Anything is for sale, nowadays. One can buy nonprofit community hospitals, even their religious identity. Modern Healthcare detailed the proposed deal between private equity underwriter (PEU) Cerberus Capital Management and Caritas Christi Health System (CCHS), the largest nonprofit community hospital system in New England. MH stated:
Cerberus has agreed to allow Caritas to continue operating under Catholic healthcare ethical dictates. But the deal also has an out clause that would allow Cerberus to strip Caritas of its Catholic identity in exchange for an additional $25 million payment to a Catholic charity.Two additional stories relate to Caritas Christi. According to Boston.com, President Obama's and Governor Patrick's $435 million hospital lifeline impacts Caritas' Carney Hospital and likely other CCHS hospitals. PEU's frequently count on Uncle Sam's largess to improve profitability.
Also, cash strapped Caritas Christie has been negotiating to acquire a Rhode Island hospital since June 2009.
“If Landmark Medical Center is acquired by Caritas Christi or by any company owning the Caritas Christi hospitals, the Landmark Medical Center will function within and abide by the Ethical and Religious Directives” for Catholic healthcare, Ralph de la Torre, CEO of the Boston-based, six-hospital Caritas Christi system, said in the statement.
What's the buyout fee on Landmark's Catholic identity, however temporary? It's clear hell hound PEU's worship profits.. Who knew the church would sell the altar?