Collective Medical Technologies, Inc. (CMT) and the Governor’s Office of Economic Development (GOED) today announced the Salt Lake City-based health technology company will expand in Utah, adding hundreds of new high-paying jobs to the community.
“CMT is an excellent example of a company that is an innovator in its industry,” said Val Hale, executive director of GOED. “In addition to creating a significant number of jobs for Utah residents, the company will contribute to the state’s growing technology sector.”
CMT is a Salt Lake City-based health technology developer dedicated to eliminating avoidable risk and friction from care delivery. CMT is building the largest geographically-contiguous real-time data network in the United States to enable payers and providers alike to deliver more timely and accurate patient care using real-time alerts and collaborative care management tools to reduce avoidable utilization. CMT’s network of thousands of physicians, nurses, case managers, and others spans hundreds of hospitals, health systems, clinics, plans, and more which collectively serve millions of patients nationwide.
“We are honored and grateful to receive an offer of support from the Governor’s Office of Economic Development,” said Chris Klomp, CEO of Collective Medical Technologies. “We are thrilled to partner with the state to continue to create attractive, high-paying jobs and further Utah’s reputation as a technology and innovation leader. Our entire team is passionate about building software that improves the lives of patients and the people who care for them. We bring that same level of passion and commitment to building our team and look forward to having many more values-oriented, driven innovators join us.”
The CMT project will create up to 587 jobs over the next eight years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $235.3 million projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $9.1 million over eight years.
“CMT’s expansion represents yet another great win for the state’s burgeoning healthcare analytics industry,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We congratulate CMT on their success and are excited they have chosen to continue growing in Utah.”
CMT may earn up to 20 percent of the new state taxes they will pay over the eight-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with CMT, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,818,305. Each year as CMT meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
CMT is working closely with the local community to determine the best location for the expansion and plans to announce this at a future date.
The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships. For more information please contact: Aimee Edwards, (801) 538-8811 or email@example.com.
About Collective Medical Technologies
Collective Medical Technologies (CMT) is the leader in collaborative care management and is dedicated to eliminating avoidable risk by closing the provider communication gaps that undermine patient care. CMT uses real-time data, risk analytics, notifications, and shared care guidelines to prompt and guide provider decision making in a way that drives differential outcomes in terms of reduced ED utilization and inpatient readmissions. The result is a national network of thousands of Emergency Departments, primary care, behavioral health, ambulatory providers, health plans, ACOs, managed care organizations, and post-acute providers who collaborate to collectively deliver better care to millions of patients. Edie (a.k.a. PreManage ED) is endorsed by the American College of Emergency Physicians (ACEP) as a significant benefit for its physicians and their patients. Learn more at www.collectivemedicaltech.com and follow us on Twitter, Facebook, and LinkedIn.