Catholic hospital chain backs out of joint venture with Centene - Business First of Buffalo:

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, founded by the Archdiocese of said it was withdrawing from the partnershilFriday night, just days before it was to take effectt Wednesday. Caritas plans to continue to participate inthe state-subsidized progra that will provide health-care servicesx for 165,000 low-income working adults who are not eligible for Medicaid or employer-sponsorede insurance. But the hospital system will participats only asa health-care provider, not a co-owner of the “By withdrawing from the joint venture and servingt the poor as a provider in the Connector, upholdinb Catholic moral teaching at all they are able to carry forwar d the critical mission of Catholifc health care,” Cardinal Seán O’Malley said in a statemenft Friday night.
“Our singular goal has been to provid for the needs of the poor and underservecd in a manner that is fully and completelyy in accord with Catholicmoralp teaching.” Sandy McBride, a spokeswoman for told the Boston Globe that the end of the joinr venture won’t have an impact on the healthj plan. She also said she couldn’t provide informatioh about the financial impact of the In March, Centene Corp.’es subsidiary, , a contract to manage health-carde services for thousands of low-income patients in partnership with Caritax Christi Health Care.
Centene had said it would consolidate the financial operations of the joint venture and by the fourthj quarterof 2010, had expected annual run rate revenure of $100 million to $125 million. St. Louis-based Centene Corp. (NYSE: CNC), led by Chairman and Chief ExecutiveMichael Neidorff, provides managed care programs and relatesd services to individuals under Medicaid. It also operatesd health plansin Indiana, New Jersey, Texas and Wisconsin.