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Governor Malloy Press Release Masthead
June 28, 2012
GOV. MALLOY: CARECENTRIX BECOMES FIFTH 'FIRST FIVE' COMPANY
Company Will Expand in Hartford, Saving More Than 200 Jobs;
300 New Jobs to be Created by 2017
(HARTFORD, CT) - Governor Dannel P. Malloy today announced the state will support the expansion plans of CareCentrix, a leading provider of home health benefits management services. As the latest "First Five" company, the project will save more than 200 existing jobs and add nearly 300 new positions by 2017.
"Healthcare and its supporting industries has been a solid driver of our economy for more than a decade, accounting for a rising share of private sector jobs today," said Governor Malloy. "CareCentrix recognizes this fact. Although the company seriously considered other locations for this expansion, they ultimately chose Connecticut because the Hartford region has many competitive advantages. I welcome CareCentrix as the newest member of my First Five program."
CareCentrix, having outgrown its space in East Hartford's Founders Plaza, plans to invest millions into a corporate headquarters on the 11th and 12th floors of 20 Church Street in Hartford. The project will retain all 213 of the current employees and create 290 positions in the next five years, and includes the fit out of 30,000 square feet with more parking and space for offices. The company expects to move in by the end of the year. Jobs created will range from executive level positions to call center staff.
The company is a single source for the coordination of traditional home health, including skilled nursing care and home medical equipment.
"Connecticut is a state with a proud history of health plan and healthcare services, and we are honored to be part of Governor Malloy's First Five initiative. This partnership will help us expand to meet the growing needs of the health plans we serve and their individual plan members," said Eric Reimer, CEO of CareCentrix. "We considered alternative locations, but our decision to stay and grow in Connecticut is the best possible outcome for us. The employment market in Connecticut is filled with well-educated, talented, hard-working folks who are dedicated to providing exceptional care to patients. In addition, Connecticut is a beautiful state with a high quality of life for our employees, and the state's leadership is committed to big ideas and bold thinking. That's the type of environment we want to do business in."
Founded in 1996 as part of Gentiva Health Services Inc., CareCentrix became an independent company in 2008, and since then has expanded to include a network of 7,000 homecare providers and more than 30 million people and grown from $300 million to $850 million in revenues with care centers located across the country.
"While I am tremendously proud of our growth, I am even more proud of the meaningful work we do every single day to ensure people get quality care delivered in their home," said Reimer.
"We all know that our state has one of the fastest-aging populations in the nation, and that more and more of our residents are choosing to stay in their homes as long as possible," said Lt. Governor Nancy Wyman. "CareCentrix is an innovative, patient-centric company that has provided excellent home care for millions of people across the country and we couldn't be happier that they have chosen to expand right here in Connecticut. The jobs that will be created here will not only benefit workers and our economy, they will benefit the quality of life of so many of our residents who need care."
"I am very pleased that Governor Malloy has chosen CareCentrix as its most recent 'First Five' recipient," Congressman John Larson said. "For years CareCentrix has been a leader in addressing the waste and fraud in health care and I applaud their decision to double their commitment to our state. I look forward to seeing their company continue to grow and expand their footprint all over the country."
CareCentrix works on behalf of its health plan customers to coordinate members' care, improve quality and service, and lower costs in home nursing, home infusion therapy and home medical equipment. The company recently expanded its services to include home-based sleep disorder treatments through its acquisition of Sleep Management Solutions and costly hospital readmission reduction through its HomeSTAR program.
The state Department of Economic and Community Development (DECD) will provide $12 million in grants over five years if all 213 existing employees are retained for the five years, and another $12 million grant will be paid over a five-year schedule if all 290 jobs are created in the five-year span, for a total of $24 million in state grants. The total cost of the project is estimated to be $86 million.
"Connecticut is proud to partner with CareCentrix on its latest expansion project," said DECD Commissioner Catherine Smith. "One of the many things CareCentrix is doing is working to improve the quality and service of home care and lowering overall costs by shortening hospital stays, decreasing the instances of emergency care and limiting re-admittance after hospital stays. Hartford is home to many great healthcare providers and we are pleased CareCentrix, in a fast growing part of the healthcare market, has chosen our capital as their expansion location."
About CareCentrix, Inc.
CareCentrix ( www.carecentrix.com ) is the nation's leading benefits management company focused on effectively managing home-based care. Headquartered in Hartford, Connecticut, the company offers a full range of services including coordination of home nursing, home infusion, home medical equipment and sleep testing. The company also offers a program, HomeSTAR, which reduces the number of hospital readmissions. CareCentrix serves more than 30 million people through its national network of 7,000 credentialed home healthcare providers, with customer care centers located across the United States.
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For Immediate Release: June 28, 2012
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