Ban on teen tanning heads to governor
New restrictions on teen tanning are one step from becoming law after legislation passed the Indiana Senate and moved to the governor on Thursday.
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Mary Kitchen has joined Eskenazi Health as chief financial officer. Kitchen previously worked at Health & Hospital Corporation of Marion County as assistant treasurer. Kitchen earned a bachelor’s degree in accounting from Indiana Central University, now known as the University of Indianapolis. She also earned her MBA from University of Indianapolis.
Dr. Shabnam Moshref, an internist, has joined Community Physician Network in Indianapolis. She completed her medical training at Lake Erie College of Osteopathic Medicine in Erie, Pa.
Dr. Theresa Suozzi, a family physician, has joined Community Physician Network in Indianapolis. She previously practiced medicine in Connecticut. She completed her medical degree at Indiana University School of Medicine.
Anthem, Franciscan sign accountable care contract
Anthem Blue Cross and Blue Shield has signed a new kind of contract with the Franciscan Alliance hospital system that allows Franciscan to make more money only if it saves money for Anthem.
Technology Power Breakfast transcript
Indianapolis Business Journal gathered tech leaders for a Technology Power Breakfast panel discussion March 14. The panel talked about topics ranging from ExactTarget to mentors to raising capital.
Company news
Anthem Blue Cross and Blue Shield has signed a new accountable care contract with the Franciscan Alliance hospital system that allows Franciscan to make more money only if it saves money for Anthem. If more doctors and hospitals sign similar deals with Anthem, it would start to end the payment arrangements that are widely blamed for the ever-rising costs in health care. Under the contract, Franciscan is financially accountable for what it spends to care for 63,000 patients its doctors and hospitals treat regularly, who also have Anthem benefits provided via employers or purchased individually. The three-year contract, which begins April 1, involves all 11 of Franciscan’s hospitals around Indiana, including the three it operates in the Indianapolis area. About 300 physicians are also part of the contract. This is the first accountable care organization, or ACO, Anthem has formed in Indiana. Its parent company, Indianapolis-based WellPoint Inc., now has 84 ACOs nationwide. Other health insurers are looking to sign similar arrangements with health care providers. The new deal also will score Franciscan on 38 quality measures. If Franciscan earns enough points for its quality, it will qualify for a year-end bonus.
Biomet Inc. is planning a $40.5 million expansion company officials say would create 150 high-paying jobs at its Warsaw headquarters by 2018. The project by the maker of orthopedic implants calls for building renovations and adding 3-D printing and optical scanning technology. Biomet would also upgrade a center where surgeons interested in introducing a new product, technology or technique can explore the idea with an expert. According to the Journal Gazette, Biomet's global vice president of finance presented the project March 13 to the Kosciusko County Council, which voted unanimously to move the company's request for incentives to the next stage. Paperwork prepared by the company says the jobs the expansion would bring are projected to pay $75,000 a year on average and will be added in stages.
Last-minute lobbying and big promises about jobs and investment killed a nursing home construction moratorium, according to one of the bill’s proponents. “The experience illustrates how quickly things can change behind closed doors,” said Rep. Ed Clere, R-New Albany, on Friday morning. The Indiana House late Thursday night approved House Bill 1391, which, during conference committee negotiations, replaced Senate Bill 173 as the primary vehicle for a nursing home moratorium. The version of HB 1391 that finally went to the House, however, was stripped of any moratorium language because there wasn’t enough support in the House Republican caucus, Clere said. The turn of events is surprising, considering SB 173, which proposed a five-year moratorium, passed the Senate, and a watered-down version with a one-year moratorium passed the House, 55-40. A compromise version with a two-year ban appeared ready for passage on Tuesday. The Indiana Health Care Association and others in the long-term-care industry argued that the moratorium was needed to cut nursing-home vacancy rates and ensure better care for Medicaid patients.
OnTarget Laboratories LLC, a company developing cancer-imaging technology discovered at Purdue University, has raised $15 million to pay for human trials and other development work. The West Lafayette-based company raised the funding from the Pension Fund of the Christian Church, which is based in Indianapolis, and from Tom Hurvis, the founder of Illinois-based Old World Industries LLC, which makes antifreeze and other auto products. Hurvis had previously invested an undisclosed amount into OnTarget. The company’s technology was created by Philip Low, a Purdue chemistry professor who also created the technology behind Endocyte Inc., a West Lafayette-based drug development company that is likely to launch its first drug this year. Low discovered that cancer tumors have a greater number of certain kinds of “receptors” on the surface of their cells. By combining a molecule that binds to these receptors with a fluorescent molecule, OnTarget’s technology can make the cancer cells light up during surgery. The Pension Fund of the Christian Church, which also invested in Endocyte, provides retirement plans to employees of several denominations, including Disciples of Christ and Churches of Christ.
People
Jiali Han has been named the Rachel Cecile Efroymson Professor in Cancer Research at the IU Simon Cancer Center. Han came to the Richard M. Fairbanks School of Public Health at IUPUI last year from Harvard Medical School, where he was an associate professor of dermatology and medicine. Han is chairman of the Department of Epidemiology at the Fairbanks school of public health, and intends to hire three additional faculty members to his department. Han earned his doctorate in biological sciences in public health from Harvard University.
Community Health Network named Julie O’Toole its vice president of patient experience, focused on access and service. O’Toole has worked at Community for six years as director of practice excellence at Community Physician Network. She will continue that work, in addition to her duties across the Community hospital network. O’Toole holds a bachelor’s degree from Purdue University in organizational leadership.
