by Mark Carter
Posted 5/1/2014 10:30 am
Updated 4 months ago
Catholic Health Initiatives this week closed on its purchase of Little Rock's QualChoice Holdings.
The Arkansas Insurance Department granted final approval for CollabHealth, a wholly owned subsidiary of CHI, to close on a series of stock-purchase agreements to acquire QualChoice Holdings, the parent company of QCA Health Plan Inc., and QualChoice Life and Health Insurance Co. Inc.
CHI, one of the nation's largest nonprofit health systems, operates St. Vincent Health System, based in Little Rock.
More: View the AID order finalizing the deal here (PDF).
"This new ownership creates significant opportunities for QualChoice and is also very good for Arkansas," said Mike Stock, CEO of QualChoice, in a news release. "We are excited to now be an important part of Catholic Health Initiatives - it is a high-quality organization with a strong national presence."
St. Vincent has been a part of the QCA Health Plan provider network since its inception in 1996, and an investor in QualChoice since 1999.
"We believe this is an important investment in the future of affordable health care options for the people of Arkansas," said Juan Serrano, CHI's senior vice president of payer strategy and operations. "CHI is committed to improving the health of communities, which is well-aligned with the objectives of QualChoice and the health-insurance operations we are developing across the country."
Stock said no substantial changes in QualChoice operations or in provider network participation are anticipated by the change in ownership.