L NE W
Special Report: Health Care Quarterly.
Saddle Up: Tioga Downs enters first phase of expansion. Page 3.
BUSINESS JOURNAL C
Vol. XXV • No. 31
BY TRACI DELORE AND KEVIN TAMPONE JOURNAL STAFF
irst Niagara Bank’s planned acquisition of 195 new branch offices will transform the Buffalo– based banking company into one of the major players in the Syracuse, Utica, and Binghamton markets. HSBC Bank USA, N.A. (NYSE: HBC)
announced July 31 it will sell the branches, mostly located in upstate New York, to First Niagara (NASDAQ: FNFG), in a $1 billion cash deal slated to close in early 2012. The sale, which affects about 1,900 HSBC employees, also includes four branches in Westchester County, two offices in Putnam County, and six branches in Connecticut. The transaction includes more than half of the 370 branches HSBC operates in New York. Most of the employees involved in the deal will be retained, the companies say. First Niagara will employ 6,500 people companywide and more than 4,000 people in New York once the deal is closed, up from about 2,600 statewide today. That will
New York, Upstate consumer confidence falls again in July
PHOTO COURTESY OF CENTERSTATE CEO
Participants in the Startup program listen to a question from an audience member. Startup Weekend in Syracuse will take place from Nov. 4 to Nov. 6.
Startup Weekend set for early November in Syracuse
58.1 in July, according to the latest monthly survey from BY KEVIN TAMPONE Developers, designers, marketers, the Siena (College) Research SIENA COLLEGE, LOUDONVILLE, product managers, and innovators NY will JOURNAL STAFF Institute (SRI) issued Aug. 3. www.siena.edu/sri share ideas, form teams, build prodThe overall-confidence SYRACUSE — CenterState CEO is ucts, and launch companies, accordreadings are a combination ing to CenterState. planning a weekend-long workshop of the current-confidence and Monthly New York State Consumer Confidence Index including Gas and Food An Other Startup Weekends have on startups for the region’s potential future-confidence components. The Siena Immediate Release: Wednesday, August 3,taken 2011place around the world in 150 entrepreneurs. survey found consumers to For be even more For information/comment: Dr. Douglas Lonnstrom: 518-783-2362 (office) or 518-456-6073 Startup Weekend in Syracuse will pessimistic about future conditions. New STARTUP, page 5 place from Nov.or4 trend to Nov.analysis, 6. For PDF of release,take data summary, visitSeewww.siena.edu/sri/cci
SIENA RESEARCH INSTITUTE
START ‘EM UP
See ACQUISITION, page 16
BY ADAM ROMBEL
August 5, 2011
HSBC branches push First Niagara near top of three CNY markets
ew York consumers’ optimism about the economy and willingness to spend declined in July as the national debt-ceiling debate in the nation’s capital helped add uncertainty to already troubled economic times. The state’s consumer confidence fell 1.9 points to 63 while upstate New York’s consumer-confidence level slipped 3.1 points to
See CONFIDENCE, page 2
Debt Ceiling Debate Results: U.S. Consumer Confidence Plummets
Future Outlook Hits 2011 TOP RANKS: NURSING PROGRAMS / 15Low; Most Now Expect Prolonged Economic
Weak Demand for Major Purchases Persist; Cars Hit 12 Month Low
Loudonville, NY - New York State consumer confidence decreased 1.9 points in July, while the nation’s BUSINESS 19 latest OPINION decreased 7.8CALENDAR points, according to the poll by the Siena (College)17 Research Institute (SRI). At 63.0, consumer confidence is 0.7 points below the nation’s* 63.7 confidence level. CNYBJ.COM BRIEFS July 2011 HEALTH CARE QUARTERLY Consumer Confidence:
PEOPLE ON THE MOVE
The New York diff. New York Metro 9 TOP RANKS 15 points Nation* State State NYC Overall 63.7 (-7.8) 63.0 (-1.9) -0.7 63.0 (-1.9) 65.9 (-1.2) Current 75.8 (-6.2) 64.8 (1.5) -11.0 64.8 (1.5) 62.9 (-0.8) Register @ www.cnybj.com to receive Future 56.0 (-8.8) CNYBJ.COM 61.8 (-4.1) 5.8 61.8 (-4.1) 67.9 (-1.5) ( ) reflects the point change from previous month. *National data compiled by the U. of Michigan In print • On-line • In-person your daily dose of business news In July, buying plans were up for computers, 2.9 points to 15.0%. Buying plans were down for cars/truck 8.3%; furniture, 1.1 points to 16.4%; major home improvements, 0.6 points to 14.4% and homes, 0.2 poin
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CNYBJ.COM BRIEFS News of note for and about Central New York businesses
Inficon to acquire Swedish firm DeWITT — Inficon, which employs more than 200 people at a site in DeWitt, plans to acquire a Swedish company specializing in hydrogen-based leak detection. Inficon expects to close on a deal for Adixen Scandinavia AB by the end of the current quarter. Inficon will acquire the firm from its current owner Pfeiffer Vacuum. Financial details were not disclosed. Adixen employs 20 people. The company’s leak detectors, which use hydrogen as a testing gas, have applications with utilities, automotive companies, and fuel cells. The technology is especially useful in checking items with potentially high leak rates, according to Inficon. The deal complements existing Inficon expertise in leak detection, the company said. The DeWitt facility is Inficon’s largest with 220 employees. Worldwide, the firm employs 850, including 320 in the United States. Inficon produces high-tech instrumentation, sensors, and process-control software. The firm’s products are used in manufacturing devices like smartphones, flat-screen TVs, and even solar cells. The company, based in Switzerland, serves the environmental protection and emergency-response markets as well. Its systems can monitor and analyze air and water, for example, and detect contaminants and dangerous substances.
New York apple growers expect sweeter crop this year with output similar to 2010 FISHERS — New York apple farmers expect to produce a sweeter crop this year that is roughly the same size as last year’s harvest. That’s according to the New York Apple Association, based in Fishers, near Rochester. The association says this summer’s sunny weather has increased the sugar levels in apples. “Sunny weather means sweeter fruit, and happy apple eaters,” Jim Allen, president of the New York Apple Association, said in a news release. New York apple growers predict the statewide crop will be at or near last year’s crop of 30.3 million bushels. That number should keep New York ranked second in apple production nationwide, behind Washington State. In 2009, New York apple growers produced 32.8 million bushels. Consumers should be seeing fresh-picked local apples in the next couple of weeks in some lower Hudson Valley locations, according to the association. Orchards in other parts of the state will have fresh crop apples later in August. And, the season should get fully under way in early September when the McIntosh variety is picked. The harvest will last through late October or early November. The association says the apple crop is “pretty much right on time, despite a slower start to bloom in the spring due to heavy rains.” New York has more than 50,000 acres devoted to growing apples, according to the association.
August 5, 2011
CONFIDENCE: New York State’s drop not as steep as the nation’s decline Continued from page 1
York State’s future-confidence level declined 4.1 points to 61.8, while upstate’s futureconfidence figure plunged 8 points to 52.1, according to the SRI data. “Upstate future confidence was dismal,” Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, says in an interview. “Right now is just a time where the consumer is very worried and they’re not going to spend their money.” The drop in consumer confidence in New York State and the upstate region in July was not as steep as the nation’s. The national consumer-sentiment index, surveyed by the University of Michigan, declined 7.8 points to 63.7. “I think the national debate about the debt level, on top of everything else, created uncertainty in July,” Lonnstrom says, noting the weak job market, slow GDP growth, and other weak economic indicators were already weighing on consumers. He adds that things would have been even worse if gas prices were back over $4 a gallon again. Consumers’ plans to buy big-ticket items fell in July for every product category, except computers. Buying plans for computers rose 2.9 points to 15 percent. Meanwhile, buying plans fell 1.9 points to 8.3 percent for cars/ trucks, dipped 1.1 points to 16.4 percent for furniture, slipped 0.6 points to 14.4 percent for major home improvements, and edged down 0.2 points to 3.8 percent for homes. “With all this talk about debt, it’s no sur-
New York State
n Upstate confidence slips in July 75 70 65 60 55 50 45
Source: Siena Research Institute
prise that consumers appear very hesitant to do any borrowing of their own for new major goods,” Lonnstrom said in a news release. “Intent to purchase cars and trucks is the lowest since this time last year and over one and a half points below the average demand during this recession, since December of 2007.”
Gas and food prices
In SRI’s monthly analysis of the effect of gas and food prices on consumers, 72 percent of upstate respondents said the price of gas was having a serious impact on their monthly budgets. That’s down from 75 percent in June and 83 percent in May, when prices at the pump peaked above $4
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per gallon. In addition, 64 percent of statewide respondents indicated concern about the price of gas, down from 66 percent in June and 67 percent in May, according to SRI. When asked about food prices, 72 percent of upstate respondents indicated their grocery bill was having a serious impact on their finances, down from 75 percent in June and 74 percent in May. About 72 percent of statewide respondents indicated concern about their food bills, up from 71 percent in June, but unchanged from May. SRI conducted its consumer-confidence survey in July by random telephone calls to 800 New York residents over the age of 18. As consumer confidence is expressed as an index number developed after statistical calculations to a series of questions, “margin USA Datanet_Hosted MS SRI says. Buying of error” does not apply, Central Business Journalas a percentage plans, NY which are shown based answers 1/4 PageonStd - Colorto specific questions, have a margin of 4.875 x 6.375error of plus or minus 3.5 points, according to SRI. q
Run Dates: August 2011
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Cleary elected as treasurer of NBME
Ad created by: Diane Tuthill WVT Communications Tel: 845-986-2833
he National Board of Medical Examiners (NBME) has elected Lynn M. Cleary, M.D., of Skaneateles to a two-year term as its treasurer. Cleary serves as vice president for academic affairs and senior associate dean for education at SUNY Upstate Medical University College of Medicine. She has been associated with NBME since 1995 and has been actively involved in test-development activities for the NBME and the United States Medical Licensing Examination (USMLE) for more than 10 years. Cleary has served as chair of the USMLE Step 2 Committee and the John P. Hubbard Award Committee, and served on the USMLE Step 2 Test Material Development Committee for Medicine. The NBME is an independent, not-for-profit organization that provides examinations for the health professions. USMLE is a joint program of the National Board of Medical Examiners and the Federation of State Medical Boards. Results of USMLE are reported to individual licensing authorities in the United States and its territories for use in granting the initial license to practice medicine.
The Central New York Business Journal • 3
August 5, 2011
Tioga Downs Casino launches first phase of expansion project BY TRACI DELORE JOURNAL STAFF
NICHOLS — Tioga Downs Casino held a groundbreaking ceremony July 6 for the first phase of its hotel and convention center expansion project. The first segment of the project includes building a wastewater-treatment facility behind the stables on the west side of the Tioga Downs Casino property at 2384 W. River Road in Nichols. Jeffrey Gural, chairman of Tioga’s parent company American Racing and Entertainment, LLC, says construction on the treatment facility should wrap up early next year, paving the way for the construction of a 135-room hotel at the track and casino complex. In a project expected to cost between $40 million and $50 million, Tioga Downs will add a hotel along with an 11,000-squarefoot convention center and a 4,000-squarefoot restaurant. Once complete, Tioga Downs expects to add 75 new employees to the approximately 300 people it currently employs, Gural says. “There’s no hotel at Tioga now,” he says, although there are several hotels in the area, including a Best Western about eight or nine miles away. But Tioga’s location just off Route 17 makes it an ideal spot for a hotel, Gural contends. American Racing has had success with its hotel at the other upstate New York track and casino it owns, Vernon
RENDERINGS COURTESY OF TIOGA DOWNS
Artist’s rendering of the Tioga Downs Casino expansion. A groundbreaking ceremony was held July 6 for the first phase of its hotel and convention center expansion project. Downs in Vernon. “It seems logical,” he says of adding a hotel at Tioga. “We have a much better location at Tioga than we do at Vernon because we’re right off the highway.” His hope is that the hotel will draw casino customers for longer stays and attract highway travelers to spend the night — and maybe play a few games in the casino while they are there. Tioga Downs Casino opened in 2006 and features 782 video-gaming machines, 16 electronic table games, and live harness racing. The convention center, once complete in late 2013 or early 2014, will help attract business for weddings, banquets, and meetings, Gural says. Those events
should also help boost revenue at the track and the casino. “Typically, those customers will stay over and in their spare time, they’ll go in the casino and watch the racing. Gural did not provide any projections for how the project might increase revenue or visitors at Tioga Downs. Tioga Downs has not yet selected a contractor for the hotel project, as work won’t begin until 2013, Gural says.
