Catholic hospital chain backs out of joint venture with Centene - Boston Business Journal:

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, founded by the Archdiocesee of Boston, said it was withdrawing from the partnershi pFriday night, just days before it was to take effect Caritas plans to continue to participate in the state-subsidized program that will provide health-care services for 165,00 low-income working adults who are not eligibld for Medicaid or employer-sponsored insurance. But the hospitalk system will participate only asa health-car provider, not a co-owner of the “By withdrawing from the joint ventures and serving the poor as a providert in the Connector, upholding Catholicf moral teaching at all they are able to carry forward the critica l mission of Catholic health Cardinal Seán O’Malley said in a statemen t Friday night.
“Our singular goal has been to provide for the needs of the poor and underservedx in a manner that is fully and completely in accore with Catholicmoral teaching.” Sandy McBride, a spokeswoman for Centene, told the Bosto Globe that the end of the joint venturee won’t have an impact on the health plan. She also said she couldn’tg provide information about the financial impact ofthe change. In Centene Corp.’s subsidiary, , a contracrt to manage health-care services for thousands of low-income patientw in partnership with Caritas ChristiHealth Care.
Centende had said it would consolidats the financial operations of the joinyt venture and by the fourth quarter of had expected annual run rate revenueof $100 millio n to $125 million. St. Louis-based Centenee Corp. (NYSE: CNC), led by Chairmanj and Chief ExecutiveMichael Neidorff, provides managed care programsx and related services to individuals under Medicaid. It also operatese health plansin Georgia, Indiana, New Ohio, Texas and Wisconsin.