CNO sees higher profit, revenue in fourth quarter
The Carmel-based insurance company reported profit of $106 million, up from $101.2 million in the same quarter of 2012.
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Election battles brewing in GOP-heavy Hamilton County
Fishers’ upcoming city election is generating most of the buzz in the circles I navigate north of 96th Street, but voters throughout Hamilton County have decisions to make at the polls this year. What races are you paying the most attention to this year?
Company news
Carmel-based Mainstreet Property Group will open 24 more health care facilities for Hoosier seniors during this year and the next two years. Those facilities, in total, would create 3,000 permanent jobs for Hoosiers–if they’re allowed to be built. The Indiana General Assembly is mulling a five-year moratorium on the construction of skilled nursing facilities, which if passed would prevent Mainstreet from building any new facilities not already begun by June 30. That legislation, known as Senate Bill 173, has passed the Indiana Senate and now awaits a hearing in the Indiana House. Zeke Turner, CEO of Mainstreet, said that if Indiana enacts a construction moratorium, Mainstreet will simply build more facilities in other states. The company has existing facilities in eight states and is working to expand in six more. Mainstreet alarmed older nursing home companies by developing 10 new facilities in the past five years—and breaking an unwritten rule of the industry by building in competitors’ back yards. That prompted the Indiana Health Care Association and other long-term-care groups to call for a ban on new construction.
Purdue Research Foundation and Bloomington-based medical-device maker Cook Medical have created a $12 million fund intended to help life-science businesses with connections to Purdue University. The Foundry Investment Fund will try to work with other investors to provide funding for companies that use Purdue-licensed technology or Purdue’s expertise in human and animal health and plant sciences. It typically would provide a match to outside investors’ funds. Outside investors could include venture capital firms, corporations, angel funding groups, or qualified individuals.
Indiana University Health announced a deal with UnitedHealthcare on Feb. 6, ending a contract dispute that had pushed IU Health doctors and hospitals out of the health insurance company’s discounted network Jan. 1. The two-year agreement gives UnitedHealthcare discounted rates retroactive to Jan. 1. Such discounts, which insurers negotiate with hospital systems, reduce prices 30 percent or more. The dispute between Indianapolis-based IU Health and Minnesota-based UnitedHealthcare dates to 2012, when the sides could not agree on a new long-term contract. They instead extended their previous agreement by one year, to Dec. 31, 2013, but then could not come to terms before the end of the year.
Mainstreet plans 24 more Indiana senior care facilities
Carmel-based developer Mainstreet Property Group announced Friday that it will open seven more health care facilities for Hoosier seniors this year and another 17 on top of that by 2016.
MORRIS: Strong work ethic is key to finding a job
You can usually tell from a candidate’s past how dedicated they’ll be as an employee.
Experts see limits to state’s low-tax strategy
Thanks to a concerted effort to lower taxes and government spending, Indiana ousted Texas this year in the Tax Foundation’s annual ranking of business tax climates. Indiana now holds the No. 10 spot and could rise higher by eliminating the business personal property tax, an equipment tax that experts say deters investment.
Roundup: Tex-Mex and ice cream in Zionsville, plus pastry shops come and go
The owner of the popular Noah Grant’s Grill House & Oyster Bar in Zionsville is targeting an April opening for a second restaurant flanking the town’s brick Main Street. Plus: the latest retail roundup.
Statehouse update: Teacher evaluations, Christmas, meth disclosure, more
Indiana lawmakers made decisions on a number of bills Monday at the Statehouse, including legislation involving hunting and fishing, home health care, cardiac arrest and more.
Champps restaurants likely to survive parent’s bankruptcy
The bankruptcy of a Kansas restaurant company has cast uncertainty over the future of its five Indianapolis-area restaurants—three Chammps Americanas and two Fox and Hounds.
Developer eyes spring groundbreaking for 10-story Drury Plaza Hotel
St. Louis-based Drury Hotels is proposing to build a 10-story, 304-room hotel and stand-alone restaurant on undeveloped property at the northeast corner of Meridian and 96th streets in Carmel. Construction could begin this spring.
New shooting range draws crowd in Hamilton County; another in the works
The northern-suburb county should have two shooting ranges operating by the end of this year; owners of both business say Hamilton County is a ripe market.
EDITORIAL: Commuter tax needs fences
Indy Chamber might incite a little road rage by proposing a commuter tax that would allow Indianapolis to collect revenue from those who work in the city but live outside county lines.
Developer planning Sophia Square sequel near Meridian Street
The developer behind the $60 million Sophia Square building in Carmel’s Arts & Design District is proposing a similar project about a mile west.
Pain mounts for Telamon after reporting $5M theft
The Carmel company complains that its insurers “denied all coverage for the theft-fraud loss under both policies on the grounds that the individual leased to Telamon was an ‘employee’ of Telamon, and simultaneously was not an ‘employee’ of Telamon.”
Speedway stores cited for beer sales on Christmas
Indiana State Excise Police have cited 109 Speedway convenience stores in Indiana, accusing them of illegally selling beer on Christmas.
ITT shares in freefall as student-loan losses mount
ITT Educational Services took it on the chin in the fourth quarter as big payments stemming from a 2009 student-loan arrangement forced an $11.6 million loss. Adding to the woes is another probe by the federal government.
ITT stock sinks as for-profit colleges face more probes
For-profit colleges, bruised by years of investigations and rule-making, may face additional financial pressure from a new wave of state probes by attorneys general and the U.S. Consumer Financial Protection Bureau.