Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
People news: NBT Financial Services hires Rhodes
SYRACUSE, N.Y. — NBT Financial Services announced that it has hired David Rhodes as a vice president and retirement-plan specialist serving clients in the Central
O’Brien & Gere acquires Long Island engineering firm
SYRACUSE, N.Y. — O’Brien & Gere has acquired Schuyler Engineering, a Long Island–based company, as it seeks to continue growing its business in the New
Elmira Savings Bank shareholders to receive dividend of 23 cents per share
ELMIRA, N.Y. — Elmira Savings Bank (NASDAQ: ESBK) has declared a cash dividend of 23 cents a share of its common stock. The banking company will pay
Presbyterian Homes & Services appoints Keith Roach as new board member
NEW HARTFORD, N.Y. — Presbyterian Homes & Services, Inc. has named Keith Roach as its newest board member. Roach will serve a three-year term on
Chemung Financial announces dividend of 26 cents a share
ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) announced that its board of directors has approved a quarterly cash dividend of 26 cents a share.
Utica College President Todd Hutton to retire in 2016
UTICA, N.Y. — Utica College President Todd Hutton has announced his plans to retire in 2016. Hutton declared his intention in a letter to the
People news: Miner appoints Andrew Maxwell to lead Office of Innovation
SYRACUSE, N.Y. — Syracuse Mayor Stephanie Miner has appointed Andrew Maxwell to lead the city’s newly created Office of Innovation. Maxwell has been serving as
Greater Utica Chamber names Perra Business Person of the Year
UTICA, N.Y. — The Greater Utica Chamber of Commerce has named Scott Perra its 2014 Business Person of the Year. Perra is president and CEO
Sitrin to open unit treating neurodegenerative diseases, creating 40 jobs
NEW HARTFORD, N.Y. — The Sitrin Health Care Center of New Hartford plans to open a 32-bed, long-term care unit for people who have neurodegenerative diseases, such as Huntington’s Disease (HD). The expansion, which Sitrin expects to open in January 2016, will create 40 jobs, the organization said in a news release Thursday. Sitrin is
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NEW HARTFORD, N.Y. — The Sitrin Health Care Center of New Hartford plans to open a 32-bed, long-term care unit for people who have neurodegenerative diseases, such as Huntington’s Disease (HD).
The expansion, which Sitrin expects to open in January 2016, will create 40 jobs, the organization said in a news release Thursday.
Sitrin is partnering with the New York State Department of Health (DOH) on this inpatient program, which it says will be the “only one of its kind in Upstate [New York].”
The state Health Department has approved $2 million in funding to help Sitrin pay for the launch and program-development operating costs for the new program.
Besides the program development, Sitrin also has to renovate a former skilled-nursing unit on the second floor of its health-care center, where it will locate the new unit.
The health-care organization says the renovation, and the purchase and installation of specialized equipment and furnishings, will cost about $1 million.
Sitrin isn’t permitted to use DOH grant funding for the renovation and equipments costs, the organization said in response to an inquiry from CNYBJ.
To help offset equipment costs, the New York State Office of Community Renewal awarded Sitrin a grant $350,000. Sitrin has also launched a development campaign to raise the additional $650,000, the organization said.
Sitrin shares the DOH’s vision of providing New York residents who have Huntington’s Disease and other neurodegenerative diseases access to “comprehensive and coordinated” inpatient and outpatient services within the state and “during the continuum of their illnesses,” Christa Serafin, president and CEO of Sitrin, said in the news release.
“Sitrin, in conjunction with the DOH, is collaborating with experts across the industry and throughout the state to form a strong foundation to improve care and quality of life for persons with Huntington’s Disease and other neurodegenerative motor-function disorders,” Serafin said.
The DOH selected Serafin to serve on its newly formed neurodegenerative diseases advisory committee.
Serafin, along with other members of this group, has been working on establishing standards of care, program development and training, environment design, community and family outreach, and research and innovation on the care of neurodegenerative diseases.
Sitrin contends the need for services to treat people with Huntington’s Disease “has never been greater.”
HD is a hereditary, degenerative brain disorder that currently has no cure.
The organization cites DOH statistics that indicate more than 100 New York residents dealing with HD are residing throughout the state in long-term care facilities “that are not dedicated to treating HD patients,” Sitrin said.
In addition, 55 New York residents are living in out-of-state facilities due to lack of HD facilities in New York, the organization added.
Sitrin will follow the principles that the New York City–based Huntington’s Disease Society of America has established, which include “embracing the commitment” to provide coordinated clinical care and access to ancillary therapies; “compassionate” social work and genetic counseling; peer networking; and opportunities to participate in research “that may someday lead to a cure,” the organization said.
Excellus reports $55M operating loss in 2014 on losses in Medicaid Managed Care
DeWITT, N.Y. — Excellus BlueCross BlueShield reported an operating loss of $55 million last year, which it attributed primarily to losses in its Medicaid Managed Care line of business. Despite the operating loss, Excellus posted net income of $24 million in 2014, due to “stronger-than-expected” investment income, the insurer said in a news release issued
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DeWITT, N.Y. — Excellus BlueCross BlueShield reported an operating loss of $55 million last year, which it attributed primarily to losses in its Medicaid Managed Care line of business.
Despite the operating loss, Excellus posted net income of $24 million in 2014, due to “stronger-than-expected” investment income, the insurer said in a news release issued Friday. The release provided highlights of its annual financial statement that it filed the same day with the New York State Department of Financial Services.
Excellus, Central New York’s largest health insurer, reported that it generated $5.9 billion in total premium revenue last year, and it paid out 88 percent of that, or $5.2 billion, for medical-benefit claims.
Excellus said it paid $137 million in added federal taxes in 2014 through the federal Affordable Care Act, which also contributed to its operating loss. The company paid out a total of $488 million in state and federal taxes during the year, according to the release.
Excellus said its current health-plan reserves amount to $1.2 billion, or $857, per insured member.
Excellus is the largest division of its parent company, Rochester–based Lifetime Healthcare Companies.
Excellus’ Central New York headquarters is in DeWitt.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.