based in Raleigh and has been named Socius Health Solutions.
The shared services company, whose other partners are Wake Forest Baptist Medical Center in Winston-Salem and Vidant Health in Greenville, was unveiled in September as a way for the three health systems to reduce operating costs while remaining independent. But key details such as the company’s name and headquarters location weren’t announced until Tuesday.
The health systems also announced Tuesday that Mark W. Tribbett was named president of Socius.
Tribbett most recently was founder and president of AlphaHealth, a Charlotte consulting firm that worked with health care enterprises on strategic planning and improving operations. He also worked 10 years with Novant Health and Presbyterian Healthcare Systems as executive vice president for the Charlotte region.
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The name Socius, by the way, comes from the Latin word for sharing or associated.
When the concept of a shared services company was announced last year, Donald Gintzig, CEO of Raleigh-based WakeMed, told The News & Observer: “We are all committed to being independent, but we all realize there are advantages in us using our scale and expertise to partner together.”
Among Socius’ first steps will be honing in on key initiatives. Possibilities include reducing costs through joint purchasing and combining information technology efforts, as well as developing a standardized treatment protocol based on the best practices of the three systems.
Staffing will be determined over the next 60 days. “The goal is to have the Socius staffing be lean,” Tribbett said in a statement.
WakeMed is an 896-bed system. Vidant has 1,439 beds, and Wake Forest Baptist has 1,000 beds.