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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.

People

Dr. Sarah Curry, a family physician, has been hired by Community Physician Network, part of the Indianapolis-based Community Health Network hospital system. Curry earned her medical degree at the Indiana University School of Medicine.

Dr. Megan Gruesser, a pediatrician, has been hired by Community Physician Network. She completed her medical degree at IU School of Medicine.

Dr. Joshua Kluetz, a family and sports medicine physician, has been hired by Community Physician Network. He did his medical training at Midwestern University Chicago College of Osteopathic Medicine.

Indianapolis-based OurHealth, which operates employer-sponsored health clinics, has hired Ashley Davis as its in-house graphical designer. She holds a master’s degree in design from IUPUI and a bachelor’s degree from Loyola University of Chicago.

Brandon Rogers has joined OurHealth as a senior engineer for information technology systems. He previously worked for Indianapolis-based consulting firm The Brookfield Group.

Over the next year, the six Daughters of Charity nuns who serve at Indianapolis-based hospital system St. Vincent Health leave to serve other areas. The sisters are Mary Kay Tyrell, Louise Busby, Rita Joyce DiNardo, Mary Satala, Mary Powers and Cecilia Ann West. In their place, St. Vincent and its parent, St. Louis-based Ascension Health, will use formation programs to train up lay leaders in the values of the Catholic church and the sisters’ tradition. Also, Sister Mary Kay Tyrell will continue to serve on the St. Vincent Indianapolis Hospital and Foundation boards, and Sister Renee Rose will serve as a member of the St. Vincent Health board.

Man, woman found dead in motel room

Police are investigating the shooting deaths of a man and woman in a room at the Royal Inn in the 3700 block of North High School Road. Police say motel workers found the bodies about 8:30 p.m. Sunday. The victims were identified as 23-year-old Michael Gilbert and 24-year-old Elizabeth Hagedorn, both of Indianapolis. An autopsy was scheduled for Monday.
 

Police get help from citizen in chase

A man trying to escape police was disarmed by an Indianapolis resident after he broke into his home Monday. Police were called to Rodeway Inn in the 3500 block of Shadeland Avenue about 1 a.m. for a minor disturbance. When they arrived, the suspect in the disturbance took off in his vehicle, leading several officers on a 15-minute chase. The suspect eventually crashed into a fence near East 23rd and Wheeler streets. He fired at least one shot at police before entering a nearby home, where he was tackled and held by resident Michael Montgomery.

 

Police arrest 2 for Monon robbery

Indianapolis police arrested two teenagers Sunday shortly after the armed robbery of a 23-year-old woman on the Monon Trail between East 91st and East 96th streets at about 7:30 p.m. Stanley Knight, 18, and a 14-year-old were charged with robbery and criminal confinement. Police say the suspects were carrying items belonging to the victim, including a mobile phone and headphones. The younger suspect also was carrying a stolen handgun.  
 

Stocks fall as government shutdown hits new week

Until now, the stock market has mostly moved sideways since the shutdown began at the start of the month, indicating that investors still expect lawmakers to come up with a deal.

Families hoard cash five years after financial crisis

One of the biggest drags on the economic recovery is fear. Households are hoarding cash, spending cautiously, avoiding debt, and shifting investments into low-yield (but potentially safer) holdings. When done on a global scale, such prudent moves can starve the economy.

Construction

-Capitol Construction has completed a 30,000-square-foot office build-out for American Specialty Health at 12318 Hancock Drive, Carmel.

-Capitol Construction has completed a 2,500-square-foot office build-out for Franklin American at 8555 River Road.

-Mattingly Construction was awarded and has begun construction of a 3,432-square-foot office build-out for MS-IL Staffing at 4933 W. 38th St.

Residential

The average rate for 30-year mortgages fell from 4.47 percent to 4.41 percent in the week ended Oct. 2, according to Bankrate.com. The rate for 15-year mortgages fell from 3.53 percent to 3.47 percent.

Leases/leasing contracts

-Phillips Feed Services leased 85,625 square feet of industrial space at 5851 W. 80th St. The tenant was represented by Patrick Lindley of Cassidy Turley. The landlord, ProLogis, was represented by Chris Black of CBRE.

