St Vincent’s might be ending its relationship with the health insurer Nib. Here’s what is happening.

Australia’s largest not-for-profit health and aged care provider plans to terminate its contract with the private health insurer nib after renewal negotiations failed.

St Vincent’s, which operates 10 private hospitals in New South Wales, Victoria, and Queensland, stated that this decision was not made lightly.

“This is the first time in our 167-year history that St Vincent’s has given notice to a private health fund that we intend to end our agreement,” said CEO Chris Blake.

The ABC reports that the dispute centers on the amount nib is willing to pay the hospital to treat its policyholders.

The insurer expressed disappointment over the public nature of the disagreement.

“nib has a long partnership with St Vincent’s, is sympathetic to St Vincent’s financial position, and that of other private hospitals, and has made a very fair and reasonable offer to St Vincent’s,” said CEO Mark Fitzgibbon.

“We will continue discussions with them, noting our partnership has several months remaining.”