Hurdles remain for Roche Diagnostics on HPV test
Roche could enjoy a huge increase in sales of its HPV tests if all doctors and women followed a recommendation issued last week by an advisory committee at the FDA. But wrinkles in the U.S. health care system still present several big obstacles.
Top 10 most profitable hospitals around Indianapolis
Based on 2012 data, 23 of 30 hospitals in central Indiana are generating profits from their operations of 10 percent or more. The Indiana Orthopaedic Hospital and St. Vincent's Carmel campus are on top. After that, there are a few surprises.
Medic! Early signal shows hospital profits plunged in 2013
Franciscan Alliance, always the first to report its year-end financial results, put out numbers that show a real decline in profit from operations of 58 percent.
Where do hospital profits go?
When patients at Indianapolis-area hospitals pay their bills, they're not just funding their own health care. They're contributing to the care of Hoosiers in the rest of the state, too, especially care provided by hospital-employed physicians.
Company news
FAST BioMedical has been awarded a $1 million grant from the National Institutes of Health to conduct a clinical trial of the diagnostic tool it is developing to measure plasma volume and kidney function in hospitalized patients. The grant, part of the federal Small Business Innovation Research program, adds to more than $16 million FAST has raised. The Indianapolis-based company said in January that it wants to raise as much as $25 million in the next two years to bring its product to market. “We believe that a quantitative measurement of a patient’s plasma and blood volume status and kidney function will have a demonstrable impact on outcomes in an area of medicine that has seen only modest advances in previous decades,” Dr. Bruce Molitoris, FAST’s medical director, said in a prepared statement. “Currently, physicians don’t have either a direct or timely way to assess these key parameters clinically.”
West Lafayette-based Endocyte Inc. could fetch a takeover bid at one of the industry’s highest premiums on record, according to Bloomberg News. Endocyte’s drug vintafolide has proved effective against both ovarian and lung cancers during clinical trials, raising the prospects for the company’s entire technology for developing targeted drugs for cancer and inflammatory diseases. Endocyte may command about $50 per share in a sale, up from its closing price of $21.96 on Friday, according to the average of four estimates compiled by Bloomberg. The estimates ranged from $35 per share to $65 per share. That would be the second-highest takeover premium on record among similar U.S. deals in the industry. According to a report by the Royal Bank of Canada, that could spark a takeover bid from Merck & Co. Inc., which has already paid for vintafolide’s late-stage development and will sell it as an ovarian cancer treatment in Europe. But Endocyte retains rights to the underlying technology and other drugs developed from it. AstraZeneca plc or Roche Holding AG also could be interested, according to a report from Cowen Group Inc. If vintafolide is approved for ovarian and lung cancer in the U.S. and Europe, it could bring in as much as $2 billion in revenue, according to Edward Tenthoff, a New York-based analyst at Piper Jaffray Cos. Endocyte is now developing another cancer drug that targets cells in the same way as vintafolide, though with a potentially more potent chemotherapy drug. “If you have other ones that might be better, that might be problematic for Merck,” said Robert Hazlett, a pharmaceutical analyst at Roth Capital Partners LLC. “It may need to seriously consider Endocyte.”
Indianapolis-based Dow AgroSciences LLC is likely to become a stand-alone public company in the next three years, according to some Wall Street analysts—if in a year or two Dow Agro’s profits are on course to double from current levels. Of course, the parent company of Dow Agro, Michigan-based Dow Chemical Co., could sell Indianapolis-based Dow Agro to another agricultural company, as it tried to do back in 2009. Analysts said Dow Chemical didn’t like the offers it received at the time, which was in the darkest days of the global recession. One reason for selling Dow Agro to another company is that its fast-growing seed business has yet to achieve the scale needed to support the massive R&D investments Dow has made in that area in recent years. Dow Agro’s $7 billion in annual revenue would rank it as the fifth-largest public company in Indiana, behind only WellPoint Inc., Eli Lilly and Co., Cummins Inc. and Steel Dynamics Inc. The company has annual cash flow of about $1 billion, and thinks a raft of new products can double those profits in five to seven years. Dow Agro employs about 1,800 people here, and its most recent hiring expansion touted annual wages from $65,000 to $95,000.
CarDon trying to adjust nursing homes to hospitals, insurers, patients
Family-run company is building nursing homes it thinks will be more attractive to residents and staff.
The Millionaire Doctors Club
The scramble for physicians by hospitals in recent years has led to more than a dozen physicians cracking a million dollars in compensation—and three dozen receiving at least a half million dollars. Hospitals, meanwhile, are recording big losses on their physician practices.
IU Health doctors to do surgeries in Wisconsin
Indiana University Health was chosen by a hospital system in Wisconsin to provide heart, lung, esophagus and aorta surgeries there after the surgeons the hospital system had been using became employed by a competing provider.
Indiana insurers must make best guesses on 2015 price hikes
Health insurers such as WellPoint Inc. that plan to hike prices on their Obamacare policies more than 10 percent in 2015 will have a much harder time than usual making their case to regulators.
Five things I learned from the Medicare doctor payments
From this week’s historic data dump, I learned who the top 20 recipients of Medicare payments are in Indianapolis (hint: mostly labs, ambulances and eye surgeons). But the real takeaway is that meaningful price information about doctors is still a long way away.
Leaders await decision on Indiana Plan expansion
Two of the state's top Republican lawmakers said Tuesday that they would like to see the federal government sign off on an expansion of Medicaid through the state's health care plan for low-income residents.
Indiana’s 10 (or more) most profitable health insurers
WellPoint’s commanding market share gave it a whopping $129 million in profit from its risk-based insurance products in 2012. But in percentage terms, WellPoint was not at the top of the heap.