Vernon Downs project
cluded adding a 16,000-square-foot, multipurpose room for events, a new 65-seat restaurant, a two-level outdoor patio area, a 1,000-square-foot lounge, a 75-seat simulcast facility, a business center, and upgrades to the lobby of the 161-room hotel located at Vernon Downs. American Racing and Entertainment took control of Vernon Downs in 2006. Along with offering harness racing and simulcast facilities, Vernon Downs has a 34,000-square-foot casino featuring more than 750 video-gaming machines. Other amenities include several restaurants, a pool, and a fitness center.
American Racing and Entertainment just wrapped up an $8.1 million project to add a new event center to the hotel at its Vernon Downs gaming and racing Contact DeLore at Sandler_Regionals_1-3PG.qxd 8/7/07 2:22 PM Page 2 complex at 4229 Stuhlman Road. Work in- email@example.com
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• The Central New York Business Journal
August 5, 2011
Community Bank net income jumps 11 percent
76 Commercial Banker Print Ad — Luke F. & Joe S. Size: ODD-CNYHoriz-10”w x 6.375”h non-bleed B&W
to $3.48 billion, up from Mark Tryniski said dur$3.09 billion a year earlier. ing a conference call July The increase includes loans 27, discussing the bank’s from the Wilber acquisition second-quarter results with rofit at Community Bank System, analysts, investors, and the Inc. (NYSE: CBU) rose in the QUARTERLY REPORT www.communitybankna.com and $34 million in organicloan growth driven by inmedia. second quarter to $18 million, or Community Bank System has $6.4 bil- creases in consumer-installment lending. 49 cents a share, up more than 11 percent The bank’s business-lending portfolio lion in assets and more than 170 branches from a year earlier. in upstate New York and Pennsylvania. The rose to about $1.3 billion from $1.06 billion Excluding acquisition expenses related company also operates a broker-dealer and in the second quarter of 2010. That increase to the company’s purchase of The Wilber subsidiaries in employee benefits, insur- was due to Wilber, but overall Community Corp., earnings per share totaled 56 cents, Bank is seeing more favorable movement ance, and wealth management. up more than 16 percent. Loans increased in the second quarter and activity on the commercial-lending In early April, Community Bank closed Luke Fagan / 315.445.3198 front in both New York and Pennsylvania, Tryniski said. Total deposits increased to $4.76 billion from $3.94 billion. Net interest income in the period rose 17.9 percent from the second quarter of 2010 to $54.2 million. Noninterest income totaled $22.8 million, up 1.7 percent from a year earlier. Operating expenses totaled $47.5 million, At Community Bank, nothing would make usuphappier 7.9 percent from the second quarter last year. than to help your business succeed. With a full suiteThat of excludes acquisition expenses and special charges. loans, commercial mortgages, lines of credit, andThecash provision for loan losses in the second quarter was $1.1 million, down management services, we’ve got a lot of ways to show $1 million from a year earlier. Net charge-offs in the period totaled $700,000, down from you the love. Stop in today and Bank Happy. $1.5 million in the same period of 2010. Nonperforming loans totaled $20.3 million in the second quarter, down from more than $20.8 million a year earlier. The bank employs about 2,000 people, including about 120 at its corporate offices in the Park in DeWitt, near While our Commercial Bankers are known to bend over backwards to help local businesses succeed, we have to draw the line at stuff like answering your phones, changing the water cooler and cleaning up after that sloppy guy inWidewaters sales. Syracuse. Community Bank’s Southern Tier offices include branches in Johnson City, Owego, Nichols, and Sidney. q _ComAd_LukeAndJoe_ODD-CNYHoriz.indd 1 5/18/11 2:12 PM By Kevin Tampone Journal Staff
its acquisition of Wilber of Oneonta in a cash and stock deal worth about $103 million. Wilber Bank brought $464 million in net loans, $772 million in deposits, $300 million in trust assets, and 22 branches in Otsego, Delaware, Schoharie, Ulster, Chenango, Onondaga, Saratoga, and Broome counties, Joe Serbun / 315.445.3198 along with a loan-production office located in Saratoga County. Deposits and loans are both within 1 percent of their balances before the acquisition, Community Bank President and CEO
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The Central New York Business Journal • 5
August 5, 2011
Project to explore data centers powered by wind, sun By Journal Staff
POTSDAM — A group of companies, Clarkson University, and the New York State Energy Research and Development Authority (NYSERDA) are partnering on a project to demonstrate the potential of wind- and solar-powered data centers. Advanced Micro Devices, Inc. (AMD) and Hewlett-Packard are among the businesses participating. Clarkson engineers and students will
experiment with managing data through a network of servers powered by clean energy such as wind turbines and solar arrays. The concept of cloud computing is critical to the project, according to NYSERDA. Data centers could be installed at wind turbine sites in both Albany and Buffalo for example. If wind conditions are better in one city on a given day, processing would be routed there first. The approach could help offset the
need for more power from the data-center industry as demand for data processing grows rapidly, NYSERDA said. In New York, data centers account for 3 percent of all electricity consumed and demand from the sector will double over the next five years. NYSERDA is investing $300,000 in the project, which is also supported with $374,000 in private funds. Other companies involved include the GE Global Research Center in Niskayuna, Ioxus of Oneonta,
AWS TruePower of Albany, Vento Tek of Potsdam, Timbre of Potsdam, Intertek of Cortland, WindE Systems of Yulee, Fla., and Ballard Power Systems of Canada. “We are proud to bring together an interdisciplinary team of researchers and industry partners that will address challenges at the intersection of renewable energy, environmental, and economic issues, related to the ever-increasing computational demands facing of our nation,” Clarkson President Tony Collins said in a news release. “Our goal is to create the knowledge, technology and economic impetus that will lead to superior designs and to better investments.” q
STARTUP: Event will provide a way for college students to form bonds with the local business community Continued from page 1
cities since 2007. The programs have created 2,400 startup companies and involved 27,000 entrepreneurs. About 80 percent of participants continue to work with their teams or startup after the weekend and 36 percent of the businesses created are still around after three months, according to CenterState. O’Brien & Gere, one of the event’s sponsors, will send 20 employees and Syracuse University (SU), also a sponsor, plans to provide the opportunity for 20 students to attend. “I love the idea [of] startup weekend,” Bruce Kingma, associate provost for entrepreneurship and innovation at SU, said in an email. “We need to continue to provide opportunities like this to help CNY residents grow jobs and the local economy.” The event began to take shape when Timothy (Scott) Case, CEO of the Startup
America Partnership and a co-founder of Priceline, visited Syracuse in April to speak at the CenterState CEO annual meeting. Case mentioned Startup Weekend to some of the people he met, says Mitchell Patterson, managing director for the emerging business portfolio at CenterState. The startup weekends began with a group in Seattle and eventually expanded worldwide with the help of a grant from the Kauffman Foundation. The hope is to hold the weekends every six months in Syracuse, Patterson says. Larger cities like Boston and New York hold them every three months. Patterson and some other CenterState staffers attended a Startup Weekend in New York City in preparation for the one here. The event was fun — and exhausting, Patterson says. Teams work nearly around the clock on their ideas. Some come up with functioning prototypes by the end of the program.
Beyond the possibility of adding some new companies to the local economy, participants will gain exposure to all aspects of starting a business and make connections with people in other industries, Patterson notes. Those are benefits they’ll carry with them whether their Startup Weekend ventures succeed or not. “You really get to experience a lot,” he says. The event will also provide a way for college students to form bonds with the local business community, Patterson adds. Some Startup Weekend companies do go the distance. A 2009 event in San Francisco spawned Foodspotting, a website and mobile app that lets users recommend their favorite dishes using photos instead of text reviews. The company has more than 600,000 iPhone users, $3.75 million in investment, and partnerships with the Travel Channel, OpenTable, and Zagat. A Startup Weekend in Los Angeles earlier
this year led to the launch of Zaarly in May. The service allows users to buy and sell anything with people nearby. It raised $1 million in funding in less than three weeks. Startup Weekend is open to anyone. Usually, half the weekend’s attendees have technical backgrounds while the other participants have business backgrounds. Teams formed during the weekend will have the chance to pitch ideas and win a $2,500 grand prize and $1,000 second prize. Five teams will be selected to participate in the Syracuse Tech Garden’s Hothouse earlystage incubator. More information is available at syracuse. startupweekend.org. Other sponsors include Fust Charles Chambers LLC, the L.C. Smith College of Engineering and Computer Science at SU, Anaren, Clarkson University, Polaris Library Systems, SRC, and the UNY Startups blog. q Contact Tampone at firstname.lastname@example.org
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August 5, 2011
Economic Development, Jobs: the Only Ways to Create Better Times
here was some good news concerning the economy that came out of Oswego County recently. Novelis, an aluminum-manufacturing company that employs roughly 650 employees, announced that it will expand its operations in Scriba. It will invest about $200 million in its current facility, which will considerably increase the company’s capacity for producing aluminum sheet for the automotive industry. This is great news for Oswego County. These are high-paying jobs that support families who, in turn, support local stores, restaurants, and VIEWPOINT services. According to the company’s economic-impact profile from 2010, the Scriba plant workers earned wages totaling $71.2 million. This contributed $13.15 million in state and federal income taxes as well as $548,000 in property taxes. Novelis manufactures aluminum sheet for the beverage can, building and construction, and automotive markets, as well as home appliances and electronics. This latest expansion will enable the company to hire an additional 100 workers. This is great news for a county that has an unemployment rate of 12 percent. The governor announced that now that the legislative session of 2011 has ended,
he has turned his focus on job creation. I’m glad to hear this and I hope jobs are created, for everyone’s sake. Job creation should start in the private sector. Government can help best by making this a friendlier state in which to do business. For example, we can lower the cost of energy, which would help to keep the jobs we have here. We can also stop passing measures at the federal and state level that create more costs for businesses in the long run. Many economists, including the White House’s Council of Economic Advisors, recently revealed that the stimulus did very little, if anything, to stimulate the economy. It is clear, however, that it stimulated debt. The council reported the stimulus added or saved roughly 2.4 million jobs at a cost of $666 billion, which is a cost of $278,000 per job. I would hardly say this was the intended outcome. Sustainable jobs are generated by the private sector. Last week, the new Regional Economic Development Councils were announced at the Oncenter in Syracuse. There are 10 throughout the state. Our region is represented by the Central New York Regional Council. This council is comprised of 19 general members and two co-chairs that have interest in business, academia, labor, agriculture, nonprofits, and communitybased organizations. County- and city-elected officials will serve ex-officio. The goal is to “redesign the relationship between the state government and businesses to stimulate regional economic development
and create jobs statewide.” I hope these meetings can be productive and help spur real, sustainable jobs within our area. In tandem with this announcement, the state has also streamlined the state economic-development grant application process, and combined the pool of funding from nine state agencies and authorities to be made available through one application. Regional councils will be encouraged to use this new application to help foster more regional planning. Their first order of business will be to develop a five-year regional plan. I encourage you to weigh in your thoughts with the council as it devises this five-year plan. These councils operate under the theory that a bottom-up plan is better than top-down. I hope these councils can see to creating jobs for Onondaga and Oswego counties. The task ahead of them is not an easy one, but our area can capitalize on its strengths such as our energy generation facilities, as has been stated by members of the council. To read more about the Regional Development Councils, visit www.governor.ny.gov/regional-councilguidebook.pdf William (Will) A. Barclay is the Republican representative of the 124th New York Assembly District, which encompasses parts of Oswego and Onondaga counties, including Oswego, Fulton, Camillus, and Skaneateles. Contact him at email@example.com or call (315) 598-5185.
