Business Briefs [Honolulu Star-Advertiser (HI)]

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Castle, HMSA OK 3-year reimbursement pact

Castle Medical Center and Hawaii Medical Service Association have reached a new three-year contract that ties insurance reimbursements to the quality of service delivered by the hospital. Castle is the only hospital in Hawaii to agree to have all reimbursement increases based on quality measures in the contract that runs from Aug. 1 through July 31, 2014.

The quality measures include reducing hospital-acquired infections, hospital readmissions, surgical complications and improving patient safety, and end-of-life care, such as hospice services and physician-directed protocols for death with dignity.

The so-called pay-for-performance reimbursement structure is similar to HMSA's contracts with other hospitals, including Hawaii Health Systems Corp., Hawaii Pacific Health, Kuakini Hospital, North Hawaii Community Hospital and the Queen's Medical Center - all of which have smaller percentages tied to quality measures.

"We are the only hospital that's reached for the highest reward, meaning if we don't achieve the highest quality, we'll earn less in reimbursements," said Kevin Roberts, Castle's president and CEO.

$8M in grants offered for nonprofit projects

The City and County of Honolulu is accepting applications from nonprofit agencies for $6 million in Community Development Block Grants and $2 million in HOME Investment Partnership funds. Both programs are funded through the U.S. Department of Housing and Urban Development.

"These programs offer important financial assistance to organizations that help those in our community who are most in need," Honolulu Mayor Peter Carlisle said. "This is an excellent example of an effective partnership."

Community Development Block Grant funds are available for projects that principally benefit low- and moderate-income persons. HOME money, meanwhile, is available to community housing development organizations and other qualified private nonprofit organizations to develop and support affordable rental housing and homeownership affordability. Community housing organizations seeking to develop multifamily rental housing are given top priority.

The request for proposals is available at the Division of Purchasing, Department of Budget and Fiscal Services, Honolulu Hale, 530 S. King St., Room 115, or online at www.honolulu.gov/pur. The deadline for applications for both grant programs is 4 p.m. on Dec. 14.

Weekly unemployment claims inch higher

WASHINGTON -- The number of people seeking unemployment benefits ticked up slightly last week after two months of steady declines. But the increase isn't enough to reverse the downward trend: The four-week average of applications, a less volatile measure, fell to its lowest level since April. The decline in the average signals that companies are laying off fewer workers.

Weekly applications for unemployment aid rose 2,000 to a seasonally adjusted 393,000, the Labor Department said Wednesday. It's only the second increase in six weeks. The four-week average fell to 394,250. That's the eighth drop in the past nine weeks.

Consumer incomes rose 0.4% in October

WASHINGTON -- Consumers barely increased their spending in October, but their incomes rose by the most in seven months. The rise in take-home pay could boost spending during the upcoming holiday shopping season.

The Commerce Department said Wednesday that spending rose 0.1 percent last month, the poorest gain in four months. But incomes increased 0.4 percent, the best showing since March. The October gain in consumer spending marked a big slowdown from a 0.7 percent September gain.

Tokyo Stock Exchange to buy Osaka rival

TOKYO -- The Tokyo Stock Exchange, Japan's largest, on Tuesday announced a deal to acquire the Osaka Securities Exchange for $1.1 billion, creating the world's third-largest exchange, as measured by the value of listed stock.

The deal, which would unify the two exchanges by January 2013, is a bid to keep up with stiff competition among global market operators and to put Japanese equities back on the world map. With listed stocks worth about $3.6 trillion, the new exchange would trail only NYSE Euronext and Nasdaq OMX, both based in New York, according to Reuters.

PMI Group files for Chapter 11 bankruptcy

WALNUT CREEK, Calif. -- Private mortgage insurer PMI Group Inc. is seeking shelter from creditors under the Chapter 11 bankruptcy code after the seizure of two of its subsidiaries by regulators in Arizona. The company said Wednesday it filed a petition for relief with the U.S. Bankruptcy Court in Delaware, but will continue operating as usual.

ON THE MOVE

The Honolulu Zoological Society has announced the following new officers and members for its board of directors: Jason Ito, president; Rod Nystul, vice president; Simone Perez, vice president; Tracy Tanaka, secretary; Cory Kubota, treasurer; and Tom Ocasek, past president. Directors include: Sandy Brigode, Sandra Gibson, Helen Gibson-Ahn, Kim Hehir, Reid Hinaga, Malia McManus, Ryan Mukai, Rick Ornellas and Barry Wallace.

For its 40th anniversary, Paul Brown Salon in Kahului hosted a Cut-a-Thon on Nov. 12 that raised $1,854 for a local nonprofit called Women Helping Women Maui. The organization is dedicated to ending domestic violence through prevention, advocacy and education.

Xerox Hawaii has appointed Quill "Hone" Stone to business development executive. Before joining Xerox Hawaii, he served as an enterprise vertical group manager/business development manager as well as a senior account executive at Time Warner Cable.

Credit: Star-Advertiser staff