Indianapolis Business Journal

Indianapolis-based health insurer Anthem Inc. has been trying for several years to clamp down on what it considers unnecessary, expensive visits to emergency rooms, but its tactics have come back to bite it. John Russell reports that a federal arbitrator has ordered Anthem to pay $4.5 million to a group of 11 Indiana hospitals that complained Anthem’s policy was unlawful and breached their contracts. Also in this week’ issue, Mickey Shuey and Daniel Bradley examine the record prices paid for Indiana farmland, driven in part by demand from developers. And Dave Lindquist heralds what could be the busiest summer concert season in history—and raises the question of whether there are enough ticket buyers to make it profitable.

Indianapolis long has been low on public green space and the funds to add more. Leslie Bonilla Muñiz reports that local officials and not-for-profits now are exploring the potential sale of carbon credits to finance green space acquisition and preservation. Also in this week’s issue, Emily Ketterer profiles the five Democrats who are running for a newly draw seat in the Indiana Senate that runs through the heart of downtown Indianapolis. And Daniel Bradley reports that Hamilton County is finally ready to begin its $29 million reconstruction of the heavily traveled intersection at 146^th Street and Allisonville Road.

Construction will be happening all over Broad Ripple over the coming year as major new development projects either start or finish construction and the city invests some $7 million into drainage improvements, bridge updates and a new trail along the river. In separate stories—one focused on infrastructure and the other on residential and commercial projects—reporters Dave Lindquist and Mickey Shuey offer the details. Plus, John Russell explains why Eli Lilly and Co.'s surging stock price means the Lilly Endowment—which has no affiliation to the company but whose assets are mostly in Lilly stock—will soon need to give away more cash.

Get a good look at Indianapolis’ future with the latest edition of IBJ’s annual Forty Under 40 feature, spotlighting the young movers and shakers who are setting the tone for central Indiana and getting things done. Also in this week’s issue, John Russell reports that 14 of Indiana’s 54 rural hospitals are at immediate risk of closing due to continued financial losses and lack of financial reserves. And Mickey Shuey has details on the $80 million conversion of downtown’s 20-story AT&T building into luxury apartments.

It’s been nearly two years since COVID-19 led Delta Air Lines to stop flying its Indianapolis-to-Paris route, and airport officials still can’t say when the flight will return. Mickey Shuey unpacks how they hope to reestablish trans-Atlantic flights. Also in this week’s issue, Susan Orr explains how Russia’s invasion of Ukraine is having a direct impact on Indiana technology companies. And Leslie Bonilla Muñiz reports that two long-abandoned brownfields in Indianapolis could be revived with a $90 million overhaul for manufacturing and food processing.

Russia’s invasion of Ukraine has forced some of Indiana’s largest corporations to ponder difficult questions in recent weeks—how to protect their employees and their business interests in those countries while also condemning the Russian government’s actions. Susan Orr details how companies such as Cummins, Corteva, Elanco, Eli Lilly and Co. and Zimmer Biomet have tried to respond in ways that support Ukraine while limiting the harm to Russian employees and customers. Also in this week’s paper, Mickey Shuey examines how developers are approaching the recent gush of redevelopment opportunities for city-owned properties downtown. And Leslie Bonilla Muñiz reports how Indianapolis residents are taking street improvements into their own hands thanks to a new city policy that lets citizens install temporary, low-cost solutions to safety problems.

Restaurateurs are happy to see customers flooding back into their businesses, but the relief is leavened by skyrocketing labor and food costs. Dave Lindquist digs into the priciest items and how local restaurants are handling the effects of inflation. Also in this week’s issue, Emily Ketterer examines the move in the Statehouse to reduce taxes on vaping products. And Susan Orr reports that local companies that offer online meeting and collaboration platforms still see a lot of opportunity ahead, despite signs that the pandemic is waning and in-person activities are safer.

Three Black-owned businesses are planning moves downtown as part of a larger effort to help the city’s sore recover from the pandemic. Dave Lindquist reports that they’re getting help from a not-for-profit that has emerged as a local leader in diversity initiatives. Also in this week’s issue, John Russell explains how the sprawling case against Bloomington-based Cook Medical has ballooned into one of the largest and longest civil actions in Indiana history. And Mickey Shuey outlines how Indianapolis is embracing esports on the professional and academic level with hopes of become a national player.