Montezuma Nature Center awarded LEED Silver certification BY JOURNAL STAFF
MONTEZUMA — Beardsley Design Associates Architecture, Engineering & Landscape Architecture, P.C. announced recently that the 5,300-square-foot Nature Center at the Montezuma Wildlife Refuge has been awarded LEED Silver certification. “Achieving LEED certification for the Montezuma Audubon is a significant achievement,” said Madonna Millerschin, project architect at Beardsley Design Associates, which has offices in Auburn, Syracuse, and Malone. The Nature Center serves as a learning center to teach visitors about the wetland/ grassland ecology of the Montezuma Wildlife Refuge, located at the north end of Cayuga Lake and near Seneca Falls. The space is divided into an exhibit area, classroom, nature store, office area, auditorium, and meeting room. Site development included a bus turnaround, trailhead, parking lot, staging area, and signage. Both the interior and exterior of the building are designed to blend with the natural surroundings.
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The Central New York Business Journal • 7
August 5, 2011
NBT second-quarter profit edges up Journal Staff
shareholders of record as of Sept. 1. The dividend was the same amount that NBT has paid in recent quarters. NBT’s total assets were $5.3 billion on June 30, close to unchanged from Dec. 31. Loans and leases were $3.6 billion, up $54.5 million from December. Total deposits were $4.1 billion, down $19.7 million. Headquartered in Norwich, NBT Bancorp (www.nbtbancorp.com) is the parent company of NBT Bank, N.A., with 123 locations in New York and
Vermont; Pennstar Bank, with 36 branches in Pennsylvania; Epic Advisors, Inc., a Rochester 401(k)-plan recordkeeping firm; and Mang Insurance Agency, LLC, a Norwich–based insurance agency. q Contact DeLore at firstname.lastname@example.org
Creating a Legacy. One Business at a Time. On October 26, The Business Journal will host a black-tie gala at the Everson Museum. We will honor the legacy of those who have made a substantial contribution to our region by building thriving businesses and by nurturing our communities through their generosity in time, financial support, and dedication. In addition to recognizing our legacy-award recipients, we will also distribute a special commemorative, full-color publication reflecting the last 25 years of regional business as seen through the pages of The Business Journal. Supporting Sponsor:
R AL NE W
NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB) reported a slight increase in profit in the second quarter as lower expenses offset revenue declines. NBT generated net income of nearly $14.7 million, or 43 cents per share, in the second quarter, up 1.6 percent from $14.4 million, or 42 cents, in the yearearlier period. The company’s earnings per share (EPS) fell slightly below analysts’ expectations of 44 cents for the quarter, according to Yahoo Finance data, referencing estimates from three analysts. NBT issued its earnings report after the close of trading Monday July 25. Its stock price fell more than 5 percent in the first two trading days after the report, but the broader stock market also declined in that period. NBT’s share price was down 10 percent year to date, through August 2. Analysts are forecasting NBT to produce EPS of 44 cents and revenue of $71.9 million for the third quarter and EPS of $1.73 and revenue of $285.8 million for the full year, according to Yahoo Finance data. NBT recently announced it will acquire four branches of Legacy Banks in western Massachusetts, expanding the company’s reach into that market. NBT’s net interest income declined nearly 1 percent to $50.2 million for the second quarter from the year-ago quarter. Noninterest income also declined in the second quarter, dropping from $20.3 million a year earlier to $19.9 million this year. Insurance and other financial-services revenue increased by $325,000, or 7 percent, in the period, due primarily to new business generated from markets where NBT recently expanded and improved market conditions. Trust revenue increased by $349,000, or 18 percent, in the second quarter compared to a year earlier. ATM and debit-card fees increased by $466,000 for the three months ended June 30, but these increases were offset by a decrease in service charges on deposit accounts of $846,000, or 13 percent. The drop in service charges resulted from declines in overdraft activity due to implementing new regulations regarding overdraft fees, NBT said. Also, retirement-plan administration fees decreased by $327,000, or almost 13 percent, in the second quarter compared to the same period in 2010, as the company lost one major client. Noninterest expenses for the second quarter declined 2.4 percent to $43.2 million, compared to a year ago, due to lower Federal Deposit Insurance Corporation fees and decreased loan-collection and real-estate expenses. NBT reduced its provision for loan and lease losses to $6 million in the second quarter, from $6.4 million in the year-ago period. NBT’s credit quality is improving. Nonperforming loans totaled $41.7 million on June 30, down from $48.7 million on March 31, and $44.8 million on Dec. 31. The decrease is primarily due to the payoff of a large commercial credit as well as various commercial charge offs, NBT said.
Under a previously disclosed sharerepurchase plan, the company bought 976,190 shares of its common stock during the first six months of the year for a total of $21.2 million at an average price of $21.68 per share. The company’s board authorized a new repurchase plan for NBT to buy back up to 1 million shares, about 3 percent of its outstanding common stock, between July 25, 2011 and Dec. 31, 2013. The NBT board also declared a dividend of 20 cents per share payable on Sept. 15 to
By Traci DeLore
NORMAN POLTENSON Publisher, The Central New York Business Journal
YEARS BU AL S IN ESS JOURN
Celebrating 25 Years Serving the Business Community Call (315) 579-3907 for more information
• The Central New York Business Journal
August 5, 2011
Architecture & Engineering Addendum Editor’s Note: In the July 22 issue of The Central New York Business Journal, the annual Architecture & Engineering Directory showcased the top professionals and projects in our region. Below are some additional architecture and engineering firms that did not appear in the directory.
Nelson Associates Architectural Engineering 1 North Park Row
Clinton, NY 13323 n Phone/ Fax: (315) 853-5704/ 853-6023 n Website: www.nelsonae.com n Year Established: 1995 n No. of Licensed Architects: 1 n No. of Engineers on Staff: 1 n Total CNY Employees: 15 n President & CEO: Peter N. Nelson n Managing Architect/ Principal: Ronald E. Stafford n Markets Served: Commercial, construction review, education, health care, historic preservation, industrial, public buildings, religious, residential
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For more information or for sponsorship opportunities, please contact Marny Nesher at 579-3925, or email email@example.com To nominate online, visit www.bizeventz.com (Select 40 Under Forty 2011)
IPD:Engineering One Webster’s Landing Syracuse, NY 13202 n Phone/ Fax: (315) 423-0185/ 471-5330 n Website: www.ipdengineering.com n Year Established: 2009 n President: Sam Cosamano n Vice President: Sam Gramet n No. of Licensed Engineers: 3 n CNY LEED-Certified Professionals: 4 n Total CNY Employees: 15 n Engineering Concentrations: Electrical, mechanical, plumbing, protection, sanitary, structural, n Markets Served: Commercial, industrial, institutional, government/municipal
Nelson Associates Architectural Engineering
construction management, feasibility studies, master planning, mechanical engineering, planning, structural engineering n Recent Notable Projects: New Meadowbrook 60-bed assisted living facility for Carthage Area Hospital; new Niagara offices and warehouse for the New York Power Authority; The Utica Community Health Center for Rochester Primary Care Network; and the new Community Health Center for Carthage Area Hospital
n Services Available: Architectural design,
1 North Park Row Clinton, NY 13323 n Phone/ Fax:: (315) 853-5704/ 853-6023 n Website: www.nelsonae.com n Year Established: 1995 n President & CEO: Peter N. Nelson n Managing Architect/ Principal: Ronald E. Stafford n No. of Licensed Engineers: 1 n No. of LEED-Certified Professionals in CNY: 3 n Total CNY Employees: 15 n Engineering Concentrations: Architectural, construction, civil, electrical, environmental, geotechnical, mechanical, plumbing, planning, sanitary, structural n Markets Served: Commercial, industrial, institutional, government/municipal, other n Specialties: Full-service architecture and engineering firm; LEED-certified, green building, sustainable design, Energy Star partner n Recent Notable Projects: Otter Lake new Fire House; New York Power Authority new Niagara office building and warehouse; Rochester Primary Care Network’s Utica Community Health Center
North Medical Laboratory recognized for quality laboratory services By Journal Staff
SYRACUSE — North Medical Laboratory, Fayetteville has met all criteria for Laboratory Accreditation by COLA, a national health-care accreditation organization. Accreditation is given to laboratories that apply rigid standards of quality, demonstrate continued accuracy in the performance of proficiency testing, and pass a rigorous on-site laboratory survey. COLA is a nonprofit, physician-directed organization promoting quality and excellence in medicine and patient care through programs of voluntary education, achievement, and accreditation. q
The Central New York Business Journal Call (800) 836-3539 today to subscribe
August 5, 2011
The Central New York Business Journal • 9
VNA Systems appoints Rolf as new president and CEO
Employeebenefits costs force ‘tough’ decisions. Page 10
Gerald J. Archibald:
10 solutions to alleviate the challenges of healthcare spending Page 11
New hires & promotions Health-Care People-On-TheMove News. Page 12
Top Ranks: Nursing Programs serving CNY. Page 15
A supplement to THE CENTRAL NEW YORK
BUSINESS JOURNAL www.cnybj.com
BY MARIA CARBONARO JOURNAL STAFF
SYRACUSE — VNA Systems, Inc. has named M. Kate Rolf its new president and CEO, replacing Indi L. Shelby, who is retiring. VNA Systems is the nonprofit parent company of home health-care agencies, Independent Health Care Services, Inc., the VNA Foundation of Central New York, and the Visiting Nurse Association of Central New York, Inc. VNA Systems also has an affiliate agency, CCH Home Care & Palliative Services, Inc. Collectively, the agencies employ nearly 300 people. “The future of VNA Systems, Inc. now belongs to Kate. Her educational background and professional leadership experience coupled with her enthusiasm and commitment to provide a full continuum of care to our community make her the ideal candidate to lead the System into the future,” Shelby, who served VNA Systems for more than 25 years, said in a July 27 news release. Rolf, who has more than 15 years leadership experience, most recently served as executive director of Home Care Services of Faxton St. Luke’s Healthcare in Utica. There, she directed the home-care service line, which includes a certified home-health agency with a long-term, home health-care program (Visiting Nurse of Utica and Oneida County), a licensed home-care services agency with durable medical equipment (Mohawk Valley Home Care), and a managed long-term-care plan (Senior Network Health). Rolf also has extensive experience in long-termcare services, VNA Systems says. Rolf holds a New York State nursing-home administrator license as well as a home-care executive certification and has been presented with several awards for her leadership capabilities. She earned both her master’s degree in
PHOTO COURTESY OF VNA SYSTEMS, INC.
