The Archdiocese of Boston continues to struggle to sell or turn around its financially-troubled Caritas Christi Health Care. Most recently, the Archdiocese failed in its bid to unload Caritas to a Denver-based Catholic Healthcare chain, marking the second time that a buyout deal has fallen through. Potential buyers have walked away due to concerns about the system, which is currently burdened with $275 million in debt on less-than-favorable terms.
Hoping to keep things going until a better solution can be worked out, the hospital chain has hired former state attorney general Thomas Reilly, whose job, in part, is to win higher reimbursement rates from health plans.
The chain has faced serious problems since May 2006, when chief executive Dr. Robert Haddad was forced to resign over allegations that he had sexually harassed female employees.
To find out more about the system's issues:
- read this piece [1] in The Boston Globe
Related Articles:
Financial turmoil at Caritas Christi. Report [2]
MA religious hospital chain to cede control. Report [3]
Links:
[1] http://www.boston.com/business/healthcare/articles/2007/09/21/another_sale_try_fails_for_caritas/
[2] http://www.fiercehealthcare.com/story/financial-turmoil-at-caritas-christi/2007-05-10
[3] http://www.fiercehealthcare.com/story/ma-religious-hospital-chain-to-cede-control/2006-12-12