2013 WOMAN OF INFLUENCE: Karin W. Sarratt
Karin W. Sarratt is vice president of talent management and chief diversity officer at WellPoint Inc.
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2013 WOMAN OF INFLUENCE: Jacqueline A. Simmons
Jacqueline A. Simmons, Indiana University vice president and general counsel, approaches her job and life with a global perspective.
2013 WOMAN OF INFLUENCE: Beth T. Young
The accomplished attorney rose to partner at Robinson Wolenty & Young.
Indy charter school gets gift valued at about $2M
Steve Russell, of Carmel, founder of Indianapolis-based trucking company Celadon Group Inc., and his wife, Livia, gave the gift to Herron High School.
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.
People
Dr. Karen Gallagher and Dr. Julie Lund, who formerly practiced as part of Eagle Creek OB/GYN, have transitioned into Indiana University Health Physicians' women’s health practice. Gallagher, an OBGYN, earned her medical degree at The Ohio State University. Lund, also an OBGYN, earned her medical degree at Southern Illinois University.
Dr. James Smith, an OBGYN, has joined IU Health Physicians in Carmel and Fishers. He earned his medical degree from the University of Louisville. He previously practiced at Georgetown University Hospital in Washington, D.C.
Dr. Courtney Browne, an OBGYN, has joined IU Health Physicians in Carmel and Indianapolis. She earned her medical degree from the IU School of Medicine.
Dr. Scott Bormann, a family physician, has joined IU Health Physicians at the IU Health Methodist Medical Plaza South. Bormann did his medical training at the College of Osteopathic Medicine at Des Moines University.
Indiana University joins gay marriage ban fight
Indiana University has joined a campaign fighting a proposed state constitutional amendment that would ban same-sex marriages.
KETZENBERGER: Thoughtful notions from the Vlogbrothers
John and Hank Green, also known as the Vlogbrothers, exchange videos with each other twice a week. Sometimes the videos are funny and sometimes they’re serious, but they’re usually thought-provoking.
Baldwin & Lyons’ profit falls on smaller investment gains
Premiums written by the firm’s insurance subsidiaries hit $96.6 million, an increase of nearly 19 percent over the third quarter a year ago and 4 percent over the second quarter.
Zinn events keep spotlight on Daniels controversy
The controversy about former Gov. Mitch Daniels’ emails criticizing the late historian Howard Zinn will continue this month as professors, students and staff members gather at universities around the nation to read Zinn’s writings.
Racing home: Fast-growing trade show returns to Indy
The upcoming Performance Racing Industry Show—in its first year back in Indianapolis since 2004—is beating expectations for exhibitors, attendees and, most important, visitor spending.
‘Zero-premium’ insurance could leave hospitals hurting
So-called “zero-premium plans” are priced in such a way that their premiums would be no greater than the federal tax subsidies that low-income buyers could claim.
State extends high-risk pool because of Obamacare woes
State officials announced Thursday that they will extend Indiana’s high-risk insurance pool through the end of January to accommodate Hoosiers who have been unable to enroll in coverage through the federal marketplace.
Upscale chocolatier growing into Carmel
Chocolate for the Spirit plans to open a storefront in Carmel this month. After the holidays, master chocolatier Julie Bolejack will move production there from her Shelbyville “studio.”
Reagan’s supply-side guru to address accountants in Indy
Arthur Laffer is reviled by the big-government crowd for blaming high tax rates for slow economic growth. He’ll discuss his cautionary tale for states while in Indianapolis next week.
You-review-it Monday: What did I miss?
I was away for the weekend. Fill me in one what you saw while I was away. Matisse? Patti LuPone A Spirit & Place event?
With Obamacare, insurers will still find ways to avoid risk
Obamacare put an end to health insurers’ worst methods for avoiding risk. But that doesn’t mean insurers have ended their risk-shifting ways. Not at all.
Company news
Faced with huge debt payments next year, San Francisco-based Genstar Capital is exploring a sale of Indianapolis-based Harlan Laboratories, the world’s second-biggest provider of lab animals. Genstar, which acquired Harlan in a leveraged buyout in 2005, faces long odds on refinancing $280 million in debt that comes due in July 2014. That’s because Harlan has experienced “double-digit revenue contraction” after sales reached $326 million in 2012, according to a report by Standard & Poor’s. Harlan has been losing ground in its contract research work, analysts say, because pharmaceutical companies have scaled back early-stage research. Harlan employs about 330 people in the Indianapolis area.
The state of Indiana will extend its high-risk insurance pool through the end of January to accommodate Hoosiers who have been unable to enroll in coverage through the federal marketplace, according to TheStatehouseFile.com. The Indiana Comprehensive Health Insurance Association–often called ICHIA–provides coverage for roughly 6,800 individuals with significant medical needs and costs the state about $6.3 million per month. The program was scheduled to shut down at the end of the year. The state created its high-risk insurance pool in 1982 to provide health care options for seriously ill Hoosiers who did not have access to coverage in the private market. Its users tend to have problems including cancer, hemophilia, HIV/AIDS or organ failure. Last spring, the General Assembly passed a law dissolving the program because the patients would become eligible to purchase coverage through the federal marketplace. But state officials now worry those patients won’t be able to sign up in time.
In an attempt to improve public health planning and efforts, researchers at IUPUI have received a $200,000 grant to study whether they can use electronic medical records to measure health outcomes by neighborhood or census block. The two-year study will try to establish a valid method for integrating data from the medical records with other community health indicators such as parks, health care facilities and grocery stores selling fresh produce. “When there is a limited budget for, say, preventing diabetes, the county health department has to determine how to spend its resources,” said Brian Dixon, an informatics professor and researcher at Indianapolis-based Regenstrief Institute Inc., who is leading the study. “One choice is to evenly divide the money across all communities within the county, some of which probably don’t have as much need as others. A second choice is to identify specific areas within the county that might need intervention the most.” The grant was awarded by the National Network of Public Health Institutes with support from the Robert Wood Johnson Foundation.
Fishers seeking public input on tax-hike proposal
Fishers’ Town Council is convening a special meeting next week to hear what residents think of a proposal to raise the food-and-beverage tax by 1 percent to fund economic development projects.