M. Kate Rolf, new president and CEO of VNA Systems, Inc. Rolf is replacing Indi L. Shelby, who is retiring. health services administration and master’s in business administration in technology management from the State University of New York Institute of Technology at Utica/Rome. Rolf currently serves on the board of directors of the Home Care Association of New York State. She was recently appointed to the Medicaid Redesign Team’s Managed Long
Term Care Plan Work Group. That body is examining New York State’s policies regarding mandatory enrollment of dually eligible individuals in need of long-term-care services into care-coordination models, such as long-term home health-care programs and managed longterm-care plans. VNA Systems also appointed a vice presidential team designed to assist Rolf with the leadership transition. The team is comprised of Gail G. Carmichel, VP clinical operations; Timothy E. Carroll, VP for systems management/chief information officer; and Lynn M. Holstein, executive vice president/chief operating officer. Collectively, the team has 65 years of service to VNA Systems. “I am very pleased to be aligned with the orgaShelby nizations under the VNA Systems, Inc. corporate umbrella. They have a long, rich history of delivering home care services and have been successful in meeting the changing needs of the community.” Rolf said in the release. “Our nation’s health care system is in serious crisis. As deficits continue to rise and Americans live longer, home care is going to assume an even more significant place in the health care delivery system.” The Visiting Nurse Association of Central New York is the oldest of the agencies comprising VNA Systems. It delivers nursing services, medical social work and rehabilitation services, including physical, occupational and speech therapy to patients throughout Onondaga County. Contact Carbonaro at firstname.lastname@example.org
More firms use third-party managers to save on drug costs BY ERIC REINHARDT
majority of employers surveyed say they are using third-party pharmacy-benefit managers (PBMs) to process and pay prescription-drug claims. That’s according to a report Buck Consultants released June 17. The report said companies are turning to PBMs because they offer “better” drug prices. Buck Consultants, headquartered in New York City, specializes in human resources and benefits consulting. It’s a unit of Xerox (NYSE: XRX). Buck’s “Prescription Drug Benefit Survey” is the firm’s third survey on the topic, the com-
pany said. The survey identifies strategies employers use to manage their prescription-drug benefits and costs. More than 220 organizations participated in the survey, representing a broad range of industries and more than 2.5 million full-time employees, according to Buck. The survey found 57 percent of employers are now using PBMs, compared to 47 percent in 2009. The data also indicates 67 percent of respondents cited pricing as “highly important,” making it the top reason employers choose PBMs, which are able to offer discounts and rebates from pharmaceutical manufacturers. In addition, nearly two-thirds of survey re-
spondents (65 percent) say PBM customer service is “highly important.” “Strong competition among PBMs for employer business has created a buyer’s market for PBM pricing, and we expect this competition will intensify as health-care reform is implemented,” Michael Jacobs, principal and national clinical-practice leader at Buck Consultants, said in a news release. “Therefore, employers can be aggressive in their negotiations with PBMs,” Jacobs said. In Central New York, the POMCO Group of Syracuse serves as a pharmacy-benefit manager, along with ProAct, Inc., a wholly owned See SURVEY, page 14
• The Central New York Business Journal
health care quarterly
August 5, 2011
Survey finds employee-benefit costs force ‘tough’ decisions by eric reinhardt
he increasing cost of employee benefits is forcing the nation’s employers to make “tough” decisions, often reducing disposable income for employees in order to maintain benefit levels. That’s among the findings in a survey titled “Trends & Tradeoffs in Employee Medical Benefits,” a survey that the Corporate Synergies Group and the Financial Executives Research Foundation released on June 29. Mount Laurel, N.J.–based Corporate Synergies Group is a privately held, employee-benefits broker and consulting firm. The Financial Executives Research Foundation (FERF) is the nonprofit research affiliate of Morristown, N.J.–based Financial Executives International (FEI). FERF researchers identify financial issues and develop “impartial,” timely research reports for both FEI members and nonmembers, in a variety of publication formats, the organization said in a news release. The survey found that 54 percent of senior financial-executive respondents said keeping their employees’ costs on medical benefits to a minimum was important. Nevertheless, the report also found that many firms feel forced to act against this principle as they face rising costs for medical coverage. In the past five years, a majority of companies surveyed (88 percent) increased employee cost sharing, co-pays, and/or deductibles, according to the survey.
Additionally, one fifth (21 percent) of companies reduced or eliminated salary increases and/or bonuses for employees. Almost twofifths of the respondents (38 percent) went as far as reducing health benefits. Financial executives are “clearly” faced with “tough financial tradeoffs” as they remain committed to offering medical coverage for their employees, John Turner, president and CEO of Corporate Synergies Group, said in a news release. And he also notes that these decisions, which include increased employee cost sharing, higher-deductible plans, and reduced employee raises and bonuses, can mean “significantly less” disposable income for employees, Turner said. “Often these decisions are made in the short-term by slightly tweaking plans year over year, but it’s important that financial executives look at the big picture and realistically consider, and communicate, the long-term implications to their employees,” said Turner.
HSAs, cost-reduction programs
The study found that 60 percent of the businesses surveyed have switched to higher-deductible plans in the last two fiscal years. And, more than half (51 percent) of businesses currently offer their employees a health-savings account (HSA) option. Financial executives see a number of advantages in offering HSAs, most often citing the tax-deductible contributions (76 percent), allowing employees the flexibility to decide how to spend their medical dollars
“Financial executives are “clearly” faced with “tough financial tradeoffs” as they remain committed to offering medical coverage for their employees” n John turner
CEO, Corporate Synergies Group (62 percent), giving employees more control over individual health-care decisions (60 percent), and the offsetting of high deductibles (58 percent). Among the companies that do not currently offer an HSA, 32 percent believe that they need more education about the benefits of HSAs, and 30 percent say that their employees need more education about the advantages of HSAs. The survey also found 9 percent of financial executives that do not offer HSAs believe that their employees think negatively about them. The survey found that many companies are also turning to other cost-reduction programs. The data indicates that 65 percent of respondents have offered their employees wellness programs, such as weight-loss programs, smoking-cessation programs, on-site gyms, and/or nutritional seminars and services; 28 percent have offered disease-man-
agement programs, and 15 percent have put a greater emphasis on claims profiling. Nonetheless, about half (52 percent) of financial executives have not yet seen a return on investment (ROI) for these programs. Of the 35 percent of companies that have seen a return on investment for these programs, 42 percent said that it took over two years to realize. “As tempting as it is to look at current cost and one year return on investment for employee-benefit programs, the most effective way to manage benefits cost over time is through multi-year programs such as wellness and disease management, which typically require three or more years to deliver ROI,” Michael Beauvais, director of worksite wellness at the Corporate Synergies Group, said in the release. “This requires financial executives to find a way to include some benefit-cost reduction programs as part of their multi-year projects,” he said. The “Trends & Tradeoffs in Employee Medical Benefits” survey was conducted from Feb. 25 to May 31 and consisted of two studies fielded in collaboration with the Financial Executive Research Foundation. The qualitative survey consisted of eleven in-depth interviews with senior financial executives and the quantitative portion included an online survey of 156 financial executives, according to Corporate Synergies Group. q Contact The Business Journal at email@example.com
health care quarterly
August 5, 2011
The Central New York Business Journal • 11
Ten Solutions to Alleviate Challenges of Health-Care Spending “I don’t want to achieve immortality through my work; I want to achieve it through not dying.” — Woody Allen
f you want to see who is respon sible, look in a mirror,” I said. The statement was cutting, but true. My brother had just asked for some sympathy and compassion. But on this day, it was not forthcoming. This interchange has come to mind repeatedly over the past month. We were discussing his various medical issues and why health-care procedures and physician visits cost so much. You see, he doesn’t have health insurance. Every American has an opinion about health care and its rapidly increasing costs. In my view, the problem is far greater than what most people believe, certainly politicians. You just need to know the following fact. The American population of individuals over the age of 65 consumes three times the amount of health care than the population under the age of 65. And, by the way, have you heard that an average of 10,000 Americans each day will turn 65? That is every day for the next 17 years. The Patient Protection and Affordable Care Act (PPACA), also known as “Obama Care,” was signed into law in March 2010 as the proponents’ solution to what ails the U.S. health-care system. It’s a “system” that consumes approximately 16 percent of our gross domestic product, far more than any other developed nation. So for those of you, like my brother, who
think it’s someone else’s problem, think again. But first, let me explain what I see in the mirror regarding the potential solutions to our health-care dilemma. Our health-care cost crisis is of our own making. Before launching into my healthcare solutions agenda, please be advised that my opinions are predicated on a foundation of irrefutable assumptions. n All people are created equal. n Every human will die, contrary to Woody Allen’s objective. n We live in a capitalist, not socialist, economy. n Every individual has a right to access health-care services. n Socioeconomic factors create inequality in wealth distribution. n Health-care cost is of legitimate concern. n The vocal majority rules in health-care decision-making. n There is no such thing as unanimous support for health-care policy decisions. With these baseline assumptions, allow me to articulate a 10-point program for improving the cost-effectiveness of our nation’s health-care system. Even though I must admit a fiscal bias due to my profession as a CPA, the quality of health care is of equal importance in addressing these potential solutions. Also, I never intend to run for political office, and these opinions will ensure that I could never be elected. With all due respect to the myriad interest groups and health-care lobbies, the following is my Top 10 Health-Care Solutions List, in
Letterman format (with no humor intended). 10. Controllable behaviors that negatively impact an individual’s health should be reflected as an increased cost in insurance premiums. If I smoke two packs a day, I should pay more. Abuse of controllable behaviors NONPROFIT costs more in life and MANAGEMENT automobile insurance, why not health care? Tobacco and alcohol companies, beware. 9. Tort reform and caps on personal injury and “pain and suffering” awards are a legislative requirement. Maine was the first state in the developing trend of limiting “pain and suffering” awards in the litigation area. Meaningful and substantive tort reform is an absolute requirement if we are to make any progress in this area. 8. Successful reform of the healthcare legal system should allow providers to immediately reduce costs associated with defensive medicine. The costs of unnecessary visits, tests, and procedures ordered by service providers to reduce the potential risk of litigation totals in the billions of dollars each year. And malpractice-insurance premium decreases will be an ancillary benefit. 7. The consumer’s wallet must be an integral component of health-care ac-
GERALD J. ARCHIBALD
cess and decision-making. If an individual wants to access health-care services, there should be a direct cost to the consumer, subject to income limitations. The recent trend toward high-deductible health plans creates an incentive for employers and employees to take control of escalating health-care costs. This trend is a paradigm shift in our attitude toward health care. Health-care costs are virtually invisible to consumers, and a Wegmans versus Price Chopper price comparison would certainly affect costs. If you want proof, look at the declining cost trends that have occurred for LASIK eye-surgery procedures. 6. Reduce the level of administrative and regulatory compliance costs in health care. Depending upon the study, costs in these areas consume up to 26 percent of every health-care dollar. The potential savings are enormous. 5. Technology advancement is wonderful, and our nation’s research industry is the finest in the world. Technology advances frequently increase costs through obsolescence of existing equipment and the incremental cost to providers of adding the new technology. This area may be one of the most difficult to address since any control mechanism that limits new technology must be balanced with appropriate incentives for research initiatives. 4. Effective controls over the drug manufacturers and the pharmaceutical See archibald, page 14
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HEALTH CARE QUARTERLY
• The Central New York Business Journal
August 5, 2011
HEALTHCARE PEOPLEONTHEMOVE NEWS ARNOT HEALTH Arnot Health recently announced its new senior leadership team. Anthony J. Cooper has been named president and CEO of Arnot Health. Cooper has served as Arnot Ogden Medical Center CEO since 1986. Fred Farley has been promoted to the position of president and chief operating officer of Arnot Ogden Medical Center and St. Joseph’s Hospital in Elmira. Farley has served as chief operating officer and chief nursing officer at Arnot Ogden Medical Center since 1990. James B. Watson will remain president and chief operating officer at Ira Davenport Memorial Hospital in Bath. Watson has served as president of Ira Davenport Memorial Hospital since 1997. Robert K. Lambert, M.D. has been promoted to medical group president, with responsibilities over the three Arnot Health medical groups: Arnot Medical Services, Advantage Health Medical Services, and St. Joseph’s Medical Group. Lambert has served as president of Arnot Medical Services since 1996 and has been a physician in Elmira area since 1983. Ronald Kintz has been promoted to senior vice president and chief financial officer across Arnot Health’s operations structure. Kintz has served as Arnot Ogden Medical Center’s chief financial officer since 1987 and has worked at Arnot Ogden Medical Center for 31 years. Wesley W. Blauvelt has been promoted to senior vice president of planning and strategy for Arnot Health. Blauvelt has served as vice president of planning and marketing for Arnot Ogden Medical Center since
1988. William E. Huffner, M.D. has been promoted to chief medical officer of Arnot Health and senior vice president of medical affairs for Arnot Ogden Medical Center and St. Joseph’s Hospital. Huffner has served as Arnot Ogden Medical Center’s chief medical officer and vice president of medical affairs since 2005. Kim J. Panosian, M.D. has been promoted to medical director with responsibilities over the three Arnot Health medical groups. Panosian has served as the vice president of medical affairs at St. Joseph’s Hospital since 2005, the chief medical officer at St. Joseph’s Hospital since 2009, and has been a physician in the area since 1988. Mark Dworsky has been promoted to vice president of process enhancement. He has served as vice president clinical services at St. Joseph’s Hospital since 2007 and has been in hospital management for 28 years. Kathleen Hale has been promoted to vice president and chief quality officer. She has served as director of performance improvement at Arnot Ogden Medical Center since 2008. Cathleen Mathey has been promoted to chief compliance officer for Arnot Health. Mathey received her certificate in healthcare compliance in 2009. Mary Vosburgh has been promoted to vice president of nursing for Arnot Ogden Medical Center and St. Joseph’s Hospital. She was previously the vice president of nursing for St. Joseph’s Hospital.
