ChildcareTennessee, a Community Foundation of Middle Tennessee statewide initiative, in partnership with the Tennessee Department of Human Services, is offering a new grant to enhance safety and security in licensed child care programs across Tennessee.

The new Safety Supplemental Grant allows child care providers licensed with TDHS to apply for up to $4,000 to purchase safety and security items in addition to the initiative’s Support and Enhancement grants.

Through the Safety Supplemental Grant, child care programs can apply for bullet-resistant film for windows and doors, security cameras, door code systems, AED devices and similar items.

Providers can also apply to hire consultants on the grant to assess security needs of child care programs. Child care providers will also be able to apply for building safety assessments and safety training classes for their staff.

“This year, we’ve had terrible reminders about how important safety and program quality are,” says Anne Clem, ChildcareTennessee grant manager. “Child care providers should not have to worry about finances when it comes to providing a high-quality, safe environment to care for children.”

The addition of Safety Supplemental grants means a total of at least $8,000 is now available to child care providers to enhance quality and safety in their programs. Additional Supplemental grant opportunities to support specific areas of care, such as accreditation and infant, toddler and preschool care, are available to providers who meet certain eligibility requirements.

Since 2019, Community Foundation of Middle Tennessee has distributed more than $88 million to licensed child care programs and helped create more than 9,500 new licensed child care slots in Tennessee.

Simpson Strong-Tie to expand in Sumner

Simpson Strong-Tie officials announced the company will invest $110 million to expand in Gallatin by locating a new facility on Airport Road. The expansion will create an additional 37 new jobs in Sumner County.

A part of Simpson Manufacturing Co., Inc., Simpson Strong-Tie is a leading manufacturer of high-quality wood and concrete construction solutions that help people design and build safer, stronger homes, buildings and communities. At its Gallatin facility, the company produces structural screws, nails and its Quik Drive collated fastening systems.

The new location will allow Simpson Strong-Tie to better meet its growing product demand and relocate a portion of its fastener manufacturing operations to Gallatin. Simpson Strong-Tie selected local design-build developer, Al. Neyer, as a full-service real estate partner for the project. Upon completion, the company will employ nearly 250 people across Tennessee.

93 of 95 TN counties sub 5% unemployment

Ninety-three of Tennessee’s 95 counties recorded unemployment rates below 5% in September, while statewide unemployment inched up for the month, according to the latest data from the Department of Labor and Workforce Development.

Tennessee’s seasonally adjusted unemployment rate for the month of September was 3.2%. That is up 0.1% when compared to the August rate of 3.1%, which was Tennessee’s all-time low.

Unemployment in seven Tennessee counties decreased in September when compared to August statistics. Eighty counties recorded a small increase in unemployment, while eight counties matched their rates from the previous month.

Moore and Sevier counties had the state’s lowest unemployment rates for September. In Moore County, the 2.6% rate marked a 0.2% increase from August, while the rate went up just 0.1% in Sevier County.

Bledsoe County came in with the highest unemployment for September. Its rate of 5.4% was 0.2% higher than the previous month. Lauderdale County had the second-highest rate at 5.3%, which accounted for a 0.5% decrease from its 5.8% rate in August.

Data released earlier this month marked Tennessee’s seasonally adjusted September 2023 unemployment rate at 3.2%, while the national seasonally adjusted unemployment rate remained unchanged between August and September at 3.8%.

Indigo launches medical liability insurance

Indigo has launched its new medical professional liability insurance platform, utilizing artificial intelligence to revolutionize this once conventional industry. Indigo’s platform disrupts the traditional market by leveraging new data and advanced technology to offer customized pricing for physicians and a streamlined experience for brokers.

Indigo policies will carry an A- (Excellent) rating by AM Best by qualifying as a member of Concert Insurance Group’s rating unit and will provide robust coverage, including physician-centric defense.

Indigo was launched by leading health care and technology investment firms, Rubicon Founders and Oak HC/FT, with additional funding from Optum Ventures and other strategic investors.

“It’s time to rethink medical professional liability,” says Jared Kaplan, Indigo’s Co-founder and CEO. “We’re excited to partner with AMA Insurance, select premier brokers and an impressive team of executives, advisers, and investors who are passionate about modernizing this industry. With a team that blends exceptional talent from both medical malpractice and financial technology industries, we have created the best product available for physicians and brokers.”

