Posted 1/7/2014 12:17 pm
Updated 3 months ago
Catholic Health Initiatives of Denver, the parent company of St. Vincent Health System of Little Rock, is in talks to buy some or all of QualChoice of Little Rock.
Details about the nature of a CHI purchase were unavailable Tuesday. Michael Stock, president and CEO of QualChoice, declined to release details of the negotiations when contacted by Arkansas Business.
"Our existing shareholders are having ongoing discussions about how best to structure their ownership interests so that it's in the best interest of QualChoice going forward," he said. "I can't really talk about the details of the conversations that might be going on while they are in progress."
A spokesperson for CHI wasn't immediately available for comment Tuesday morning.
But at the end of 2012, the
After the contract was terminated, UAMS "began taking a less of an active role in the plan as an investor," Stock said.
Arkansas Insurance Commissioner Jay Bradford said on Monday that his understanding was that QualChoice's investors have agreed "for the merger" with Catholic Health Initiatives and the transaction "is virtually completed except for some minor details."
"Catholic Health Initiatives has tremendous financial capacity, and it's going to really enhance the ability of QualChoice to write coverage for Arkansans,"
He also said that he would expect QualChoice then to sell insurance in other states because CHI is "such a big company."