The word “combination” carries a useful ambiguity in nonprofit hospital deal documents.

In a press release, it suggests partnership. Two organizations stronger together. Shared mission.

In an agenda item drafted by the lawyers who structure these transactions, it means something more specific.

Atrium Health becomes the sole corporate member of the WakeMed nonprofit.

The chain of accountability that runs through WakeMed’s board now ends in Charlotte.

No assets transfer.

No purchase price.

No transfer tax.

Both documents describe the same transaction. They use different words because they have different audiences.