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California-based Beckman Coulter Inc., which employs more than 500 people in the Indianapolis area, is up for sale, according to the Wall Street Journal. The company has hired Goldman Sachs Group Inc. to investigate a sale. After the Journal’s report, the company’s market value neared $5 billion. Potential buyers include private-equity firms such as the Blackstone Group and Apollo Global Management, or other companies in the medical-device industry, such as Illinois-based Abbott Laboratories, Germany-based Siemens or even Roche Diagnostics Corp. a Swiss company that operates its North American headquarters out of Indianapolis. Beckman’s testing machines are used in hospitals and medical research labs. In 2007, it moved more than 200 jobs to Indianapolis as it relocated its centrifuge development and manufacturing facilities. In October, Beckman announced plans to add 95 more jobs in Indianapolis over the next three years.
What is it about White County? In the same month that White County Memorial Hospital said it’s ready to merge with Indianapolis-based Clarian Health, now White County’s Monticello Medical Center is selling its four-physician family practice to St. Elizabeth Regional Health in Lafayette. St. Elizabeth is part of the Franciscan Alliance, which operates the three St. Francis hospitals in the Indianapolis area. Monticello, the White County seat, is about 30 miles north of Lafayette. St. Elizabeth will employ the four physicians, as well as three nurse practitioners, who collectively serve the largest percentage of White County residents. Locking up family practitioners is key for hospitals right now as they try to form themselves into “accountable care organizations” that will be paid by Medicare and private insurers for managing the long-term health of patients. Medicare’s rules will require accountable care organizations to provide family, or primary, care to at least 5,000 patients.
Indiana University’s health care budget will fall $24.9 million short of projected expenses in 2011-12, according to the Herald-Times of Bloomington, as a low-deductible Anthem Blue Access health care plan has become too expensive to offer to its 18,000 employees. IU trustee Tom Reilly Jr. implied that employees need to cover some of the extra costs.
Eli Lilly and Co. suspended a Phase 3 clinical trial of a skin-cancer drug after 12 patients in the study died, according to Bloomberg News. The deaths, among the 300 patients in the study, “may be treatment-related,” said Amy Sousa, a Lilly spokeswoman. Lilly was testing tasisulam on patients whose skin cancer had spread and who didn’t benefit from earlier treatment. No new or existing patients will be given the drug while the company evaluates safety data for the trial. But Lilly will continue to study tasisulam against breast, ovarian and renal cancers and against soft-tissue sarcoma, the company said.
St. Francis covets Greenwood’s growth
It doesn’t take a genius to figure out why St. Francis Hospital & Health Centers is going to build a new ER and medical office complex near Greenwood: The area has been growing over the past decade 10 times faster than the city of Indianapolis.
Company news
Eli Lilly and Co. said that next year, for the first time, it would hire an outside firm to search for state disciplinary actions against its hired speakers and advisers, after reporting by New York-based ProPublica found that Lilly was paying more than 100 physicians who had been under state sanctions. Indianapolis-based Lilly and British firm GlaxoSmithKline plc had the most state-sanctioned physicians among their speakers and advisers out of the seven pharmaceutical companies that ProPublica scrutinized. For example, Lilly used cardiologist Ali Sherzoy as a speaker, paying him more than $4,300 in the first two quarters of this year. But Sherzoy had his license suspended in New York and New Jersey early this year after he pleaded guilty to one count of criminal sexual contact in 2008. Sherzoy said the matter involved his family's nanny and not his practice. He said he pleaded guilty on his lawyer's advice to put the matter behind him.
A trade group of health insurers, which includes Indianapolis-based WellPoint Inc., gave the U.S. Chamber of Commerce $86.2 million in August 2009 to wage a campaign against the health reform law being debated by Congress, according to Bloomberg News. The bill eventually was passed and became law in March 2010. The money came from America’s Health Insurance Plans and exceeded its entire budget for the previous year, according to Bloomberg. The $86.2 million paid for advertisements, polling and grass-roots events to drum up opposition to the bill. The Chamber said in a statement it used the funds to “advance a market-based health care system and advocate for fundamental reform that would improve access to quality care while lowering costs.” A WellPoint spokesman declined to comment to Bloomberg.
Teams of researchers at Indiana University and Purdue University both made striking medical breakthroughs recently. Purdue researchers found evidence that an environmental pollutant may play an important role in causing multiple sclerosis and that a hypertension drug might be used to treat the disease. They noticed that the toxin acrolein was elevated by about 60 percent in the spinal cord tissues of mice with a disease similar to multiple sclerosis. Acrolein is found in tobacco smoke and auto exhaust. Previous studies by this research team found that neuronal death caused by acrolein can be prevented by administering the hypertension drug hydralazine, also known as Apresoline. At the IU School of Medicine, researchers induced a complete remission of metastatic melanoma in mice when they introduced a potent anti-tumor gene into the stem cells in bone marrow that produce all blood and immune system cells. IU’s research has now led to a small clinical trial of 12 patients in late 2011.
L.H. Medical Corp. will add 65 jobs in Fort Wayne by 2013 as it expands its production of custom medical-device components for the orthopedic implant industry. The company will move to a new facility and begin hiring manufacturing workers and engineers early next year. Indiana Economic Development Corp. offered L.H. Medical up to $550,000 in performance-based tax credits and up to $60,000 in training grants. Also, Allen County officials will consider an additional property tax abatement.
Sisters of St. Francis Health Services Inc., which operates three hospitals in the Indianapolis area, has decided to change its name to Franciscan Alliance. The Mishawaka-based system, which has 13 hospitals in Indiana and Illinois, announced the decision of its board of directors Monday morning. The announcement comes after months of consumer research—and six months after rival system Clarian Health said it would change its name to Indiana University Health. Beginning in early 2011, all St. Francis hospitals will have the name Franciscan added to their logos, with the previous name of each hospital written below it.
ITT ‘buying accreditation’ strategy makes critics uneasy
ITT Educational Services and other for-profit educators are buying not-for-profit colleges to gain access to their regional
accreditation. The tactic could fuel rapid growth but makes critics uncomfortable.Catholic-owned builder edges into Indianapolis
When Sisters of St. Francis Health Services Inc. bought Tonn and Blank Construction Co. in 1998, more
than one employee of the Michigan City firm wondered what it would be like to be run by a Roman Catholic
order that not only owned a string of Midwestern hospitals but also traced its spiritual heritage to
a 12th century mystic.St. Francis buries hatchet with Cigna, Sagamore
St. Francis Hospital & Health Centers settled a contract dispute with Cigna HealthCare and its Sagamore Health Network last week, days before their old contract expired June 15. The new reimbursement contract will run through 2011. Indianapolis’ fourth-largest hospital system made public its feud with the Philadelphia-based health insurer in early May. The agreement allows […]
St. Francis looks to fill hospice care void: Hospital plans 16-bed facility for south campus
St. Francis Hospital and Health Centers wants to raise $15 million to add an inpatient hospice to its growing campus on the south side of Indianapolis. The free-standing hospice could house as many as 32 beds for terminally ill patients. Even though most hospice patients receive care in their own homes, hospital officials see the project as a chance to fill a market need and reinforce their system’s Franciscan values. “People get caught up, I think, in the definition of…