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Articles
Anthem to omit some big hospitals from exchange network
Most of Indianapolis’ major hospitals and physician practices will not be available through Anthem’s exchange plan, but instead will be working with a health plan run by Indianapolis-based MDwise Inc.
Anthem prez: Expect ‘crickets chirping’ on Oct. 1
Anthem Blue Cross and Blue Shield President Rob Hillman expects a slow start to the Obamacare exchanges, with fewer than one-third of uninsured people buying coverage there.
Company news
Bring in the relationship experts to label this one. St. Vincent Health and Monroe Hospital in Bloomington have pulled back from their “strategic alignment”—which had St. Vincent managing Monroe’s operations but was a step short of a merger—and will instead settle for a clinical partnership for cardiology, orthopedic and critical care services. Longtime St. Vincent executive Joe Roche, who had led the attempt to integrate the systems, will now become the CEO of Monroe Hospital, starting Monday. “We are appreciative for the opportunity to have explored integration options with Monroe Hospital, and to continue our clinical partnerships to serve the residents of Bloomington and surrounding communities,” Ian Worden, interim CEO of St. Vincent Health, said in a prepared statement. The Bloomington market is dominated by St. Vincent’s archrival, Indianapolis-based Indiana University Health, which owns IU Health Bloomington Hospital there. Monroe, which boasts 32 inpatient beds, was having financial difficulties and had been looking at a partnership with Franciscan St. Francis Health before it struck its deal with St. Vincent last year.
Less-than-expected profit in emerging markets and a decline in the Japanese yen could make it difficult for Eli Lilly and Co. to meet a goal of at least $20 billion in revenue next year, the Indianapolis-based drugmaker said Thursday. But the company said it would cut costs, if necessary, to reach its other 2014 goals of $3 billion in profit and $4 billion in operating cash flow. “I am confident in our outlook to return to a period of growth and expanding margins,” Chief Financial Officer Derica Rice said in a statement. Lilly will also take a hit from Obamacare. The 2010 law, known as the Patient Protection and Affordable Care Act, required drugmakers to give larger rebates to federally funded health plans and will add a tax onto all U.S. sales of prescription drugs. Those impacts, as well as Obamacare's elimination of a tax benefit for retiree drug coverage, will cost Lilly about $500 million this year. But Lilly might also see its sales hampered by the Obamacare exchanges, the online marketplaces that started Tuesday in all 50 states. That's because health insurers, in an attempt to keep premiums low, are creating narrower formularies that exclude some drugs from coverage. Similarly, insurers are creating "narrow networks" that offer coverage for fewer doctors and hospitals.
Indiana University Health plans to eliminate 935 workers in Indianapolis, Carmel, Fishers and Muncie, according to documents filed by the hospital system with the state. The cuts will affect 746 in Indianapolis at Methodist Hospital, Riley Hospital for Children, University Hospital and IU Health Physicians. In Carmel, 67 will be cut at IU Health North Hospital. Two will be trimmed at Saxony Hospital in Fishers. In Muncie, IU Health plans 120 cuts at Ball Memorial Hospital. IU Health employs about 36,000 statewide. It says it's looking to save $1 billion in costs over the next four years. The Indianapolis-based system said last month it must make the cuts because fewer patients have been coming to hospitals, and payment rates for its services have been declining.
Is lack of competition hiking Indiana exchange premiums?
Only four health insurers are offering policies in the Obamacare exchange in Indiana, whereas 17 have withdrawn from the market since 2010.
Franciscan hospitals to eliminate 925 full-time positions
The Indiana-based system that operates three hospitals in the Indianapolis area said it is trying to cut its expenses by as much as $500 million, or 20 percent.
Company news
Franciscan Alliance blamed lower patient volumes, reimbursement reductions and Obamacare for its decision to eliminate 925 full-time positions through a mix of layoffs, reduced hours, retirements and attrition. The Mishawaka-based Catholic organization, which operates three hospitals in the Indianapolis area, said it is trying to cut expenses by as much as $500 million, or 20 percent, over the next few years. Most other hospitals around Indiana are doing the same. To reach that goal, Franciscan will also cut benefits for its remaining 19,000 employees. Of the 925 positions cut, 275 will come through layoffs. In the Indianapolis area, 83 employees were laid off and another 65 positions are being eliminated. In 2012, Franciscan’s 13 hospitals in Indiana and Illinois pulled in revenue of $2.5 billion, generating a net gain of $110 million, excluding a special accounting charge. However, the hospital chain’s operating profit margin decreased to 4.5 percent from 5.2 percent the previous year.
