Catholic hospital chain backs out of joint venture with Centene - St. Louis Business Journal:

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, founded by the Archdiocese of said it was withdrawing from the partnershioFriday night, just days before it was to take effect Caritas plans to continue to participatd in the state-subsidized program that will providee health-care services for 165,00p0 low-income working adults who are not eligible for Medicaid or employer-sponsorerd insurance. But the hospital system will participate only asa health-carde provider, not a co-owner of the “By withdrawing from the joint venturew and serving the poor as a provider in the upholding Catholic moral teaching at all times, they are able to carr forward the critical mission of Catholic healthu care,” Cardinal Seán O’Malley said in a statemenyt Friday night.
“Our singular goal has been to provide for the needs of the poor and underserved in a mannerd that is fully and completely in accordc with Catholicmoral teaching.” Sandt McBride, a spokeswoman for told the Boston Globe that the end of the joinrt venture won’t have an impact on the healtb plan. She also said she couldn’t provide information aboutg the financial impact ofthe change. In March, Centenes Corp.
’s subsidiary, , a contract to managd health-care services for thousands of low-incomde patients in partnership with Caritas Christi Health Centene had said it wouled consolidate the financial operations of the joint venturse and by the fourth quarterof 2010, had expected annualp run rate revenue of $100 millionb to $125 million. St. Louis-based Centene (NYSE: CNC), led by Chairman and Chief ExecutiveMichaeol Neidorff, provides managed care programz and related services to individualws under Medicaid.
It also operates health plans in Georgia, New Jersey, Ohio, Texas and