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VOL. 42 | NO. 50 | Friday, December 14, 2018

Electroplating maker expanding in Portland

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Advanced Plating, Inc., an electroplating manufacturer, is locating its new facility in Portland, creating 200 jobs and investing approximately $4 million in Sumner County.

The company will move its operations into a 115,000-square-foot facility. Advanced Plating provides electroplating services for the automotive, architectural fixtures and musical instrument industries. The company specializes in turnkey components as well as surface finishing technologies including polishing, anodizing, powder coating, chrome, nickel, gold and other plating finishes.

Established in 1962, Advanced Plating is the largest automotive restoration plating company in the world and the largest manufacturer of OEM electric guitar components in the U.S.

State unveils new school report card

Tennessee has a new, redesigned state report card. The tool was developed over the past year with educators, parents and community organizations, and includes a number of new features, including school ratings, a Spanish translation of the site and additional new data about the performance of different student groups.

The rating system provides a score of 0.0 to 4.0 on each indicator, similar to a GPA, with 4.0 being the highest.

The new report card is intended to help families better understand school performance and support student success. The updated design of the report card and information that is included in the tool, including the new rating system, is based on input the department received as it developed a plan to transition to the new federal K-12 education law, the Every Student Succeeds Act, and has several components that are unique to Tennessee.

“We want families to have easy access to information about their school’s performance and how it is meeting the needs of all students, and we want them to have that context on a variety of metrics that encompass success,” Commissioner Candace McQueen says.

Survey: Banks re-invest tax-reform funds

Brentwood’s Bank Director’s 2019 publication, M&A Survey, reports a number of banks invested a significant portion of the profits gained due to tax reform back into their business.

Thirty-seven percent say their bank invested some of the tax windfall in new growth initiatives, and 36 percent in new technology.

One-quarter of those responding say their bank used some of the tax windfall to raise salaries, and 19 percent paid employees a one-time bonus.

Given the passage of tax reform and regulatory relief for the banking industry over the past year, respondents have an overwhelmingly positive view of Washington, particularly President Donald Trump and Mick Mulvaney, who in his tenure as interim head of the Consumer Financial Protection Bureau has transformed the agency into a more even-handed regulator.

Eighty-seven percent say the Trump administration has had a positive impact on the banking industry. The same percentage give glowing marks to Mulvaney.

The focus on new growth initiatives is consistent with the respondents’ view of bank M&A. Fifty-seven percent indicate they are open to bank acquisitions but prefer to focus on organic growth opportunities.

The 2019 Bank M&A Survey was conducted in September and October 2018, and surveyed 184 independent directors, chief executive officers and senior executives of U.S. banks to examine industry attitudes on issues impacting growth, including the U.S. economy and regulatory environment.

Trilliant Health gets new investment

Trilliant Health, a Brentwood-based analytics and data science company for healthcare providers, has added a new investor.

Providence Ventures joins a list of investors, including Noro-Moseley Partners, Martin Ventures, Nashville Capital Network, and NueCura Partners.

Trilliant, a long-term partner of Providence St. Joseph Health, will use the funding to continue building its data science and technology teams to enhance the capabilities of its analytics platform.

“Trilliant Health turns analytics into highly differentiated insights and intelligence to help healthcare providers better understand their individual market dynamics,” says Jeff Stolte, senior partner at Providence Ventures. “As is typical of our investment model, we built conviction around this investment by closely observing our Providence St. Joseph Health operating colleagues select Trilliant, based on its unique differentiation and the company’s strong partnership orientation.”

HealthStream, Red Cross work to save more lives

HealthStream, headquartered in Nashville, has announced a new, long-term agreement with the American Red Cross to target improved resuscitation outcomes.

The Nashville firm is a provider of workforce and provider solutions for the healthcare industry. As a part of the collaborative relationship, HealthStream has participated as an inaugural member of the American Red Cross multi-disciplinary-based “Innovation Council on Resuscitation,” which holds its next meeting on Jan. 16 in Washington D.C.

Immediately following this meeting, the Red Cross will launch its new resuscitation suite with HealthStream.

