PGA exec outlines course for golf resurgence
Developing new players should be top priority if sport wants to emerge from long downturn, official says
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Threats to cut federal Medicare funds that pay for residency training for doctors have eased but not gone away since they were formally proposed by some members of the Congressional super committee last fall. Dr. Peter Nalin, the associate dean of graduate medical education at the Indiana University School of Medicine, said such cuts would be disastrous at a time when patient demands increasingly outstrip the supply of physicians.
Company news
Eli Lilly and Co. plans to invest about $440 million in a new drug plant at an existing company site in southern Ireland, according to Bloomberg News. The new facility in Kinsale in County Cork will require as many as 200 skilled employees when fully operational, according to a statement on economic development organization IDA Ireland's website. Indianapolis-based Lilly will begin construction on the 240,000-square-foot manufacturing facility next month and plans to have it operational by late 2013, according to the Belfast Telegraph. Lilly already employs about 700 people at four sites in Ireland. Its first plant in the country opened in 1981. The company opened the Kinsale campus in 2010 after announcing it would spend about $360 million on the project. The existing Kinsale facility manufactures active ingredients in treatments for cancer and diabetes. Lilly employs about 38,000 people worldwide.
As expected, SynCare LLC has filed for Chapter 7 bankruptcy protection. The once fast-growing, Indianapolis-based disease-management company listed in court papers liabilities of nearly $5.7 million and assets of just $125,864. The company’s decline pushed CEO Stephanie DeKemper into personal bankruptcy in late December, with the company itself expected to follow. SynCare’s largest secured creditors include Fifth Third Bank, which provided two loans totaling $850,000 to the company. Unsecured creditors include Bank of America, with a claim totaling $676,964, and Centene Corp. in St. Louis, which provided SynCare a loan totaling nearly $1.5 million. SynCare effectively ceased operation in September after it withdrew from a major contract it had with the Missouri Medicaid program. Also earlier last year, Centene—which was both a client and a lender to SynCare—stopped funding the company’s operations. SynCare used nurses and social workers to call and visit Medicaid patients to evaluate their needs and teach them how to handle their health issues, in order to avoid expensive hospitalizations.
Profit at CNO Financial Group Inc. was flat in the fourth quarter, but the Carmel-based life and health insurer still beat analysts’ predictions. CNO Financial announced Feb. 22 that it earned $73 million, or 26 cents per diluted share, in the three months ended Dec. 31. In the same quarter a year ago, the company earned $168.2 million—of which $95 million was one-time gain from an accounting adjustment. Excluding investment gains, CNO’s operations generated $60.1 million, or 22 cents per share, in its most recent quarter. On that basis, Wall Street analysts were expecting CNO to earn 19 cents per share in the quarter, according to a survey by Thomson Reuters. CNO’s revenue totaled $1.05 billion in the fourth quarter. That was 2 percent lower than the same quarter last year, driven by lower investment gains and income. Analysts were expecting only $1.01 billion in revenue.
People
FirstPerson named Katy Stowers as adviser and general counsel, leading the Indianapolis-bsed benefits firm’s compliance services area. Stowers previously served as an employee benefits attorney at Indianapolis-based Krieg DeVault LLP. Stowers earned her law degree from the Indiana University School of Law in Indianapolis in 1993.
Indianapolis-based Wellfount Corp. named Eric Orme its chief financial officer. He previously served as chief operating officer of Indianapolis-based AIT Laboratories and before that worked for Boston Scientific Corp. Orme holds a bachelors degree in economics and an MBA from Indiana University.
Norm Tabler, the general counsel of Indianapolis-based hospital system Indiana University Health, said he will retire Dec. 31. Perhaps most widely known for his deep voice and deadpan delivery on fundraising campaigns for local public radio station WFYI -FM 90.1, Tabler has worked for IU Health (formerly known as Clarian Health) for nearly 16 years. Before that he worked for 25 years at Indianapolis law firm Baker & Daniels LLP. Tabler holds a bachelor’s degree from Princeton University, a master’s degree from Yale University and a law degree from Columbia University.