Indianapolis has put more than $30 million into its Violent Crime Prevention Grants Program since 2009, but homicides have skyrocketed. Leslie Bonilla Muñiz reports that as the city plans to spend $45 million in federal pandemic money for programs aimed at quelling violent crime, some stakeholders want to see clear-cut results. Also in this week’s issue, Dave Lindquist explains why many Indy-area restaurant owners have unfinished business with the underfunded federal Restaurant Revitalization Fund. And Mickey Shuey explores the question of whether Indianapolis should try to nab hosting duties for another Super Bowl when warm-weather cities—and those with new NFL stadiums—are favored.

Eli Lilly and Co. has high hopes for donanemab, its new experimental drug for Alzheimer’s disease and a potential blockbuster for the pharma giant. But John Russell reports that its prospects have dimmed recently with a draft policy from the Centers for Medicare and Medicaid Services that would restrict reimbursement payments for the drug. Also in this week’s paper, Emily Ketterer reports that Indiana lawmakers are working to set up the first regulatory framework for utilities to build charging stations for electric vehicles. And Dave Lindquist fleshes out the plan for Hi & Mighty craft distillery to open at the Indiana State fairgrounds as its first year-round retail tenant in two decades.

Remote work is here to stay, and Indiana might capitalize on it by paying remote workers to move here. Emily Ketterer reports that state lawmakers are considering paying new residents who do remote work up to $15,000 in grants over three years. Also in this week’s issue, Leslie Bonilla Muñiz examines the prospects for redeveloping downtown’s Jail II and Arrestee Processing Center facilities. And Susan Orr examines the latest trend in the war to hire new talent: acquiring your competitors.

Hoosiers might have the chance to shop without paying sales tax for a couple of weeks this summer. Emily Ketterer dives into the proposal from a key Republican state senator. Also in this week’s issue, Susan Orr previews the upcoming jury trial for the former president and the former chief financial officer of the now-defunct trucking firm Celadon Group. Both men were charged in December 2019 on multiple counts of fraud. And John Russell has compiled an authoritative list of the largest philanthropic gifts in Indiana for 2021—the donors, the recipients and what the money is supposed to cover.

Indianapolis leaders want more affordable housing in Marion County for low- and mid-income residents, but low-cost options often sunset after a period of years. Leslie Bonilla Muñiz reports that city officials and a wide range of neighborhood organizations think they have found an approach that can keep some properties affordable indefinitely: community land trusts. Also in this week’s issue, Susan Orr reports on the progress of private equity firm Monument Microcap Partners toward its goal of buying small firms and helping them grow. And Dave Lindquist explains how long delays at vinyl-pressing plants are affecting Indiana-based recording artists and music stores who cater to fans of the resurgent format.

More than 100,000 people are expected to come downtown for the festivities that begin this weekend for the College Football Playoff National Championship. Mickey Shuey reports that the stakes for Indy go far beyond the immediate economic impact. Also in this week’s issue, John Russell examines the latest numbers for hospital diversions in central Indiana as health systems strain to care for the surge in COVID-19 cases. And Emily Ketterer sheds light on the battle for a statewide policy on solar- and wind-energy projects, which often run into roadblocks in a mélange of local ordinances and public boards.

IBJ names its 2021 newsmakers and recaps the year's top headlines. Plus, Cook Medical set an audacious goal when it announced it would build a new manufacturing plant in Indianapolis using only contractors and subcontractors owned by a person of color, woman, a veteran or someone with disabilities. Barb Berggoetz explains how the company made it happen. Plus, Sam Stall writes that the home remodeling boom that started with the pandemic shutdown in 2020 gained steam in 2022, even as people were no longer so stuck at home.

Duke Energy, the largest electric utility in Indiana, wants to send much of its coal-fired generating fleet into early retirement by 2035 and switch to cleaner sources of energy. But as John Russell reports, some consumer groups, environmentalists and elected officials contend the progress isn’t nearly fast enough. Also in this week’s issue, Leslie Bonilla Muñiz explains how an unusual public-private collaboration is renovate a 160-unit affordable housing complex on the north-east side and keep it affordable for the next three decades. And Dave Lindquist has a roundup of the holiday season’s main attractions as cultural institutions vie for seasonal dollars.