CROUSE HOSPITAL Mark Car yl, D.O., and Anshu Bais,
M.D., have joined the hospitalist service of Crouse Hospital. Caryl is a graduate of New York College of Osteopathic Medicine and completed his internship and residency at the University Caryl of Connecticut Health Center. He has served as a resident physician in intensive care, critical care, and emergency-ser vices settings and is a member of the American College of Physicians and the American Bais College of Osteopathic Association. Bais most recently was with the Catholic Health System in Buffalo, where he served as an internist at Mercy Health Center and a hospitalist at United Memorial Health Center. He received his medical degree from Maulana Azad Medical College in New Delhi, India, and completed his residency at SUNY Buffalo, where he served as chief resident at Erie County Medical Center. Bais is board-certified in internal medicine.
FIDELIS CARE Fidelis Care, the New York State Catholic Health Plan, has promoted Jordan Basile of the Central Regional Office to market-
ing representative. Prior to her promotion, she served as a marketing support associate. Basile joined Fidelis Care in 2010.
LORETTO Loretto has appointed Jonathan M. Cooper corporate vice president of human resources. Cooper brings more than 20 years of resource-management experience to Loretto. Cooper Formerly of Dallas, Cooper worked since 2004 as vice president of human resources, training, organizational development, and corporate services for Medical Edge Healthcare Group, a health-care provider delivery organization in the Southwest. Cooper is a native of Utica, where he spent his undergraduate career at State University of New York at Utica. He holds a master’s degree in public administration in government and organizational development from Golden Gate University in San Francisco, Calif.
NORTHEAST DENTAL GROUP Dr. Larr y B. Keating has joined Northeast Dental Group, LLC to practice general dentistry. He is practicing at the Canalview office in Fulton. Keating earned Continued on the next page
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health care quarterly
August 5, 2011
The Central New York Business Journal • 13
HEALTH-CARE PEOPLE-ON-THE-MOVE NEWS (continued) his D.M.D. degree from the University of Pittsburgh Medical Center and also holds a bachelor’s degree in business administration from Florida State University at Tallahassee. Keating Dr. Maria Perez has joined Northeast Dental Group to practice general dentistry, starting Aug. 1. She will succeed Dr. Eric Francis in practice at its Central Square office. Perez earned her D.D.S. from the University at Buffalo.
NORTH MEDICAL Maria Czer winski, M.D. has joined The Women’s Place at North Medical, located in Liverpool. She brings more than 18 years experience in women’s comprehensive gynecological health care Czerwinski and women’s wellness. Prior to joining The Women’s Place, Czerwinski served as the medical director, as well as an assistant professor for the Women’s Health Services of Obstetrics and Gynecology at SUNY Upstate Medical University, for more than 13 years. Before this position, she was an assistant professor for primary care, obstetrics, and gynecology at Loyola University Medical Center in Chicago, Ill. Czerwinski received her medical degree in 1990 from the Pennsylvania State University Milton S. Hershey Medical Center and completed her residency in obstetrics and gynecology at the University of Buffalo Medical and Dental Consortium
in1994. James Shuler, Jr. has joined North Medical’s Liverpool practice. A graduate of Le Moyne College’s physician-assistant program, Shuler received his bachelor’s degree in respiratory therapy from Salisbury University, Salisbury, Md. and has 10 years of experience as a certified physician assistant. He obtained his license as a certified respiratory therapist in 2001 from St. Joseph’s Hospital Health Center in Syracuse. Prior to joining North Medical Family Physicians, Shuler worked at Family Practice Associates in Baldwinsville, North Medical Urgent Care, as well as the St. Joseph’s Emergency Department.
ST. JOSEPH’S HOSPITAL HEALTH CENTER St. Joseph’s Hospital Health Center’s executive chef, Jef frey S. Mitchell, recently became a certified culinar y administrator (CCA). This certification is given to an executive-level chef who is Mitchell responsible for the administrative functions of running a professional food-service operation. He is the only CCA in the Central New York region at this time. Mitchell joined the St. Joseph’s nutritional-services team last year as certified executive chef. Since then, he has led the implementation of an exhibition cooking station in the hospital cafeteria and has improved patient food quality and presentation standards. Mitchell has 25 years experience in the hospitality industry, across 11 states and four countries. He has been employed by three- and four-diamond hotels, a luxury resort, businesses, higher education, and the health-care sector. His talents have
Binghamton University, SUNY Upstate sign articulation agreement By Traci DeLore Journal Staff
BINGHAMTON — Binghamton University and SUNY Upstate Medical University have entered an articulation agreement that links the two institutions in new ways along with a memorandum of understanding for shared course offerings in the schools’ neuroscience graduate programs. The articulation agreement provides a pathway for Binghamton students for automatic admission into SUNY Upstate’s Summer Undergraduate Research Fellowship (SURF) program and reserves, at minimum, one slot per year for an exceptional student to enroll in SUNY Upstate Medical University’s College of Graduate Studies to pursue a graduate degree in biomedical sciences. The SURF program enrolls only 10 students per year from a pool of more than 100 applicants, and last year, the College of Graduate Studies enrolled an entering
class of just 21. The memorandum of agreement will allow both institutions to expand and diversify their curriculums in the neurosciences through the use of video-conferencing technology. In addition, the two universities celebrated the completion of the first collaborative projects between the Thomas J. Watson School of Engineering and Applied Science and the medical school. Experts in health-care delivery are working closely to improve the functionality of operating rooms and the emergency department at upstate hospitals. The institutions say they are are exploring additional research partnerships in both cancer research and the neurosciences with the eventual goal of developing research synergies that capitalize on the expertise available at both locations. q Contact DeLore at firstname.lastname@example.org
garnered attention in restaurant reviews, several local newspapers, one national magazine, and several of the Culinary Institute of America’s quarterly newsletters. Mitchell obtained a certificate in hotel and restaurant management from Maryland’s Anne Arundel Community College Center of Applied Technology North and graduated from New York’s Culinary Institute of America. He became a certified executive chef in 2009.
UNITY HOUSE Christine FarrellLaPage has been promoted to director of finance at Unity House of Cayuga County, Inc. She has more than 20 years of experience as a controller in two publicly Farrell-LaPage held corporations and several years of public accounting experience. Farrell-LaPage was most recently finance manager at Unity House for two and one-half years. Prior to coming to Unity House, she was market controller for 10 years at Citadel Broadcasting Company in Syracuse. She previously served as controller at Northeast Environmental Services, Inc. in Canastota. Farrell-LaPage replaces Maxwell Haines, who served as Unity House’s finance director for 17 years. Farrell-LaPage earned a bachelor’s de-
gree in economics from Elmira College, and an M.B.A. from Le Moyne College. She has taught management decisionmaking courses for Bryant & Stratton.
UPSTATE MEDICAL UNIVERSITY SUNY Upstate Medical University announced the following appointments: Hugh Bonner, Ph.D., professor and dean of the College of Health Professions, has been elected president of the Commission on Accreditation of Allied Health Education Programs for a one-year term, effective July 1. The Rev. Terry Ruth Culbertson received recertification as a thanatologist in death, dying, and bereavement for 2011-2013 by the Credentialing Council of the Association for Death Education and Counseling. Culbertson is spiritual care manager/ clinical pastoral education supervisor and clinical assistant professor of medicine at Upstate. William Gokey, executive sous chef for Morrison Healthcare at Upstate University Hospital, was recently honored with the Chef Professionalism Award from the American Culinary Foundation for exemplifying “the highest standard of professionalism through certification, continuing education, training, and community involvement.” Dale Avers, Ph.D. co-authored, and contributed four chapters, to the third edition of Geriatric Physical Therapy. Avers is director of the Post Professional Doctor of Physical Therapy program in the College q of Health Professions.
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HEALTH CARE QUARTERLY
• The Central New York Business Journal
August 5, 2011
ARCHIBALD: True innovation and industry reform can be a reality in health care Continued from page 11
suppliers must be established. The efficacy of drug therapies must be assessed. Blatant and excessive advertising by the pharmaceutical industry to a public that is largely not responsible for the drug costs must be reined in. The final three recommendations are the most controversial of all. If I haven’t lost your vote yet, I am confident that the “Big Three” will push you to pull another lever. 3. Health-care capacity must be addressed through community efforts at the local level. Health-care delivery in
this country is largely controlled by local communities. Competition among service providers is an essential element of healthcare cost and quality in every community. Leadership without bias is a necessity for success in this area. 2. Establishing standards for patient expectations of their right to access health care, both basic and advanced, is a necessity. The research discoveries on the near horizon from genetic mapping will create new opportunities and obsolete existing equipment and facilities. Bioethical debate must address the essential question of, “Who is entitled to what and at what
cost?” 1. End-of-life care must be addressed. We are making progress in this area with health-care proxies, palliative-care initiatives, and other planning processes. However, it is staggering to know that the majority of your lifetime health-care costs will likely be spent in the last year of your mortal life. And, if you truly believe in a spiritual afterlife, is the financial cost of continuing life on earth for days, weeks, or months really worth it? Health-care spending is accelerating beyond 15 percent of our gross domestic product. The baby-boom generation, of which I am a proud member, is retiring rapidly, some
sooner than they would like. The health-care issues we face as a community and a country are overwhelming. Each of us must look in the mirror. A realistic assessment of our mortality and the myriad issues that must be addressed is imperative. True innovation and industry reform can be a reality in health care. Ignoring the debate and the necessary compromise will only make matters worse. Gerald J. Archibald, CPA is a partner with The Bonadio Group. His office is in Syracuse. Contact him at email@example.com or (315) 422-7109
SURVEY: Top reasons for providing drug coverage are the positive impact on medical claims Continued from page 9
subsidiary of Kinney Drugs, Inc., which is headquartered in Gouverneur in St. Lawrence County.
Nearly all survey respondents (96 percent) provide active employees with prescription-drug coverage, according to Buck. The survey also found 50 percent of respondents offer retirees prescription-drug plans, and 75 percent of these employers intend to continue this benefit to Medicareeligible retirees over the next three years. The top reasons for providing the coverage include the positive impact on medical
claims, business competitiveness, attracting and retaining key employees, and the belief “that it’s the right thing to do,” according to the survey.
Benefits and cost-management strategies
Pharmacy-benefit costs continue to increase and, on average, currently represent more than 15 percent of employers’ total health-care costs, according to Buck. The survey found the most common prescription-drug management initiatives that companies use include formularies (90 percent), utilization-management programs (78 percent), and large cost-sharing differentials between cost-sharing tiers (77 percent).
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Crouse Hospital Patient Preadmission Center (315) 470-7942 St. Joseph’s Hospital Health Center Medical Office Centre (315) 703-5004 Upstate University Hospital at Community General Physician Office Building (315) 492-5428 FAYETTEVILLE Northeast Medical Center (315) 329-7047
PULASKI North Jefferson Street (315) 298-4743 In the suburbs
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In addition, Buck said the findings indicate employers also consider employee-assistance programs (90 percent); disease-management programs (84 percent); and wellness programs (80 percent) as “tools” that help manage prescriptiondrug benefit costs and effectiveness.
