Mainebiz

V O L . X X V I N O. I JA N UA R Y 1 3 , 2 0 2 0 16 2 0 2 0 E C O N O M I C F O R E C A S T F O C U S W E A LT H M A N AG E M E N T Great Diamond aims to sparkle on wealth management scene B y R e n e e C o r d e s T wo floors above David's Restaurant on Portland's Monument Square, the Great Diamond Partners office is decorated with cool blue hues and a comfy couch in the reception area. ough not what you'd expect from a wealth management firm, it's one of many ways the startup boutique aims to set itself apart from rivals. Four ex-UBS bankers led by Steve Tenney as CEO launched Great Diamond Partners last May, joined by three support staff. "It's a very competitive market," says Tenney. "We make ourselves stand out by the expertise on the team" along with a friendly, comfortable approach down to the office décor. "It's a friendly feel, and that has helped." is will be Great Diamond Partners' first full year in business — and grow- ing the staff is on the agenda for 2020. Tenney is on the lookout for additional advisers, provided they're a good fit and bring the right talents. "If someone can fit those two criteria, we want to talk to them," Tenney says. "We have every intention of growing, and growth will help us further our purpose." Great Diamond Partners manages more than $500 million for clients, who are mainly concentrated in greater Portland but as far afield as Seattle and Cape Coral, Fla. e figure is 104% of its target less than a year after Tenney H E A LT H CA R E View of health care from the street level B y P e t e r V a n A l l e n R obert Russell is CEO of North East Mobile Health Services, which is based in Scarborough and provides emergency medical services. It responds to more than 22,000 emergency calls a year, from Rockland to Sanford. It has more than 220 providers and 60 vehicles. While answering 911 calls is stressful in itself, compa- nies like this one provide EMS services for municipalities that are often cash-strapped and caught in a bind with medical reimbursement rates. "Our model is designed to relieve this burden from municipalities, especially small to medium sized towns," Russell says. "For instance, we have a regional partner- ship with Camden, Rockport, Lincolnville and Hope. By pooling their resources, we are able to provide these four towns exceptional EMS services at a third of the cost that just one town would incur for a standalone munici- pal service. It saves taxpayers money, removes the admin- istrative burden from each town, and ensures professional services are available when every second counts." Russell said he's "cautiously optimistic" looking at the health care landscape in 2020. "Long-standing institutional challenges remain, but progress has been made and there is a lot of support nationally and state-wide for EMS. For instance, a significant source of operating loss for EMS agencies in Maine was the disparity in reimbursement rates between MaineCare and Medicare," he says. Maine addressed that disparity in 2019, raising MaineCare reimbursement rates to the Medicare rate. ough it still results in an operating loss, it will reduce the loss to EMS agencies statewide by $10 million. "Nationally, Medicare has been directed to assemble cost reporting for EMS agencies. We are certain that this mandate will demonstrate that EMS is working at a loss under current Medicare rates. We are hopeful that increases to the Medicare rate will follow once the study is complete," Russell said, adding: "e larger emergency response community is unified in building stronger relationships among partners and exploring how we can work together to solve problems." North East Mobile has increased its presence in south- ern Maine. While it's a more competitive market, having a presence there "has allowed us to focus on core competen- cies and maintain a strong presence in those areas." Staffing challenges have been a constant problem in EMS, whether it's small, volunteer ambulance corps or providers like North East Mobile. "Every industry, sector, and business in Maine is expe- riencing a labor shortage and we are no different. We are utilizing all available resources to address this issue," he said. It offers annual scholarships that pay for paramedic certification, which "is often a launch point for doctors and nurses," he says. A bigger issue is that the existing EMTs are in such demand that they're often shared by agencies, "which leads to EMTs working long hours," he says. Every industry, sector, and business in Maine is experiencing a labor shortage and we are no different. We are utilizing all available resources to address this issue. — Robert Russell North East Mobile Health Services Robert Russell is CEO of North East Mobile Health Services, which is based in Scarborough and provides EMS services. P H O T O / J I M N E U G E R P H O T O / J I M N E U G E R

• Cover