The National Institutes of Health awarded a $30 million grant to the Indiana Clinical and Translational Sciences Institute, a partnership of Indiana University, Purdue University and the University of Notre Dame. The money will help fund the institute at least through 2018. The Indiana University School of Medicine established the institute in 2008 with a $25 million NIH grant, plus about $25 million in matching grants from IU, Purdue, the state of Indiana and private partners such as Eli Lilly and Co. The institute estimates it supports more than 80 full-time-equivalent professional jobs across Indiana, who work on research in Alzheimer's disease, Parkinson's disease, autism, traumatic brain injury, polycystic kidney disease, and osteoporosis and osteoarthritis.
WellPoint Inc.’s stock fell nearly 5 percent in the second half of last week even though the health insurer reported better-than-expected third-quarter earnings. Investors backed away from health insurers as problems with the new Obamacare exchanges persisted. Indianapolis-based WellPoint earned $656.2 million in the quarter ended Sept. 30, down from $691.2 million in the same quarter a year ago. But because WellPoint has spent $1.2 billion buying back its own stock over the past year, the company’s profit per share actually increased to $2.16 in the latest quarter, from $2.15 a year ago. Excluding investment gains and one-time gains and charges, WellPoint would have earned $2.10 in the third quarter this year. On that basis, analysts were expecting profit of just $1.82 per share, according to a survey by Thomson Reuters. WellPoint raised its full-year profit forecast to $8.40 per share, an increase of 40 cents.
Profit at Eli Lilly and Co. fell 9 percent in the third quarter but still easily beat the expectations of Wall Street analysts. The Indianapolis-based drugmaker earned $1.2 billion in the three months ended Sept. 30, down from $1.3 billion in the same quarter last year. But results from last year were boosted by a payment from former Lilly partner Amylin Pharmaceuticals Inc. Excluding that payment and other special charges, Lilly’s profit-per-share soared 41 percent, to $1.11, up from 79 cents per share a year ago. Analysts had been expecting profit $1.04 per share, according to a survey by Thomson Reuters. This was the last full quarter in which Lilly will maintain its U.S. patents on Cymbalta, its bestselling drug. Sales of the antidepressant grew 11 percent in the quarter to nearly $1.4 billion.
Strong sales of new crop protection products helped Dow AgroSciences LLC cultivate revenue of $1.4 billion in its third quarter, up 8 percent from the same quarter a year ago. But profit for Dow AgroSciences tumbled more than 71 percent—from $63 million in the previous third quarter to $18 million in this year’s quarter. The figure represents earnings before accounting for interest, taxes, depreciation and amortization. Dow attributed the decrease in profit to higher seed returns in North America driven by a late, wet planting season, as well as increased spending on growth investments. Revenue from Dow’s crop protection products rose 10 percent in the quarter, driven by higher sales of herbicides in North America and insecticides in Latin America. Dow AgroSciences is an Indianapolis-based subsidiary of Michigan-based Dow Chemical Co.
Warsaw-based Zimmer Holdings Inc.’s third-quarter profit fell 13 percent to $154.4 million, or 90 cents a share, down from $178.1 million, or $1.02 a share, in the same quarter a year ago. Excluding special charges for restructuring and litigation, Zimmer would have earned $1.25 per share, a penny higher than analysts were expecting. Zimmer’s revenue in the quarter rose 4.8 percent to $1.07 billion. For the year, the company now expects per-share earnings of $5.70, which is near the low end of its previous profit forecast. Its sales continue to be dampened as high unemployment and an uncertain economy in the United States have caused patients to put off hip and knee replacement surgeries.
The frightening future that’s haunting hospitals
Why are Indiana’s hospitals cutting jobs. Because they’re spooked about cuts to Medicare payments. They should be.
People
Dr. Amy Schmidt, a pathologist, has joined Wishard-Eskenazi Health. She did her medical training and received a doctoral degree at Saint Louis University School of Medicine.