Specialty medications, used to treat chronic-catastrophic illnesses such as Multiple Sclerosis and Hepatitis C, are typically used by 1 percent or less of covered employees, but represent 15 percent or more of pharmacy-plan costs, according to Buck. These specialty medications are complex drugs that are often self-injected or infused and can cost more than $2,000 for
a 30-day prescription, the firm said. The survey also found the majority of employers (58 percent) use the same participant cost sharing for specialty drugs as used for other prescription drugs. “Specialty drugs will be the major driver of pharmacy cost increases over the next three to five years,” said Jacobs. “We anticipate specialty drugs will represent upwards of 30 percent of drug costs within the next three or four years. Considering the double-digit annual cost increases we’ve seen recently, it’s clear that more needs to be done to manage the costs of these medications moving forward.” Contact The Business Journal at firstname.lastname@example.org
The Central New York Business Journal • 15
health care quarterly
August 5, 2011
TOP RANKS: NURSING PROGRAMS SERVING CENTRAL NEW YORK Ranked by 2010-2011 Nursing Enrollment Name Address Phone/Fax Website
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. . 12. 13. 14. 15. 16. 17. 18.
Binghamton University Decker School of Nursing P.O. Box 6000 Binghamton, NY 13902 (607) 777-2000/ 777-4440 dson.binghamton.edu SUNYIT Department of Nursing & Health Professions 100 Seymour Road Utica, NY 13502 (315) 792-7295/ 792-7555 www.sunyit.edu Utica College Dept. of Nursing 1600 Burrstone Road Utica, NY 13502 (315) 792-3396 www.utica.edu SUNY Upstate Medical University College of Nursing 750 E. Adams St. Syracuse, NY 13210 (315) 464-4570/ 464-8867 www.upstate.edu St. Joseph's College of Nursing 206 Prospect Ave. Syracuse, NY 13203 (315) 448-5040/ 448-5745 www.sjhcon.org Crouse Hospital School of Nursing 736 Irving Ave. Syracuse, NY 13210 (315) 470-7481/ 470-5774 www.crouse.org/nursing Keuka College Nursing Program One Keuka Business Park Penn Yan, NY 14478 (866) 255-3852/ 279-5407 www.keuka.edu St. Elizabeth College of Nursing 2215 Genesee St. Utica, NY 13501 (315) 798-8347/ 235-7431 www.secon.edu Morrisville State College Dept. of Nursing P.O. Box 901 Morrisville, NY 13408 (315) 684-6016/ 684-6592 www.morrisville.edu Le Moyne College Dept. of Nursing 1419 Salt Springs Road Syracuse, NY 13214 (315) 445-5436/ 445-6024 www.lemoyne.edu Mohawk Valley Community College Health Services Dept. 1101 Sherman Drive Utica, NY 13501 (315) 792-5400/ 731-5855 www.mvcc.edu Elmira College Nurse Education Program One Park Place Elmira, NY 14901 (607) 735-1890/ 735-1159 www.elmira.edu Hartwick College Dept. of Nursing One Hartwick Drive Oneonta, NY 13820 (607) 431-4780/ 431-4850 www.hartwick.edu Onondaga Community College Dept. of Nursing 4585 West Seneca Turnpike Syracuse, NY 13215 (315) 498-2360/ 498-2098 www.sunyocc.edu Empire State College Dept. of Nursing 6333 Route 298 East Syracuse, NY 13057 (315) 472-5730/ 431-2681 www.esc.edu Tompkins Cortland Community College Dept. of Nursing 170 North St. Dryden, NY 13053 (607) 844-8211/ 844-9665 www.tc3.edu Jefferson Community College Dept. of Nursing 1220 Coffeen St. Watertown, NY 13601 (315) 786-2340/ 788-0716 www.sunyjefferson.edu Arnot Ogden Medical Center School of Nursing 600 Roe Ave. Elmira, NY 14905 (607) 737-4153/ 737-4116 www.arnothealth.org
Tuition Costs: Undergraduate — Graduate $4,970/ semester — $4,775/ semester
No. of Nursing Dept. Faculty1 57
BS Nursing (RN to BS in Nursing; 1+2+1 program with St. Elizabeth College) — MS adult nurse practitioner, MS family nurse practitioner, MS gerontological nurse practitioner, MS nursing education, MS nursing administration,
$220 cr/hr — $370 cr/hr
BS nursing, RN to BS nursing, online program
Catherine Brownell, Nursing Department Chair
BS nursing — MS child, family, or family psychiatric mental health nurse practitioner; MS-CNS-medical-surgical
$2,485/ semester — $4,185/ semester
post-master's advanced certificate programs: nurse practitioner, clinical nurse specialist, nursing education; registered nurse first assist
Elvira Szigeti, Dean
AAS nursing, BS nursing with Le Moyne College
Marianne Markowitz, Dean
Ann Sedore, Director
BS nursing for RNs — MS nursing (nursing education)
$485 cr/ hr — $695 cr/ hr
accelerated program offered through partnership with hospitals in Auburn, Binghamton, Oneida, Victor, and Syracuse
Dr. Sparki Mangels, Chair, Department of Nursing
Marian Kovatchitch, President
AAS nursing, BS nursing
BS human performance & health promotion, AAS massage therapy, AS health-related studies, AAS dietetic technician, AS sports, nutrition, & fitness management
Margaret Golden, Associate Dean Margaret Argentine, Director of Baccalaureate Nursing Program
BS nursing — MS nursing
$574 cr/hr — $575 cr/hr
dual-degree partnership in nursing with St. Joseph's College of Nursing; RN-BS Program; MS in nursing education or nursing administration certificate; RN to MS post-baccalaureate certificate
Susan B. Bastable, Chairperson
AAS respiratory care, AAS medical assisting, allied health certificate, medical assistant certificate, EMS/ paramedic certificate, radiologic technology certificate, surgical technology certificate
Nancy Caputo, Nursing & Allied Health Associate Dean
BS nursing, RN to BS option
$ 35,500 academic year
Lois Schoener, Director
$35,240 academic year
accelerated summer program, RN mobility program, 18-month accelerated program for students with previous degrees outside of nursing; summer nursing-internship program
Jeanne-Marie E. Havener, Chair of Nursing Dept.
AAS respiratory care, AAS physical therapist assistant, AAS health-information technology, surgical-tech certificate
Christina Granato, Nursing Department Chair
$207 cr/hr — $349 cr/hr
graduate certificate in healthcare management
Bridget Nettleton, Nursing Program Dean
Kimberly Sharpe, Program Chair
paramedic certificate, AAS paramedic, AAS medicaloffice technologies; AAS dental hygiene (w/ Monroe C.C.), BS nursing (w/ SUNYIT), BS medical technology, MS FNP, MS-NP psych, BS respiratory therapy (w/ SUNY Upstate Medical University)
Cathie Dowe, Nursing Department Chair
3-year diploma in nursing
$30,000 for 3-year program
Linda MacAuslan, Director, School of Nursing
2010-2011 Nursing Enrollment 537
Undergrad. Nursing Degrees Offered — Graduate Nursing Degrees Offered BS nursing — PhD rural health nursing, DNP, MS, and CNS family nursing, MS community-health nursing, MS gerontological nursing, MS nursing
Other Health Care Certifications Offered post-master's certificate programs for: family, community health, gerontological and psych-mental health nurse practitioner, certificates in advanced nursing education, disaster preparedness, & forensics health
adult nurse practitioner certificate, family-nurse Darlene Del Prato, Chair, practitioner certificate, nursing-education certificate Department of Nursing & Health Professions
Information was provided by representatives of listed organizations and their websites. Other institutions may have been eligible but did not respond to requests for information. 1
May include part-time faculty
Central New York includes Broome, Cayuga, Chemung, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, Seneca, St. Lawrence, Tioga, and Tompkins counties.
Nursing Program Director Joyce A. Ferrario, Dean
Year Estab. 1968
RESEARCH BY NICOLE COLLINS 08/11 email@example.com
• The Central New York Business Journal
August 5, 2011
ACQUISITION: Company leaders are enthusiastic about entering the Southern Tier market Continued from page 1
include some of the 500 new non-branch jobs the bank announced in May along with more than 500 jobs created in 2009 and 2010. First Niagara Bank will gain 15 branch offices in Onondaga County. The bank currently has four branches in the market, including two that opened earlier this year. In Oneida County, First Niagara gets five branches and adds eight in Broome County. The bank currently has five offices in Oneida County and none in Broome County. HSBC is the number two bank in the Broome County deposit market with a share of more than 16 percent. The bank is number two in Oneida County as well with a market share of more than 13 percent and is number three in Onondaga County with nearly 12 percent of the deposit market. First Niagara also picks up a branch in Auburn. The bank already has a strong position in Cayuga County with five branches, $224.8 million in deposits, and a deposit market share of nearly 25 percent. It’s the type of deal First Niagara has been looking for in its legacy markets, President and CEO John Koelmel says. Bank leaders felt some larger players would need to shed some assets in the wake of the financial crisis. “Frankly, we assumed this type of opportunity would surface,” Koelmel says. “It creates instantly the type of footprint we have long targeted to have in that it gives us the density and the critical mass in key markets across Upstate. It accelerates what we were otherwise building across Upstate.” The locations First Niagara gained in the North Country don’t appear to be in its long-term plans though. The bank said when announcing the deal it would sell off or consolidate some locations. Officials mentioned the need to divest some branches in Western New York to comply with antitrust regulations. No specific details have been announced, but the North Country locations are likely to be on the market as well. First Niagara hasn’t competed in that region in the past and doesn’t expect to do so now, even with the benefit of the new branches, Koelmel says. Those locations aren’t a strategic fit for the bank. Company leaders are enthusiastic about entering the Southern Tier market, Koelmel says. In addition to the Broome County locations, First Niagara will gain branches in the Elmira area. The potential for the bank in the Southern Tier and Central New York is strong, Koelmel adds. “We’re here to stay, we’re here to play, and we’re here to win,” he says. “That extends across upstate New York.” Overall, the acquisition will give First Niagara more than 200 branches and a market share of about 22 percent in upstate New York. The bank plans to divest or consolidate as many as 100 locations outside its focus areas and to comply with antitrust regulations.
HSBC Bank USA N.A. List of Branches Included in July 31 Announcement of Sale of Branches Branch Name
Binghamton Downtown Binghamton West Side Chenango Conklin Union End Oakdale Mall Vestal Plaza Windsor Lake St Elmira Heights Horseheads Cortland Adams Alexandria Bay Carthage Evans Mills Arsenal St Washington St Lowville Barneveld New Hartford Black River East Utica Whitestown Baldwinsville Cicero Shoppingtown Franklin Park Great Northern Hiawatha Plaza Manlius Taft Allen Fairmount Northside Shop City Syracuse Univ Valley Plaza West Washington Tully Fulton East Oswego East Owego Waverly East Hill Triphammer Ithaca
Binghamton Binghamton Binghamton Conklin Endicott Johnson City Vestal Windsor Elmira Elmira Heights Horseheads Cortland Adams Alexandria Bay Carthage Evans Mills Watertown Watertown Lowville Barneveld New Hartford Rome Utica Whitestown Baldwinsville Cicero De Witt Syracuse Liverpool Liverpool Manlius North Syracuse Syracuse Syracuse Syracuse Syracuse Syracuse Syracuse Tully Fulton Oswego Owego Waverly Ithaca Ithaca Ithaca
Broome Broome Broome Broome Broome Broome Broome Broome Chemung Chemung Chemung Cortland Jefferson Jefferson Jefferson Jefferson Jefferson Jefferson Lewis Oneida Oneida Oneida Oneida Oneida Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Onondaga Oswego Oswego Tioga Tioga Tompkins Tompkins Tompkins source: hsbc bank usa n.a.
Once those moves are complete, First Niagara expects to have about 450 branches across upstate New York, Connecticut, Massachusetts, and Pennsylvania with $38 billion in assets and $30 billion in deposits.