“According to JAMA Cardiology, the median survival rate after in-hospital cardiac arrests is 23.8 percent, with a wide variance among hospitals,” says David Markenson, M.D., Chair of the Red Cross Scientific Advisory Council, First Aid Task Force member of the International Liaison Committee on Resuscitation (ILCOR), and Medical Director at the New York Medical College Center for Disaster Medicine. “We believe the survival rates should be higher – across all of the nation’s hospitals and health systems. To that end, we are collaborating with industry, including HealthStream, who shares our vision to improve the quality of healthcare and save lives.”

N.C. health system picks Ludi technology

Nashville’s Ludi, Inc., has announced a partnership with a regional not-for-profit health care system in North Carolina.

Ludi, a health care technology and physician-advocacy firm, will implement a digital platform that automates the way CaroMont, based in Gastonia, North Carolina, tracks and pays medical teams for their administrative time. Known as DocTime Log, Ludi’s technology will also help optimize what CaroMont’s physicians spend year-round through ongoing data analytics and auditing capabilities.

“Our team’s primary purpose is to provide exceptional patient care,” says Ryan Campbell, vice president of operations at CaroMont. “Knowing their time is precious, our goal was clear: implement a smart technology that alleviates the taxing hours spent on administrative paperwork. In Ludi, we found a likeminded partner that helps us achieve this, and a team that understands the long-term challenges hospitals face in partnering with physicians.”

Ncontracts gets boost from Florida bankers

The Florida Bankers Association, through their affiliated partnership program, has announced their endorsement of Ncontracts’ contract management software and services.

Brentwood-based Ncontracts offers a comprehensive and secure online integrated risk management suite and team of exceptional legal, financial, technology, and client services experts enable banks to successfully manage their third-party vendor relationships and contracts, assess and address compliance risks and audit findings, and replace manual tasks with time-saving and cost-cutting software and guidance.

The endorsement will help Florida banks strengthen their third-party management program by creating visibility and accountability within the vendor contract management capabilities of FBA member banks.

Sloan Kettering turns to MyHealthDirect

MyHealthDirect, a Nashville-based provider of digital care coordination solutions, has announced a partnership with Memorial Sloan Kettering Cancer Center, the world’s oldest and largest private cancer center.

MyHealthDirect has launched an initial solution for online patient self-scheduling that will make it easier for certain patients to access providers in the following Sloan Kettering services: lymphoma, myeloma, breast surgery and medical oncology, and thoracic surgery and medical oncology. The solution is designed to guide certain patients through a series of questions online, leading them to the right provider and appointment for their needs.

The patient self-scheduling solution integrates directly with the Epic EMR system, for real-time scheduling directly into participating provider calendars. The solution is customized based on providers’ scheduling rules protecting their calendars from errant bookings and ensuring a better patient experience.

Reliant board approves stock repurchase plan

Brentwood’s Reliant Bancorp, Inc., the parent company for Reliant Bank, has announced its board of directors has authorized a stock repurchase plan.

Reliant may repurchase up to $12 million of the company’s outstanding common stock.

Shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions.

The repurchase plan is set to run through December 31, 2019, unless the entire amount of shares authorized to be repurchased has been acquired before that date.

Reliant intends to fund the repurchase plan with a combination of cash on hand and cash generated from ongoing operations, and the repurchased shares will be become authorized but unissued shares.

SAFE offers grand lease for Music Row tenants

Safety, Income & Growth Inc., a New York ground lease company, has entered the Nashville market.

SAFE has originated a new ground lease on a recently-built 275-unit Class A mid-rise multifamily building in the Music Row submarket at 70 Music Square W.

It is the first SAFE ground lease completed in the Nashville market and the second ground lease that SAFE has completed with The Dinerstein Companies of Austin, Texas.

The ground lease features fixed annual rent escalations over 99 years with CPI-based adjustments.

“We are pleased to deliver another flexible, value-creating ground lease to a returning customer and are excited to showcase the first SAFE Ground Lease in Nashville,” says Tim Doherty, head of Ground Lease Investments.

The six-story Music Square West building sits above a three-story concrete parking structure with 427 spaces.

The property features premium amenities including a clubroom, dog park, fitness center and a pool. The building is within walking distance to downtown entertainment, restaurants and employment including the recently announced Amazon Logistics Hub.

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