Company news

October 27, 2010

IU Hospital soon will receive the catchy new name Indiana University Health University Hospital as part of Clarian Health’s 2011 name change to Indiana University Health. Clarian announced new names for all 17 of its hospitals on Tuesday, saying the names would change in early 2011. Methodist Hospital, for example, will be called Indiana University Health Methodist Hospital—at least inside the halls of Clarian’s offices. Outside it? That’s hard to say. The only hospital that won’t get the “IU Health” tag added before its name is Riley Hospital for Children, which will be known as Riley Hospital for Children at Indiana University Health.

A new estimate has lowered the expected cost of the federal health care overhaul to Indiana's state government to perhaps $2.6 billion over the next decade — $1 billion less than an initial projection made last spring, according to the Associated Press. Robert Damler of the Seattle-based actuarial consulting firm Milliman Inc. told the state's Medicaid oversight commission on Monday that new information provided by the federal government will drop the possible costs an additional $330 million. The firm in May had lowered its initial estimate to $2.9 billion. The latest change is because the Centers for Medicare and Medicaid Services in late September changed its interpretation of the law regarding a prescription rebate program. In spite of Democratic criticism, Damler declined to remove an estimated $600 million in costs from the report that could come as a result of increased physician reimbursements.

Analysts think Eli Lilly and Co. may try to acquire its partner, San Diego-based Amylin Pharmaceuticals Inc., or chase companies with more approved products to offset repeated setbacks in bringing its pipeline drugs to market, reported Bloomberg News. From Amylin, Indianapolis-based Lilly would gain full control of the diabetes drug Byetta and a longer-acting version called Bydureon that was delayed last week by U.S. regulators. Another option for Lilly would be to build on its painkiller products, such as Cymbalta, by acquiring Pennsylvania-based Cephalon Inc. or Newark, N.J.-based Endo Pharmaceuticals Inc. By 2013, Lilly loses patents on medicines responsible for nearly half its revenue.

Indianapolis-based Home Health Depot Inc. said on Thursday it has acquired the Home Health Care Products LLC subsidiary of Arcadia Resources Inc., also headquartered here. Terms of the deal were not disclosed. Home Health Care Products sells mobility tools, respiratory devices, bathroom-safety and home-modification products, as well as daily living aids. Home Health Depot was founded in 1998 and purchased by CEO David Hartley in 2004. It has grown from a single office in Greenwood to 12 locations in Indiana and Illinois—increasing annual revenue from $300,000 to more than $6.7 million. The company has more than 100 employees.

OrthoIndy opened a new branch of its Indiana Orthopaedic Hospital in Greenwood. It will serve as a practice location for 21 physicians. Outpatient surgeries will begin in spring 2011. The new location will effectively replace OrthoIndy’s offices at the St. Francis Indianapolis Hospital near Interstate 65 and Emerson Avenue. St. Francis has sued some of the doctors involved in the new OrthoIndy location for breach of contract.