A health data analytics software company will create nearly 590 jobs over the next eight years in a $10 million expansion project in Salt Lake County.
Collective Medical Technologies Inc. (CMT), based in Sandy, announced the plans after being awarded a $1.8 million tax credit incentive from the Governor’s Office of Economic Development (GOED) last week.
The incentive is tied to the creation of up to 587 jobs over eight years, and the company plans to reach 776 employees in 10 years. The company has not selected a location for the expansion.
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.
The company’s website indicates it serves more than 25 million people and is used by more than 200 hospitals; more than 1,400 clinics and other providers; and more than 30 health plans, health homes and accountable care organizations (ACOs).
“We’re really genuinely excited about what we’re doing,” Chris Klomp, chief executive officer, told the board, mentioning that the company is currently involved in fundraising and its employee count is doubling each year and currently stands at 50. “The feedback that we keep getting from these blue-chip customers is overwhelmingly positive and they’re asking us to solve more problems, which is always good when your customers come in and give you more business.”
“My sense is CMT is in an absolutely great spot that every young company would love to be in,” GOED board chairman Mel Lavitt said. “They have the right product at the right time, and the investors are knocking on the door to come and see if they can invest in this.”
Utah faced competition from Tennessee and Washington state for the project.
The expansion is expected to result in new wages of about 235.3 million over eight years. New state tax revenues are expected to be $9.1 million during that period.
“CMT is an excellent example of a company that is an innovator in its industry,” said Val Hale, GOED’s executive director. “In addition to creating a significant number of jobs for Utah residents, the company will contribute to the state’s growing technology sector.”
“CMT’s expansion represents yet another great win for the state’s burgeoning healthcare analytics industry,” said Theresa Foxley, president and chief executive officer of the Economic Development Corporation of Utah. “We congratulate CMT on their success and are excited they have chosen to continue growing in Utah.”