Franciscan to mark Beech Grove closure
Franciscan St. Francis Health announced five years ago that it would consolidate its Beech Grove operations into an expanded hospital seven miles south, near Interstate 65 and Emerson Avenue. The last inpatient department to close at Beech Grove will be its emergency room, on March 16.
Police plan crackdown on drunk driving
Police throughout Indiana are gearing up for a crackdown on drunken driving. More than 250 law-enforcement agencies are expected to take part in the effort that begins Friday and runs through March 18. State police say the stepped-up patrols could include saturation patrols and sobriety checkpoints. Motorists also will see an increased number of patrols looking for aggressive drivers and unrestrained motorists during the 17-day mobilization.
Two bodies found in parking lot
Police say two people found dead from apparent gunshot wounds inside a van parked outside a south-side business likely died in a murder-suicide. The bodies of the middle-age male and a middle-age female were found Monday morning outside Independent Concrete Pipe Corp. in the 2000 block of South Harding Street. The shootings likely occurred between 4 a.m. and 8 a.m.
Stolen van, child recovered
Indianapolis police located a van stolen Monday morning from a south-side home day care with a 1-year-old girl inside. The child was uninjured. Police said the van was taken from the day care on St. Joe Drive at about 7:25 a.m. It was recovered shortly after 9 a.m. near South Lynhurst Drive and West Troy Avenue. The girl’s mother was taking her son into the day care and returning for the girl when the van was taken.
Indiana 3rd-graders prepare for new reading test
Indiana's third-graders are gearing up for a new state reading test that could determine whether they can move on to the fourth grade.
Speedway’s plan for roundabout hits snag over billboard
The Speedway Redevelopment Commission is threatening eminent domain against Clear Channel Outdoor Inc. because the billboard company won’t relinquish its lease rights at a key intersection.
Study: Indy hospitals charge ‘excess’ prices
The Big 3 automakers spent 35 percent more in the Indianapolis area to provide health care for workers and non-elderly retirees than they did in other auto-heavy cities—and two-thirds of that difference can be blamed on “excess prices” by Indianapolis hospitals.
Lilly plans 200 jobs at new $440M Ireland plant
Eli Lilly and Co. plans to invest about $440 million in a new pharmaceutical plant at an existing company site in County Cork in southern Ireland. The facility in Kinsale will require as many as 200 skilled employees when fully operational.
Office-supply standby Arvey Paper set to close
One of the city's most popular spots to buy paper and office supplies is scheduled to close next month as part of a nationwide consolidation by its parent company.
IBM lawyer: Indiana agency leader sought breach of deal
Indiana is suing IBM for $437 million it paid the company to introduce call centers, document imaging and other automation to applications for food stamps, Medicaid and other public assistance programs.
Old Lugar issue finds new legs in critical race
U.S. Sen. Richard Lugar has breezed through every re-election since he first won federal office in 1976. And even though he has consistently voted from a house he hasn't owned since he left for Washington in 1977, questions about his residency lay dormant until just a few weeks ago.
Auto town Kokomo on the mend, but bailout still divides
The U.S. auto industry and Kokomo have staged an amazing comeback. But the resurrection of U.S. automakers has done little to resolve a deep political divide over the bailout.
Indiana funding jump would end kindergarten fees
Parents across Indiana weary of paying sometimes-hefty fees for their children to attend full-day kindergarten classes could soon catch a break.
Bloomington panel delays vote on I-69 section
A southern Indiana panel has delayed until March a vote on whether to add a hotly debated section of the Interstate 69 extension into its transportation plan.
WOJTOWICZ: Temporary program helps refinance commercial mortgages
A recent study from Credit Suisse found that over $15 billion of small commercial mortgages (under $5 million) are coming due in the next few years.
NFL Combine opens to fans
The National Football League for the first time is allowing a limited number of fans to attend NFL Combine events. The annual league scouting event, which has been held in Indianapolis for 25 years, allows teams to evaluate prospects through interviews, tests and workouts. The NFL received thousands of applications from fans and selected 250 of them to attend Sunday activities at Lucas Oil Stadium. Tourism officials estimated the city will see $6 million in visitor spending as a result of the Feb. 22-28 event.