Skip to main content
Sister Publication Links
  • ESG: THE IMPLEMENTATION IMPERATIVE
Subscribe
  • Sign Up Free
  • Login
  • Subscribe
  • News
    • Current News
    • Providers
    • Insurance
    • Digital Health
    • Government
    • Finance
    • Technology
    • Safety & Quality
    • Transformation
    • People
    • Regional News
    • Digital Edition (Web Version)
    • Patients
    • Operations
    • Care Delivery
    • Payment
    • Midwest
    • Northeast
    • South
    • West
  • Unwell in America
  • Opinion
    • Bold Moves
    • Breaking Bias
    • Commentaries
    • Letters
    • Vital Signs Blog
    • From the Editor
  • Events & Awards
    • Awards
    • Conferences
    • Galas
    • Virtual Briefings
    • Webinars
    • Nominate/Eligibility
    • 100 Most Influential People
    • 50 Most Influential Clinical Executives
    • Best Places to Work in Healthcare
    • Excellence in Governance
    • Health Care Hall of Fame
    • Healthcare Marketing Impact Awards
    • Top 25 Emerging Leaders
    • Top 25 Innovators
    • Diversity in Healthcare
      • - Luminaries
      • - Top 25 Diversity Leaders
      • - Leaders to Watch
    • Women in Healthcare
      • - Luminaries
      • - Top 25 Women Leaders
      • - Women to Watch
    • Digital Health Transformation Summit
    • ESG: The Implementation Imperative Summit
    • Leadership Symposium
    • Social Determinants of Health Symposium
    • Women Leaders in Healthcare Conference
    • Best Places to Work Awards Gala
    • Health Care Hall of Fame Gala
    • Top 25 Diversity Leaders Gala
    • Top 25 Women Leaders Gala
    • - Hospital of the Future
    • - Value Based Care
    • - Hospital at Home
    • - Workplace of the Future
    • - Digital Health
    • - Future of Staffing
    • - Hospital of the Future (Fall)
  • Multimedia
    • Podcast - Beyond the Byline
    • Sponsored Podcast - Healthcare Insider
    • Video Series - The Check Up
    • Sponsored Video Series - One on One
  • Data Center
    • Data Center Home
    • Hospital Financials
    • Staffing & Compensation
    • Quality & Safety
    • Mergers & Acquisitions
    • Data Archive
    • Resource Guide: By the Numbers
    • Surveys
    • Data Points
  • MORE+
    • Contact Us
    • Advertise
    • Media Kit
    • Newsletters
    • Jobs
    • People on the Move
    • Reprints & Licensing
MENU
Breadcrumb
  1. Home
  2. Finance
May 08, 2018 01:00 AM

Catholic Church creates $3.2B health foundation from Fidelis sale

Jonathan LaMantia
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Associated Press
    Cardinal Timothy Dolan

    Cardinal Timothy Dolan and the Catholic Diocesan Bishops of New York State have formed a $3.2 billion health foundation that will instantly become one of the city's largest charities and the biggest dedicated solely to state causes.

    The foundation was created using the proceeds from the sale of the church's not-for-profit health plan, Fidelis Care, to publicly traded Centene Corp. for $3.75 billion. That deal has received approval from the state departments of Health and Financial Services but still needs the green light from the state Attorney General.

    The charity's endowment would make it the ninth-largest in the metro area, according to Crain's list of the largest foundations. It would be similar in size to Carnegie Corp. of New York and the Simons Foundation.

    Known as the Mother Cabrini Health Foundation, the new entity announced 12 board members Tuesday drawn from healthcare, finance and philanthropy. They will be led by board Chair Al Kelly, CEO of Visa and a trustee at New York-Presbyterian Hospital.

    "The foundation will seek to transform the lives of underserved New Yorkers from all corners of the state and set a national model for addressing the health and wellness needs of low-income communities," Dolan said in a statement. The foundation would serve New Yorkers "of every color, every religion and every background."

    The charity will look to invest in healthcare and health-related causes, such as the social determinants of health said Jason Lilien, who serves as counsel to Fidelis Care and is a partner at Loeb & Loeb in Manhattan. He said the foundation would look to invest in preventive health, behavioral health, nutrition, obesity, substance abuse treatment, early intervention services for children, home and community-based services in rural areas and education among other areas.