Indigo’s proprietary technology customizes pricing to ensure physicians only pay in line with their true risk profile. The company also vastly improves brokers’ win rate through real-time quoting and binding.

AMA Insurance Agency, Inc., a subsidiary of the American Medical Association, is now working exclusively with Indigo to bring this innovative medical malpractice insurance solution to physicians. This important relationship will quickly and exponentially increase the number of physicians that Indigo will reach with its new platform.

Old National to acquire CapStar

Old National Bancorp and CapStar Financial Holdings, Inc. announced they have entered into a definitive merger agreement for Old National to acquire CapStar in an all-stock transaction.

Combining the two organizations will strengthen Old National’s recently formed Nashville presence and add several new high-growth markets.

Old National entered the Tennessee market in 2022 when it introduced a Nashville-based 1834 Wealth team (Old National’s high-net-worth division). More recently, Old National added a Nashville-based Commercial banking and lending team.

The combination with CapStar accelerates Old National’s Tennessee presence bringing $3.3 billion in total assets, $2.3 billion in total loans and $2.8 billion in deposits as of Sept. 30, 2023, with top-10 deposit market share in the Nashville MSA and recent entry into Asheville, North Carolina.

“This partnership with CapStar – one of the most highly respected and successful community banks in Tennessee – is a tremendous cultural fit and a natural extension of our growth strategy,” says Old National CEO Jim Ryan.

“Over the past five years, our team has repositioned CapStar, strengthening its performance and long-term prospects,” says Timothy K. Schools, CapStar president and CEO. “In looking to the next five years, it is my belief Old National’s like-minded culture and scale best positions our employees, customers, and shareholders to continue our positive momentum.”

CapStar’s financial performance ranks first among all Tennessee-based banks and fourth across the Southeast within S&P Global Market Intelligence’s ranking of banks with assets of $3 billion to $10 billion.

SurgNet acquires pair of Midwest ASCs

SurgNet Health Partners, Inc., a Nashville-based Ambulatory Surgery Center development and management company, announced the acquisitions of Executive Ambulatory Surgery Center and Lippy Surgery Center, within 45 days of funding.

“This represents a huge milestone for SurgNet,” says Chase Neal, co-founder and CEO. “We provide business and industry expertise for the centers, while giving our physician partners the freedom to do what they do best – take exceptional care of their patients.”

Executive Ambulatory Surgery Center (Dearborn, Michigan) provides a multitude of surgical services to patients in the community, without requiring extended hospitalization post-surgery. The deal closed Sept. 20, 2023.

Lippy Surgery Center (Warren, Ohio) provides medical and surgical Otolaryngology services to pediatric and adult patients and Ophthalmology surgical services. The deal closed Aug. 9, 2023.

Aimed at helping ASCs and physician partners realize their full business potential, SurgNet’s unique model leaves them poised to outpace an already-dynamic outpatient surgery market through acquisition, De Novo and center management strategies, building on the momentum of these first two partnerships.

DLR Group opens Nashville office

DLR Group, a 100% employee-owned integrated design firm, is expanding its presence in the Southeast with the opening of an office in downtown Nashville.

This expansion aligns with the firm’s commitment to meet the diverse design needs of existing education, government, hospitality, sports and workplace clients throughout the entire state.

The new office, located at 315 Deaderick Street, is a collaborative effort led by DLR Group principals Matthew Gulsvig and Randall Coy.

Gulsvig joined DLR Group in 2016 and brings a wealth of project leadership experience gained from working with private sector clients across the nation, particularly in the workplace and mixed-use sectors.

Coy, a University of Tennessee graduate, brings 25 years of experience in design and development, working across the nation for civic, mixed-use and retail clients.

They will be joined by principal Shawn Gaither, also a University of Tennessee graduate, who will continue to lead clients in higher education and workplace.

DLR Group has a rich history of design work in Tennessee, including projects on multiple campuses for the University of Tennessee System, active projects at Vanderbilt University Medical Center, and preservation work at historic Lane College.

DLR Group is a leading innovator in the design of mass timber with more than 16 timber projects completed, in construction or in design. DLR Group is collaborating with Hastings Architecture for the T3 Wedgewood Houston, a five-story, 190,000-square-foot mass timber office building in The Finery mixed-use development.