Catholic Health Initiatives and St. Joseph Healthcare System Sign Letter of Intent
This represents a rededication -- opening a new door -- of the Catholic health ministry in New Mexico.
Catholic Health Initiatives and St. Joseph Healthcare System, Albuquerque, N.M., have signed a letter of intent to pursue the sale of St. Joseph to Ardent Health Services, a Nashville-based health care provider. The three organizations are working on a definitive agreement, which is anticipated to be signed in May. Catholic Health Initiatives will seek approval by the Catholic Church and the State of New Mexico for the sale.
Patricia A. Cahill, Esq., president and chief executive officer of Catholic Health Initiatives, said that Ardent’s commitment to quality health care and its vision for the Albuquerque market are consistent with what Catholic Health Initiatives is seeking in a new owner. "Ardent wants to make St. Joseph the provider of choice in Albuquerque for patients, physicians and employees," said Cahill. "The company has a compelling vision for the market and the resources to achieve it."
David T. Vandewater, president and chief executive officer of Ardent Health Services, said he was proud that Ardent was selected to purchase St. Joseph by its board of directors and Catholic Health Initiatives. "In addition to its impressive network of health care facilities and services, St. Joseph enjoys a reputation for its talented medical staff, dedicated employees and commitment to providing quality care," said Vandewater. "We look forward to building on the successes of Catholic Health Initiatives and St. Joseph Healthcare System and will work to ensure this system is the leader in providing quality health care services to this community."
James R. Kaskie, senior vice president of operations for Catholic Health Initiatives, said the organization looks forward to remaining in New Mexico and ministering there in new ways. "Proceeds from the sale of St. Joseph that remain after financial obligations are met will be used to fund new, non-hospital health ministries in community-based outreach and community health programs and services, such as those that would better serve the diverse Albuquerque population," he said. "This represents a rededication – opening a new door – of the Catholic health ministry in New Mexico."