The sale will allow HSBC to focus on its commercial and corporate banking efforts,
company officials said in a news release. The company will maintain a strong presence with about 5,000 employees in the Buffalo region, HSBC Bank USA President and CEO Irene Dorner said Aug. 1 during a conference call with the media. HSBC employs about 400 people in its Central New York region, which stretches from the Canadian border to Binghamton and Elmira. That includes branch staff
and employees in areas like government, middle-market, and business banking. HSBC’s main Central New York office at the Washington Station building in downtown Syracuse is responsible for that entire region. The bank has about 60 employees in Syracuse and occupies 10,000 square feet in Washington Station, including its branch and offices. First Niagara’s main regional market center is also in downtown Syracuse on Clinton Square. Altogether, First Niagara plans to sell a quarter of the HSBC branches. Another 15 percent to 18 percent will be consolidated because of their close proximity. The majority of those moves will take place in Rochester and Albany with the rest scattered throughout the footprint, according to the bank. No other details have been released. For the next several months, all 195 branches in the deal will continue to operate as HSBC locations. As of May 31, the branches had $15 billion in deposits, $15 billion in gross assets, including $2.8 billion in loans, and $4.3 billion in assets under management. The loans involve smaller commercial and industrial relationships. The assets under management come from branch-based wealth-advisory business, Koelmel says. Dorner said she was confident First Niagara was the right company to take over the HSBC branches, employees, and customers. “If we can place our employees in the right hands, then we place our customers in the right hands,” she said. The announcement of the branch sale came the day before HSBC detailed plans to cut 30,000 jobs companywide by 2013. In May, the bank announced an effort to cut $2.5 billion to $3.5 billion in costs over the next three years. HSBC Bank USA (www.us.hbc.com) is a subsidiary of HSBC Holdings plc, a London–based financial-services giant with 7,500 offices in 87 countries. HSBC Holdings has assets of about $2.6 trillion. Pre-tax profit at HSBC rose to $11.5 billion in the first half of 2011, up 3 percent from the first half of 2010. Its North American operations earned $700 million before taxes in the first half of this year, compared with a loss of $100 million a year earlier. First Niagara Bank is a subsidiary of First Niagara Financial Group, Inc. (www. fnfg.com). The company has 5,000 employees, $31 billion in assets, $19 billion in deposits, and 346 branches in upstate New York, Massachusetts, Connecticut, and Pennsylvania. Operating profit at the company totaled $71 million in the second quarter, up from $44.9 million a year earlier. Including costs related to restructuring, acquisition, and integration, net income in the period was $13.6 million, down from $20 million a year earlier. q Contact DeLore at firstname.lastname@example.org and Tampone at email@example.com
The Central New York Business Journal • Call (800) 836-3539 today to subscribe
The Central New York Business Journal • 17
August 5, 2011
Business Journal C e n t r a l
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Y o r k
Volume 25, No. 31 - August 5, 2011 NEWS Editor-in-Chief........................Adam Rombel firstname.lastname@example.org Assistant Editor..............Maria J. Carbonaro email@example.com Staff Writers........................... Kevin Tampone (Online Editor) firstname.lastname@example.org ............................................................Traci DeLore email@example.com Columnists........................Gerald J. Archibald Will Barclay Tom Morgan Production Manager.......................Erin Zehr firstname.lastname@example.org Research Manager.................. Nicole Collins email@example.com SALES Sr. Account Managers....................................... Bernard B. Bregman firstname.lastname@example.org Mary LaMacchia email@example.com Marketing .......................BBB Marketing Inc. CIRCULATION Circulation Management....(315) 579-3927 Administrative Publisher..........................Norman Poltenson firstname.lastname@example.org Chief Operating Officer......Marny Nesher email@example.com Business Manager.....................Kurt Bramer firstname.lastname@example.org
The Central New York Business Journal (ISSN #1050-3005) is published every week by CNY Business Review, Inc. All contents copyrighted 2011. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher. Cover Price $2 Subscription Rate $86 per year Call (800) 836-3539
HOW TO REACH US MAIL: Send letters to: Editor, The Central New York Business Journal 269 W. Jefferson St. Syracuse, N.Y. 13202-1230 E-MAIL: email@example.com PHONE: (315) 472-3104
America’s off-balance-sheet debt C
ongress and the president just spent the last few months locked in a battle to raise the debt ceiling, which had been officially capped at $14.3 trillion. If only it were so. Excluding the trillions promised for Social Security recipients and Medicare and Medicaid patients, Uncle Sam has run up a huge tab through its off-balance-sheet financing shenanigans. Of f-balance-sheet financing first dominated the public’s attention about a decade ago when Andrew Fastow, from the the “creative” CFO of publisher Enron, confessed that he had hidden billions of dollars of debt in order to borrow vast sums of capital to turn an old-fashioned pipeline operator into a giant energy trader. Rather than following the conventional path of issuing equity or selling assets, the 37-yearold MBA resorted to off-balance-sheet financing, sometimes called asset monetization and financial engineering. He did this by shifting debt through special-purpose entities (literally hundreds of partnerships) and other types of unconsolidated affiliates. The hidden liabilities allowed Enron to maintain the appearance of a rapidly growing but stable company. When the scheme unraveled, Enron filed for bankruptcy on Dec. 2, 2001. Investment bankers, vendors, employees, and stockholders collectively lost billions of dollars. After the debacle, corporate America responded by adopting new FASB standards of reporting that are more transparent. Congress delighted in putting on a show-
17 times while debt off the books multiplied 148 times. Since the recession of 2008, some of the off-budget debt was placed back on the books. At the end of 2010, off-balance-sheet debt still represented 81 percent of what Treasury showed on the books. Humpty Dumpty’s assertion to the contrary, effective government debt is $8 trillion more than the Treasury’s figure. The popularity of agency debt is clearly reflected in the marketplace. In 1970, commercial banks owned $63 billion in Treasuries and only $14 billion in agency securities. By 2006, all commercial banks owned only $95 billion in Treasuries, while holding $1.14 trillion in agency issues. Expressed as a percentage of banking assets, the banks’ collective investment in Treasuries fell from 12 percent to less than 1 percent, while agency investment jumped from 3 percent to 10 percent. Congress should have learned from the Enron debacle. The only difference between Enron and the federal government’s offbalance-sheet legerdemain is that Enron only lost billions. Uncle Sam has the capacity to lose trillions. As long as federal-agency debt is kept off-the-books, yet still considered by the public as a government-backed obligation, agency debt will continue to explode. Congress must exercise control over or forbid the issuance of agency debt. On this issue, unfortunately, Congress is stuck in time, much like the March Hare and Dormouse sharing a perpetual tea party with the Mad Hatter. Change will only come when the public knows the true size of our debt by recognizing what Alice understood: “words mean so many things.” q Norman Poltenson is publisher of The Central New York Business Journal. Contact him at firstname.lastname@example.org
Like A Dutch Uncle
any years ago, a couple asked me to play Dutch Uncle to them — to advise them. They had gone bankrupt twice. They were headed toward another bankruptcy. (The bankruptcy judge had forbidden them to use credit cards, but they managed to get new ones using his brother’s name. Don’t try this at home.) We went over the couple’s spending habits. I identified a dozen places where they could spend considerably less money. With each recommendation, they rejected my suggestion. MORGAN They said they absoluteAT LARGE ly had to have all four vehicles. They could not do without their annual vacation. She absolutely had to have her hair done once a week. And no way could they downsize to a smaller home, etc. etc. They expected they would make more money gradually. I pointed out that they had made more money at various stages in the past. And that each time they had spent it, and then some. Ah, but this time would be differ-
trial that castigated the Enron executives who perpetrated the fraud. In their zeal, Congress also helped put Enron’s auditors — Arthur Andersen — out of business, even though the company was later exonerated by a Supreme Court decision. Too bad Congress didn’t take its own advice. Decades ago, Congress created offbudget government agencies, often called government-sponsored enterprises (GSE), which rely on the “implied” credit of the United States. Investors in these agency securities assume that they will receive a higher rate of return with no additional risk than buying Treasuries, despite the Federal Reserve stating that agency and GSE debt is not “considered officially to be part of the total debt of the federal government.” The Fed’s position reminds me of Humpty Dumpty when he tells Alice: “When I use a word, it means just what I choose it to mean — neither more nor less.” The Fed may not consider the U.S. government “officially” liable for non-budget debt, but obviously the public differs. The recent collapse of Fannie Mae and Freddie Mac, two government GSEs, proved the public’s interpretation to be correct. To date, taxpayers have bailed out Fannie’s and Freddie’s insolvency to the tune of $160 billion, and the projected total may reach a half trillion dollars. The vast majority of agency debt is used to subsidize housing. In addition to Fannie and Freddie, the Federal Home Loan Banks and Ginnie Mae are also used as “structured investment vehicles.” How big is the problem? Four decades ago, agency debt held by the public amounted to a paltry $44 billion, while Treasury debt was $290 billion. By 2006, just before the housing bubble broke, the public’s Treasury debt had risen to $4.9 trillion while agency debt had skyrocketed to $6.5 trillion. Thus, debt recorded on the books increased
ent, or so they assured me. They went bankrupt a third time. This, of course, is Washington. Has been Washington. Perhaps it will continue to be Washington. Until we are bankrupt. Technically we are, anyway. A Dutch Uncle would suggest we cut this program. We would insist we could not cut that program. Absolutely not. Too many people depend upon it. Well, then, why not cut this program? Gosh no, we would tell him. We could not possibly cut that program. Absolutely not. We will increase our revenues, we would tell him. We will tax the rich. We will levy new taxes. We will close loopholes and reduce waste and fraud. Yes, the Dutch Uncle would say. You have promised before to do those things. And you have done some of them — such as the taxing. Yet your record is clear. Whenever you have managed to increase your revenue, you have spent it. And then some. The couple I advised did finally cut their spending. They lost everything — his business, their home, their vehicles. They ended up nearly destitute in a tiny welfare apartment, scraping by on their Social Security. That was the way they cut spending. Pick your favorite politician. If he does not
tell you government spends way too much, he lies. If I had not told the couple they spent too much, I would have lied. I know, I know. We could increase our revenues. But, like the couple, we have done that again and again. And like the couple, we have always spent far more than the new money that came into the Treasury. And whether we could truly increase our revenues is very much open to question. We know that more taxes will slow an economy. A slower economy will send less to Washington. You can pretend that higher taxes will solve our problems. Please don’t shoot the messenger who tells you that is a fairy tale. You can dodge the issue of spending. You can pin the tail on any number of villains. The simple truth is that our government spends too much. Way too much. The problem is not that we don’t have Dutch Uncles. We do. Like that couple, our problem is that we refuse to listen to them. Or, heed them. From Tom...as in Morgan. q Tom Morgan writes about financial and other subjects from his home near Oneonta, in addition to his radio shows and new TV show. For more information about him, visit his website at www.tomasinmorgan.com
• The Central New York Business Journal
ACCOUNTING Jeffrey Kocan was recently promoted to senior audit manager at KPMG LLP Syracuse. He joined KPMG Syracuse as an audit associate in the fall of 2004 and provides audit services across a variety Kocan of industries, serving primarily manufacturing and commercial clients. Kocan also has experience servicing public companies including reviews of SEC filings. He is a CPA and a graduate of Le Moyne College with a bachelor’s degree in accounting.
ADVERTISING AGENCIES Pinckney Hugo Group has hired Kelsey Potter of Syracuse as a receptionist. Potter earned a bachelor’s degree in media studies with a concentration in film culture from Mercy College and an associate degree in liberal arts from Herkimer County Community College.
CONSTRUCTIONRESIDENTIAL New York Homeowners Construction Co. LLC has announced two recent promotions. Thomas C. Bassett has been named sales manager and David V. Mowrey has been named construction Bassett supervisor. Bassett has been with the company for two years as an energy auditor and sales representative. He previously served as director of security at Crouse Hospital.
August 5, 2011
PEOPLE ON THE MOVE: NEW HIRES AND PROMOTIONS
Mowrey has been with New York Homeowners Construction for a year and a half, as a sales representative. He has been in the general contracting business for more than 20 years, including 12 years opMowrey erating his own company, KD Construction in Sherburne in Chenango County.