Dr. Frank Messina, an emergency medicine physician, has been named medical director of the Wishard-Eskenazi Health Transition Support Department. Messina earned a bachelor’s degree from Columbia University and did his medical training at Mount Sinai School of Medicine of the City University of New York in 1987.
Keith Jewell has been picked to be the next president of St. Mary’s Health, an Evansville hospital that is part of Indianapolis-based St. Vincent Health. Jewell, currently chief operating officer of the Franciscan St. Francis Health hospital system in Indianapolis, will assume his new role in mid-December. An Evansville native, Jewell earned a bachelor’s degree in accounting and an MBA at the University of Southern Indiana. He began his health care career at Evansville’s Deaconess Hospital. He joined Franciscan in 1993.
Dr. Jillian Erb, a family physician, recently joined Sheridan Family Medicine. She earned a bachelor’s degree at Indiana University in Bloomington and her medical degree at the Indiana University School of Medicine.
People
Dr. Monica Joyner has been appointed medical director for Wound Care Specialists, a new medical practice that is part of Franciscan Physician Network. Before joining Franciscan, Joyner served as executive director and director of education for Indianapolis-based MedTech College. Joyner earned a bachelor’s degree in psychobiology from Yale University and a medical degree at the Indiana University School of Medicine.
The Behavior Analysis Center for Autism promoted Beth Roudebush to clinical director of its facility in Zionsville. In her five years at the center, Roudebush has worked as a therapist, clinical trainer and assistant consultant. Prior to her work at the center, she served in management at Robert Half International, Enterprise Rent-A-Car and Bob Evans Farms Inc. She earned a bachelor’s degree in applied health sciences from Indiana University.
WellPoint Inc. named Jose Tomas its chief human resources officer. Tomas will replace Randy Brown, who is retiring at the end of the year. Prior to joining WellPoint, Tomas served as global chief people officer and president of the Latin America region for Burger King Corp. Before Burger King, Tomas held human resources positions with Ryder System Inc. and Publix Super Markets. Tomas holds a bachelor's degree in business administration and a master's in management from Florida International University.
WellPoint Inc. named Julie Goon senior vice president of public affairs. Most recently, Goon served as senior health policy director for the U.S. House of Representatives Energy and Commerce Committee. Before that, she served as director of General Electric’s healthymagination marketing initiative. Earlier in her career, Goon held management posts at the U.S. Department of Health and Human Services’ Center for Medicare & Medicaid Services, America’s Health Insurance Plans, Humana Inc., and the Colorado Legislative Council. Goon received her bachelor’s degree in history from Colorado State University.
People
Bloomington-based Cook Medical Inc. promoted Pete Yonkman to president, replacing Kem Hawkins, who will continue as president of Cook Group Inc., the parent of Cook Medical. Yonkman joined Cook Medical 12 years ago as corporate counsel. He was most recently executive vice president, overseeing the company’s 10 strategic business units. Yonkman earned bachelor’s degrees in psychology and philosophy from Indiana University in Bloomington and a law degree from the IU Maurer School of Law in Bloomington.
OurHealth, which operates employer health clinics, has hired Kendra Stewart as director of wellness. Prior to joining OurHealth, she served as health behavior coordinator for Richard L. Roudebush VA Medical Center. Stewart is a clinical health psychologist who earned her doctoral degree from Ohio University.
Susan Waschevski has been appointed director of Franciscan St. Francis Health’s PACE initiative—Program of All-Inclusive Care for the Elderly. She most recently was deputy director of home and community-based services with the state Division of Aging. Prior to that, Waschevski was a program manager for CICOA Aging & In-Home Solutions. Waschevski earned a bachelor’s degree in sociology from Monmouth College in Illinois.
Hospitals suffer third-quarter swoon
Indiana University Health and Franciscan Alliance saw key parts of their businesses deteriorate sharply, according to new financial reports released by the hospital systems, causing each to slash more than 900 positions.
Suburban Indy hospitals see health care reform as ally
For years, the county-owned hospitals ringing Indianapolis have watched warily as the city’s four major hospital systems used their superior size and resources to push ever outward into the suburbs.