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Vol. 31


VirginiaBusiness.com NOVEMBER 2016


No. 11


VIRGINIA BUSINESS PUBLICATIONS LLC President & Publisher Bernard A. Niemeier Editor Robert C. Powell III


Managing Editor Paula C. Squires Senior Editor Jessica Sabbath


Special Projects Editor Veronica Garabelli


Contributing Writers Robert Burke Heather Hayes James Heffernan Gary Robertson Joan Tupponce


Art Director Adrienne R. Watson


Contributing Photographers Rick DeBerry Mark Rhodes


Production Manager Kevin L. Dick Circulation Manager Karen Chenault Accounting Manager Stephen P. Fishel


ADVERTISING CENTRAL VIRGINIA


1207 East Main Street, Suite 100, Richmond, VA 23219 (804) 225-9262 Fax: (804) 225-0028


Vice President of Advertising Hunter Bendall Account Manager Molly Thompson


HAMPTON ROADS


4211 Monarch Way, Suite 104, Norfolk, VA 23508 (757) 625-4233 Fax: (757) 627-1709 Sales Manager Susan Horton


ROANOKE


210 S. Jefferson St., Roanoke, VA 24011-1702 (540) 597-2499


Sales Manager Lynn Williams 29 Conversion by Joan Tupponce HOSPITALS & HEALTH CARE


47 The health-care squeeze


Hospital executives say they don’t operate in a free market. by Robert Powell


55 Medical breakthrough VIRGINIA BUSINESS PUBLICATIONS LLC


A portfolio company of Virginia Capital Partners LLC Frederick L. Russell Jr., chairman


Virginia Business (USPS 001-387, ISSN 0888-1340) is published monthly by Virginia Business Publications, LLC, 1207 E. Main Street, Suite 100, Richmond, VA 23219. Subscriptions: U.S. and possessions: $48. Periodicals postage paid at Richmond, Va. Postmaster: Send address changes to Virginia Business, 1207 East Main Street, Suite 100, Richmond, VA 23219. Copyright 2016 Virginia Business Publications, LLC. All editorial material is fully protected and may not be reproduced in any manner without prior permission. For additional reference: SRDS #20A – Business-Metro, State and Regional


with a hitch FDA approves new treatment, but is the proposed Medicare payment too slow? by Robert Burke


departments


6 Followups 7 Events calendar 9 Our View


11 Out & About


like us on www.facebook.com/VirginiaBiz


4 NOVEMBER 2016


follow us on @VirginiaBiz


12 Regional Views 75 Inside View 76 Index


71 Trend tracker Regional projects capitalize on interest in beer, bourbon and solar power. by James Heffernan


headache New chip-enabled credit cards help prevent fraudulent purchases, but the changeover has been problematic.


contents BANKING


HIGHER EDUCATION


57 The ‘iron triangle’


U.Va. controversy points to conflicting choices at public universities.


by Gary Robertson


UNIVERSITY PROFILE: LIBERTY UNIVERSITY


60 A vision came to pass


Liberty University has transformed itself into Virginia’s biggest school. by Heather B. Hayes


COMMUNITY PROFILE: SHENANDOAH VALLEY


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