EDUCATION & TRAINING The Whitman School of Management at Syracuse University has hired a new team to lead communications, IT, and marketing. Jaime Winne Alvarez has been named communicaAlvarez tions manager. She worked in SU’s Office of News Services from 2004-2011. Earlier this year, Alvarez completed a freelance position as interim director of communications and media relations for SU’s S.I. Newhouse Bailey School of Public Communications’ fifth annual Mirror Awards competition, honoring excellence in media-industry reporting. She also served as a preliminary judge. Prior to joining SU, Alvarez was a media-relations officer in Georgetown University’s Office of Communications. She has held positions in arts marketing and communications at The John F. Kennedy Center for the Performing Arts in Washington, D.C., and locally at Syracuse Stage. Alvarez earned a bachelor’s degree in public relations from SU’s Newhouse School. Kevin J. Bailey has been named director of information technology. For the past nine months, Bailey served as an IT consultant for clients including Yale Law School, Le
Moyne College, and National Grid. Before moving to Syracuse, Bailey worked at Yale Law School for nine years. Bailey earned a bachelor’s degree in psychology and religious education Fazio from Campbellsville University, and a master’s degree in religion from Yale. He is currently pursuing a master’s degree in information management at SU’s iSchool. John Fazio has been named director of marketing. Fazio has substantial marketing-communications experience. Prior to Whitman, he served as an account supervisor at Eric Mower and Associates. His professional experience also includes marketing and communications oversight at local firms WYNIT Inc. and Ryan Communications. Fazio holds a bachelor’s degree in English and marketing communications from Le Moyne College.
INTERPRETING SERVICES Empire Interpreting Service has recently hired Susan Urben as bookkeeper in its billing department. She brings more than 20 years financial-management experience in the banking, construction, Urben and flower industry to her position. Urben is a graduate of Colgate University with a bachelor’s degree in mathematics, has completed the NYS State Banker’s Association School of Management, and has achieved a certificate of completion from the College of Financial Planning.
LAW Hiscock & Barclay, LLP partner, Richard R. Capozza was selected to fill the newly created senior leadership position of chief
marketing officer at the firm after leading its marketing efforts for the past decade. Partner Christopher J. Harrigan was appointed to replace Capozza as the firm’s marketing partner and chair of the marketing committee.
TECHNOLOGY Bernie Fontane has been promoted to Inficon production team leader for vacuum accessories. He has worked at Inficon for eight years, most recently as group leader for quality control. Fontane has an associate degree in quality control technology from Onondaga Fontane Community College. Greg Kreinheder has been promoted to Inficon operations engineer for the Quadrupole Assembly area. He has worked at Inficon for 14 years, most recently as production team leader. Kreinheder Kreinheder holds an associate degree in mechanical science from Mohawk Valley Community College. SRC, Inc. has hired Matthew Massiano as a product account director, air surveillance. His primary role will be to understand the needs of SRC customers and help develop the product lifecycle. Massiano brings SRC more than 20 years experience in business development at Sensis Corp., Air Traffic Systems. There, he was an essential team member in negotiations to win several contracts with the Federal Aviation Administration and Department of Transportation. Prior to Sensis, he worked at General Electric as a radar systems engineer. Massiano graduated from Union College with a bachelor’s degree in electrical engineering and received his master’s degreeFRONT in electrical engineering from CARD Syracuse University.
BUSINESS CARD GALLERY Cyber Defense I nstitute, Inc.
2-212 Center for Science & Technology, Syracuse, 13244 Jim Shea, CEO - (315) 443-4895 - email@example.com
IT Security Consulting and Training Consulting Services Security Audits, Vulnerability Assessment, Penetration Testing Computer Forensic Services Secure Web Site Design and Development Classes CISSP® Boot Camp & Security +® Ethical Hacking and Penetration Testing Engineer Secure Programming and SDLC Security Wireless Security, HIPAA Security, Linux Security
HEALTH & SHAPE
We let you concentrate on the business you know best.
Senior Account Manager 269 West Jefferson Street Syracuse, NY 13202 Phone: (315) 579-3903 firstname.lastname@example.org www.cnybj.com
In House One-on-One Personal Training
In House One-on-One Personal Training Your Health, Your Shape & Your Wellness
In house fitness training Strength & conditioning Balance & flexibility Nutrition coaching
HEALTH & SHAPE In House One-on-One Personal Training
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Your Health, Your Shape & Your Wellness
In house fitness training Strength & conditioning Balance & flexibility Nutrition coaching
149 Northern Concourse North Syracuse, NY 13212
HEALTH & SHAPE In House One-on-One Personal Training
The Central New York Business Journal • 19
August 5, 2011
AUGUST 11 n Fundraising 101: Strategies for Fundraising Success from 8 a.m. to 4 p.m. at the Lodge at Welch Allyn, Skaneateles Falls. This Summer Day Camp Event features guest speaker Cassandra George Ramos of Rochester, a professional consultant with 20 years of fundraising experience. Learn how to make your nonprofit organization more visible and increase your fundraising dollars from individuals, grants, and foundations in this interactive session. The cost is $195 and includes meals, materials, and networking. For information or registration, email: Cristina@Gweninc.com
n Innovation for Illumination: Commercial LED Lighting Symposium from 3 to 4:40 p.m. at The Tech Garden, 235 Harrison St., Syracuse. Experience next-generation LED lighting and learn about the advantage of InnovatUS commercial LED lighting. There will also be an InnovatUS lighting demonstration and a question and answer forum. RSVP for this free event at http://innovatus. eventbrite.com
Business Development Center, in conjunction with the U.S. Small Business Administration, the U.S. Department of Commerce, and Empire State Development. This event will provide the latest information on opportunities for trade, investment, and business development. The conference will provide businesses with matchmaking and networking opportunities with Chinese businesses in need of U.S. products and services. For more information, or to register online, visit www.nyssbdc.org
n The Bare Necessities of Starting A Business, New Venture Orientation from noon to 12:50 p.m. at the South Side Innovation Center, 2610 S. Salina St., Syracuse. The Innovation Center, part of the Whitman School of Management at Syracuse University, will host this session led by Joanne Lenweaver, director of the WISE Women’s Business Center. The session will provide information on the initial steps critical to launching a successful business and achieving profitability. The class is free. For more information, contact Alicia Millington at (315) 443-8634 or email: email@example.com
n Sharing BEST Practices from 7:30 to 10 p.m. at The Palace Theatre, 2384 James St., Syracuse. CNY ASTD will be conducting this annual program, where CNY BEST Learning and Performance award recipients share information about their nominated practices. The cost is $25 for ASTD members, and $35 for nonmembers. To register, visit www. cnyastd.org, call (315) 546-2783, or email: firstname.lastname@example.org
n Women’s Investment Seminar at 5:30 p.m. at Manlius Pebble Hill School, 5300 Jamesville Road, DeWitt. This is a free monthly investment seminar. The topic for September is “Annuities and your Retirement” with Chris Rheaume, financial advisor, as the presenter. RSVP by phone at (315) 449-2282 or email: email@example.com
september 20, 21 n U.S.-China Business & Trade Development Conference at the Conference & Event Center Niagara Falls, at 101 Old Falls St. in Niagara Falls, N.Y. Hosted by the NYS Small
september 28 n UnitedHealthcare Healthy Workplace Awards from noon to 2 p.m. at the Crowne Plaza Hotel in Syracuse. This awards program will honor companies who show exceptional dedication to creating a work environment that encourages healthy living among employees. For more information, please contact Marny Nesher at (315) 579-3925 or email: firstname.lastname@example.org n The Bare Necessities of Starting A Business, New Venture Orientation from 5:30 to 7:30 p.m. at the South Side Innovation Center, 2610 S. Salina St., Syracuse. The Innovation Center, part of the Whitman School of Management at Syracuse University, will host this session led by Joanne Lenweaver, director
of the WISE Women’s Business Center. The session will provide information on the initial steps critical to launching a successful business and achieving profitability. The class is free. For more information, contact Alicia Millington at (315) 443-8634 or email: email@example.com
october 5 n 3rd Annual “Inspiring Success: The Women TIES Retreat” at The Lodge at Welch Allyn, Skaneateles. For details and registration information, visit womenties.com
ONGOING EVENTS n Every Tuesday, Gung Ho Networking Group from noon to 1:30 at Ruby Tuesday Restaurant, 3220 Erie Blvd E., DeWitt. The cost is $10 which includes lunch. Contact Paul Ellis at (315) 6770015 or visit www.GungHoReferrals.com n The first Wednesday of each month, Business Innovation Days meetings from 9 a.m. to 5 p.m. at The Tech Garden, 235 Harrison St., Syracuse. This is an opportunity for entrepreneurs and small businesses to meet one-on-one with a counselor from the Small Business Development Center to obtain advice and customized assistance opportunities. Scheduled by appointment, call The Tech Garden at (315) 474-0910 or email: firstname.lastname@example.org n Every Wednesday throughout 2011, Salt City Technical will offer free consultation to entrepreneurs or inventors who would like to have their product ideas evaluated by a staff of trained engineers. For more information about Salt City Technical services and to schedule a consultation, call (315) 456-8461, or visit www.saltcitytechnical.com n Second Wednesday of each month,
Salt City Technical assistance by appointment at the Tech Garden; free consultation to entrepreneurs or inventors who would like to have their product ideas evaluated by a staff of trained engineers. For details or an appointment, call (315) 474-0910 or email: info@ thetechgarden.com n Every Thursday, Empire Statesmen Toastmasters meet at 6:30 p.m. at Ruby Tuesday on Erie Boulevard in DeWitt. For more information, visit http://estm.freetoasthost.info or email: president@estm. freetoasthost.info n Every second and fourth Thursday of the month, The North Star Toastmasters from noon to 1 p.m. at C&S Companies, 499 Col. Eileen Collins Blvd., near Hancock Airport. For more information, contact Sandy Jurkiewicz at email@example.com or call (315) 470-1802. n Every Friday, Tip Club of Syracuse, at the Sheraton Syracuse University Hotel, 801 University Ave., Syracuse, 8 to 9 a.m. Call Bernie Bregman at (315) 472-3104, ext. 103 or email: bbregman@ cnybj.com n First Friday of each month, Toolkit Day with SCORE by appointment at The Tech Garden. SCORE counselors provide free, confidential, individual business mentoring to prospective or current business owners. For more information or to schedule an appointment, contact Lynn Hughes at (315) 579-2862 or email Lynn@TheTechGarden.com n Every second and fourth Friday of each month, The SUN Group (Sustainable Upstate Network) meets from 7:30 to 9 a.m. at Tony’s Family Restaurant, 3004 Burnet Ave., Syracuse. A group of local professionals, who either provide solutions in their field to customers or as an organization to educate and lead changes, sharing opportunities and emerging products and services. Contact Andy Picco at (315) 657-0135 or email: firstname.lastname@example.org n Every week, Syracuse Networking Professionals. Five meetings to choose from. For details, call Kevin M. Crook at (315) 439-1803, or email KevinSNP@twcny.rr.com or visit SyracuseNetworkingProfessionals.com To have your meetings or events in the Business Calendar, email them to email@example.com
• The Central New York Business Journal
August 5, 2011
Motorola Photon™ 4G
The new Sprint Biz 360. A range of custom solutions that wear as many hats as you do, rain or shine. With the new Sprint Biz 360, our business specialists can help you find a variety of custom solutions to grow your business, including instant hotspots, mobile payment processing and the powerful Motorola Photon™ 4G. So let’s start building solutions at sprint.com/biz360 or by calling 877-9-BIZ360 (877-924-9360).
Biz 360 offers are available to corporate-liable customers only. Additional fees or monthly recurring charges may apply. Motorola Photon 4G requires activation on a select plan and a $10 Premium Data add-on. May require up to a $36 activation fee/line, credit approval and deposit. Up to a $200 early termination fee/line applies. Service availability is dependent upon phone/device. Coverage is not available everywhere. The Nationwide Sprint Network and the Sprint 3G Network reach over 278 million and 274 million people, respectively. The Sprint 4G Network reaches over 70 markets and counting, on select devices. See sprint.com/4G for details. Not all services are available on 4G, and coverage may default to 3G/separate network where 4G is unavailable. Offers are not available in all markets/retail locations or for all phones/networks. Pricing, offer terms, fees and features may vary for existing customers not eligible for upgrade. Restrictions apply. MOTOROLA and the Stylized M Logo are registered in the U.S. Patent and Trademark Office. ©2011 Sprint. All rights reserved. Sprint and the logo are trademarks of Sprint. Other marks are the property of their respective owners.