VUMC will now be guided by its own board of directors comprised of university and academic medical center leadership, and community business and civic leaders.
Vanderbilt University Medical Center in Nashville has separated itself legally and financially from Vanderbilt University and is now a fully independent, nonprofit hospital.
"We have taken care to assure VUMC will remain seamlessly connected to Vanderbilt University in fundamental ways, including a vast array of educational and research programs aimed at training the leaders of the future and driving innovation through discovery science," said Balser, who remains dean for the Vanderbilt University School of Medicine.
The announcement caps a restructuring process that was first announced in late 2014 and included 20 transition teams and involved a multitude of faculty and staff. VUMC will now be guided by its own board of directors comprised of university and academic medical center leadership, and community business and civic leaders.
As an independent hospital, VUMC will have direct capital market access to assure it can compete effectively in the health marketplace. Its flexible governance structure will also support the continued growth of the Vanderbilt Health Affiliated Network, which is the largest provider-organized network of doctors, regional health systems and other health care providers in Tennessee and surrounding states, the hospital said in a media release.
Teaching and research collaboration and connections between the University and the Medical Center remain a strategic priority for both institutions.
John Commins is a content specialist and online news editor for HealthLeaders, a Simplify Compliance brand.