    Lilien, who formerly led the state Attorney General's Charities Bureau, said the foundation could be a boon for local healthcare nonprofits that have been reliant on government funding.

    "Most of the social services agencies in the state are financially strapped," he said. "This has the ability to make a significant impact on the healthcare landscape in New York.

    The foundation includes three current or past hospital executives: Dr. Laura Forese, executive vice president and chief operating office of New York-Presbyterian; Kathryn Connerton, president and CEO of Lourdes Hospital in Binghamton; and Kathryn Ruscitto, former president and CEO of St. Joseph's Health in Syracuse from 2011 to 2017.

    Other board members with healthcare ties include Kevin Ryan, president and CEO of Covenant House, the Manhattan-based national charity serving youths who are homeless, runaways or survivors of human trafficking, and Sister Pietrina Raccuglia, president of the Manhattan-based Cabrini Mission Foundation.

    The Catholic Church's plan for the charity, first proposed by Dolan in the fall, was put in jeopardy when provisions in Gov. Andrew Cuomo's budget for fiscal 2019 sought billions from Fidelis and Centene to fund a healthcare shortfall fund to protect against federal cuts. Fidelis and Centene ultimately agreed to pay state $1.9 billion in March.

    The foundation is named after Sister Frances Xavier Cabrini. Born in Italy in 1850, she emigrated to New York, where she provided social assistance to Italian immigrants, in 1889.

    She would help create 67 institutions including schools, hospitals, nursing homes and orphanages around the world and was canonized as a saint in 1946. Manhattan's Cabrini Medical Center, which closed in 2008, was also named for her.

    "Catholic Church creates $3.2B health foundation from Fidelis sale" originally appeared in Crain's New York Business.

    Letter
    to the
    Editor

    Send us a letter

    Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.

    Recommended for You
    tennessee and money_i.png
    Bright Health's financial troubles spread to Tennessee
    Intermountain Health operating income plummets amid headwinds
    Intermountain Health operating income plummets amid headwinds
    Most Popular
    1
    More healthcare organizations at risk of credit default, Moody's says
    2
    Centene fills out senior executive team with new president, COO
    3
    SCAN, CareOregon plan to merge into the HealthRight Group
    4
    Blue Cross Blue Shield of Michigan unveils big push that lets physicians take on risk, reap rewards
    5
    Bright Health weighs reverse stock split as delisting looms
    Sponsored Content
    Daily Finance Newsletter: Sign up to receive daily news and data that has a direct impact on the business and financing of healthcare.
    Get Newsletters

    Sign up for enewsletters and alerts to receive breaking news and in-depth coverage of healthcare events and trends, as they happen, right to your inbox.

    Subscribe Today
    MH Magazine Cover

    MH magazine offers content that sheds light on healthcare leaders’ complex choices and touch points—from strategy, governance, leadership development and finance to operations, clinical care, and marketing.

    Subscribe
    Connect with Us
    • LinkedIn
    • Twitter
    • Facebook
    • RSS

    Our Mission

    Modern Healthcare empowers industry leaders to succeed by providing unbiased reporting of the news, insights, analysis and data.

    Contact Us

    (877) 812-1581

    Email us

     

    Resources
    • Contact Us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Editorial Dept
    • Submission Guidelines
    • Code of Ethics
    • Awards
    • About Us
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Modern Healthcare
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Current News
      • Providers
      • Insurance
      • Digital Health
      • Government
      • Finance
      • Technology
      • Safety & Quality
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Unwell in America
    • Opinion
      • Bold Moves
      • Breaking Bias
      • Commentaries
      • Letters
      • Vital Signs Blog
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top 25 Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
    • Data Center
      • Data Center Home
      • Hospital Financials
      • Staffing & Compensation
      • Quality & Safety
      • Mergers & Acquisitions
      • Data Archive
      • Resource Guide: By the Numbers
      • Surveys
      • Data Points
    • MORE+
      • Contact Us
      • Advertise
      • Media Kit
      • Newsletters
      • Jobs
      • People on the Move
      • Reprints & Licensing