FOCUS | COLLEGE SPORTS Athletic directors at schools large and small are adapting sports programs to blunt pandemic’s pain. PAGE 10
NOTABLE IMMIGRANT LEADERS: 20 who are blooming where they’re replanted. PAGES 13-21
CRAINSCLEVELAND.COM I AUGUST 31, 2020
HEALTH CARE
INSURING A NEW MARKET Cleveland Clinic sets sights on employers with Aetna partnership
Since entering the insurance market in 2017, Cleveland Clinic has vastly expanded its offerings.
BY LYDIA COUTRÉ
Following the success of its two other co-branded insurance offerings for individuals and seniors, Cleveland Clinic in August announced it would partner with Aetna, a CVS Health Company, to create another insurance plan, this time for employers.
In addition to launching a co-branded insurance plan, Cleveland Clinic and Aetna are planning to expand their relationship nationwide, form an Accountable Care Organization (ACO) model and deploy Cleveland Clinic’s Cardiac Center of Excellence program to Aetna plan sponsors.
Cleveland Clinic first entered the insurance market with a product bearing its name in 2017. That summer, it announced it would offer individual health plans in collaboration with New York City-based Oscar Health. Months later, it announced a partnership with Humana Inc. to offer Medicare Advantage plans.
“The employer group space was one of the large remaining segments of the business that we did not have a co-branded product in,” said Wes Wolfe, executive director for marketing network services at Cleveland Clinic. See CLINIC on Page 23
ENTREPRENEURSHIP
MANUFACTURING
JumpStart to step in for BioEnterprise
Buyers Products doubling warehouse space in Mentor
Nonprofit that supported young biotech firms has scaled back its services BY JAY MILLER
A significant portion of the work of BioEnterprise Corp., the Cleveland nonprofit that has supported young biotechnology companies and that sharply curtailed its services in the spring, is being taken over by JumpStart Inc., another non-
“WE ARE CONTINUING TO SUPPORT THOSE HEALTH CARE ENTREPRENEURS.” — Jerry Frantz, JumpStart’s chief investing and services officer
NEWSPAPER
VOL. 41, NO. 32 l COPYRIGHT 2020 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
profit that supports a broader range of entrepreneurs. JumpStart’s chief investing and services officer, Jerry Frantz, told Crain’s on Wednesday, Aug. 26, that the two organizations have always worked collaboratively — JumpStart actually oversees the state funding of BioEnterprise and other economic development nonprofits — and that JumpStart, and other local organizations with biotech interests, will step in to replace the assistance and advice BioEnterprise offered to young medical and health care businesses. BioEnterprise was created in 2002, while JumpStart started in 2004. “We are continuing to support those health care entrepreneurs,” Frantz said. See JUMPSTART on Page 25
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Truck products company announces plans for 280,000-square-foot, $40 million expansion BY RACHEL ABBEY MCCAFFERTY
CEO Mark Saltzman wants Buyers Products Co. to be the Amazon of its industry, getting the truck products its customers need to them as fast as possible. The Mentor-based company makes products such as toolboxes, salt spreaders and snow plows. The family business has been around since 1946, having gotten its start selling Army surplus products and growing over time to sell other products to its customers, many of whom were making work vehicles such as dump and tow trucks. In
the 1990s, Buyers Products realized it needed to make its own products to really compete nationally, Saltzman said. An acquisition got it started down that path. Today, Buyers Products sells everything from towing products to tarp systems to snow pushers. The company doesn’t share annual revenue, but it employs about 1,100 individuals, about 200 of whom work at its distribution center and company headquarters in Mentor. And the company is embarking on a large expansion there. See EXPANSION on Page 23
8/28/2020 2:34:39 PM