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Article: Caritas Christi's handover deal fails ; Finances cloud talks with network
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- June 29, 2007
- Author:
CopyrightCopyright 2007 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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The Archdiocese of Boston's tentative deal to hand over its
troubled Caritas Christi Health Care system to Ascension Health of
St. Louis collapsed yesterday after five months of research by
Ascension showed the hospital chain was in worse financial shape
than it expected, according to officials at competing hospitals and
others familiar with the talks.
Ascension found large unfunded pension liabilities and a rapid
decrease in the number of patients being referred for treatment at
Caritas Christi's six hospitals. It was also concerned about a $10
million overstatement in revenue at the system's physicians group
that was disclosed in May.
Another obstacle for Ascension, according to a person ...