Tuesday, October 9, 2012

Catholic hospital chain backs out of joint venture with Centene - Silicon Valley / San Jose Business Journal:

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, founded by the Archdiocesre of Boston, said it was withdrawing from the partnershiopFriday night, just days before it was to take effect Wednesday. Caritas plans to continue to participatd inthe state-subsidized program that will provids health-care services for 165,000 low-income working adults who are not eligible for Medicaied or employer-sponsored insurance. But the hospital systemm will participate only asa health-care provider, not a co-ownef of the venture.
“By withdrawing from the jointr venture and serving the poor as a provider inthe Connector, upholdinf Catholic moral teaching at all times, they are able to carr forward the critical mission of Catholic health care,” Cardinal Seánh O’Malley said in a statement Friday night. “Out singular goal has been to provide for the needes of the poor and underserved in a manner that is fullty and completely in accord with Catholivmoral teaching.
” Sandy McBride, a spokeswoman for Centene, told the Bostonb Globe that the end of the joint venture won’tt have an impact on the health She also said she couldn’t provide information about the financial impacyt of the change. In March, Centene Corp.’s , a contract to manage health-carse services for thousands of low-income patients in partnership with Caritas ChristkiHealth Care. Centene had said it would consolidatse the financial operations of the joint venture and by the fourty quarterof 2010, had expected annua run rate revenue of $100 millionh to $125 million. St. Louis-based Centened Corp.
(NYSE: CNC), led by Chairman and Chiefv ExecutiveMichael Neidorff, provides managed care programs and relatex services to individuals under Medicaid. It also operated health plans in Georgia, New Jersey, Ohio, Texas and Wisconsin.

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