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Indianapolis-based Harlan Laboratories may violate loan covenants in the next three to six months, and its ability to refinance a $280 million loan that matures in July 2014 is “highly questionable,” according to a report by Moody’s Investors Service. It’s unclear if the privately held company has an escape plan brewing. Harlan Laboratories employs about 330 people in the area and has annual sales of $326 million. The company appeared on the verge of pulling off a $305 million refinancing in February, but the deal fell apart and was shelved in April, according to Standard & Poor’s Ratings Corp. The ratings agencies say the company is not performing well enough to attract lenders. And even if it could engineer a refinancing, it likely would struggle to make the required payments. By Moody’s tally, Harlan’s “adjusted debt” is a whopping 7-1/2 times its so-called EBITDA (earnings before interest, taxes, depreciation and amortization).

Indianapolis-area hospitals are billing patients insured by their employers 264 percent more for outpatient services than what the federal Medicare program would pay for the same services for the same patients in the same facilities. That’s what researchers at the Washington, D.C.-based Center for Studying Health System Change found when they analyzed claims data for 590,000 patients, all below the age of 65, who were covered in 2011 by the union-negotiated health plans at automakers General Motors, Ford and Chrysler. The study was paid for by an organization that is funded by the automakers, the UAW and the International Union. The study compared the claims from 13 metro areas against one anther, all of them in the Midwest. Indianapolis had the highest hospital outpatient prices among all cities and the second-highest inpatient prices, behind only Kansas City. Interestingly, Kokomo had the third-highest inpatient prices and the second-highest outpatient prices. Physician prices in Indianapolis were in the middle of the pack, about 10 percent to 20 percent higher than Medicare prices. The authors of the study say hospitals’ market power, which has increased in recent years due to consolidation among hospitals and doctors, is the most likely explanation for the higher prices.

New Jersey-based Covance Inc. has formed a collaboration with the Indiana Clinical and Translational Sciences Institute to conduct early-stage clinical trials for biotechnology and pharmaceutical companies. The Indiana CTSI, which was formed by partnership of Indiana, Purdue and Notre Dame universities, will provide access to a 13,606-square-foot, 24-patient facility at IU Health University Hospital in Indianapolis. The institute also could, if needed, expand operations into a recently renovated 33,078-square-foot, 50-patient facility in the same building. This space reopens to clinical research for the first time in six years due to the efforts of the Indiana CTSI. The alliance between Covance and the Indiana CTSI was facilitated by BioCrossroads, an Indianapolis-based life sciences business development group. Covance already conducts Phase 1 clinical trials at an 80-bed facility in Evansville. But there has been a paucity of Phase 1 clinical trial work in Indianapolis since locally based drugmaker Eli Lilly and Co. shut down its clinic at the IU School of Medicine in 2007.

Indianapolis-based insurance company International Medical Group Inc. has hired Amanda Winkle as its vice president of international sales. Winkle most recently was national sales director for individual brokers at UnitedHealthcare and before that worked for Indianapolis-based Golden Rule Insurance Co. She holds a bachelor’s from Indiana University.

Indianapolis firefighters spent more than four hours overnight battling a four-alarm fire that destroyed an abandoned warehouse on East Raymond Street near South Keystone Avenue before getting the blaze under control after 1 a.m. Monday. Holcomb & Hoke Manufacturing Co. Inc. operated in the two-story, 159,000-square-foot brick building for more than 100 years before closing in 2009. Police closed roads in an eight-block radius and evacuated 15 nearby houses as a precaution. One firefighter suffered minor injuries.
 

Two men fell about 20 feet when a railing gave way following Sunday’s Indianapolis Colts game at Lucas Oil Stadium. The men were leaning on the barrier when it collapsed above the tunnel leading to the Oakland Raiders’ locker room. One of the men was evaluated by medical personnel at the site and released. The other was taken to the hospital for further evaluation. Officials said none of the injuries were serious.
 

Several roads were closed on the east side Monday morning after an SUV drove into a sinkhole that opened on English Avenue near Interstate 465. The hole, which is 3 feet to 5 feet wide and 4 feet deep, developed just after 8 a.m. when a water main broke and flooded the roadway. The SUV driver, a man in his 20s, was taken to the hospital with back and neck pain.