-United Natural Foods Inc. leased 66,033 square feet of industrial space at 999 Gerdt Court, Greenwood. The tenant was represented by Brian Seitz of Jones Lang LaSalle. The landlord, Gerdt Enterprises LLC, was represented by Jason Speckman of Summit Realty Group.

-Twin Peaks leased 12,500 square feet at 6880 E 82nd St. The tenant was represented by Alan Chodrow of Chodrow Realty Advisors. The landlord, Betty Herring Irrevocable Trust, was represented by Steve Delaney of Sitehawk Retail Real Estate.

-Meridian Title Corp. leased 4,724 square feet of office space at 3850 Priority Way South Drive. The tenant was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The landlord, CBRE Global Investors, was represented by Rick Trimpe of CBRE.

-IU Health leased 3,774 square feet of office space at 11580 Overlook Drive, Fishers. The landlord, Sandstone Properties LLC, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.

-America’s Best Contacts and Eyeglasses renewed its lease for 3,500 square feet in Honey Creek Plaza, 5404-5406 W. 38th St. The tenant was represented by Jason Thomas of Cassidy Turley. The landlord, Sandor Development, represented itself.

-SAFY of Indiana Inc. leased 3,003 square feet of office space at 70 E. 91st St. The tenant was represented by Mary Beth Kohart of CBRE. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.

-EquiTeam LLC leased 2,870 square feet of office space at 70 E. 91st St. The tenant was represented by Darrell Pike of Pike Real Estate Services LLC. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.

-Axia Advisory Corp. leased 2,120 square feet of office space at 20 E. 91st St. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin and Bennett Williams of Cassidy Turley. The tenant represented itself.

-$1.99 Cleaners leased 2,048 square feet in Avon Creek, 10028 Rockville Road, Avon. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Moser Consulting Inc. leased 1,924 square feet of office space at 6081 E. 82nd St. The tenant was represented by Steve Beals of Lee & Associates. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley.

-Red Line Frozen Yogurt leased 1,870 square feet of retail space in Arlington Commons, 5920 E. Stop 11 Road. The tenant was represented by Mark Dietel of Keller Williams Indy Metro South. The landlord, LSREF2 Baron LLC, was represented by Scot Courtney and Ron Mannon of Lee & Associates.

-Health and Hospital Corp., doing business as Nurses on Demand, leased 1,816 square feet in Eagledale Plaza, 2802 N. Lafayette Road. The tenant was represented by Caroline Smith of Spectrum Management and Development. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.

-Sherwin-Williams leased 1,498 square feet of office space at 6535 E. 82nd St. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley. The tenant represented itself.

-Kress Psychological Services leased 1,219 square feet of office space at 3021 E. 98th St. The tenant was represented by Darrin Boyd of Cassidy Turley. The landlord, Brookfield Real Estate Opportunity Group, was represented by Dave Moore of Cassidy Turley.

Sales/acquisitions

-Jordan-Ford bought the 30,000-square-foot, multi-tenant Fishers Business Center at 12790 Ford Drive, Fishers. The buyer was represented by Keith Dedrick of Corporate Commercial Group. The seller, Mahi Development, was represented by Brad Williams and John Demaree of Summit Realty.

-Larry Naab bought a 2,432-square-foot office building at 12550 Promise Creek Lane, Fishers.  The seller, First Financial Collateral Inc., was represented by Paul Dick and Kevin Dick of Colliers International. The buyer represented himself.

-ANT Savings Corp. bought a 1.33-acre Wendy's ground lease at 5055 W. Washington St. The buyer and seller, RMS Development LLC, were represented by Andrew Clifford of 7D Commercial Real Estate.

-The Flying Cupcake bought a 1,533-square-foot retail space at 423 Massachusetts Ave. The buyer was represented by Bart Jackson and Scot Courtney of Lee & Associates.  The seller, James B. Luther, represented himself.

Indiana securities commissioner leaving post

Chris Naylor, Indiana Securities Commissioner for the past six years, will become the assistant executive director of the Indiana Prosecuting Attorneys Council.

Gas sinks below $3 at some stations

Gasoline dipped below $3 per gallon Friday at two stations in Indianapolis. An Admiral and a Speedway on East Washington Street both had gas priced at $2.98. Numerous stations in Franklin had gas priced as low as $2.93. Average local prices are still above $3. The last time the average area price dipped below $3 for a sustained period was March 2011.