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Dawn Marie Yankeelov
Medx12 Receives Loan and Grant Monies from the state of Kentucky
Healthcare Firms Continue to be an Investment Sweet Spot
(Jan. 23, 2009)Medx12 has been approved under the Kentucky Jobs Development Act (KJDA) which falls under the Kentucky Economic Development Finance Authority (KEDFA) for $360,000 in tax incentives for up to 10 years, and an additional $160,000 in the form of a forgivable loan from the Kentucky Department of Commercialization and Innovations high-tech loan pool. The company additionally applied and received a grant to assist training new staff from the Bluegrass State Skills Corporation. The Bluegrass State Skills Corp. announced $25,000 will go to the Medx12 as a grant-in-aid agreement for new hires$2,500 for each of 10 new employees and two additional grants of $25,000 each over the next two years contingent upon completion of hiring and training of 20 additional employees. Additionally, MedX12 received $500,000 in private investment which will be used to complete new products and expand sales. . .
In 2009, Medx12 will add patient eligibility verification to its services that assist in taking a physician practice paperless. The company will also unveil services for dental practices, including a patient tracking electronic software for dentists or doctors. This software will insure that treatment prescribed through referrals has been received by the patient.
The company will also invest in additional office space during 2009. Currently the firm is housed in 1,600 square feet of leased space at 9750 Ormsby Station Road, off North Hurstbourne Parkway. It needs another 3,500 square feet in the first quarter and eventually will require 10,000 square feet more than it currently occupies over time.
Medx12s employment will go from three full-timers to 17. Additionally another 46 employees will be hired over the next three years in customer service, marketing, administration, and bookkeeping, as well as other technical fields.
Medx12 is developing its business in an area discussed as a hot spot for growth in the next year by Credit Suisse in their report, The New New Deal: Use It or Lose It by Nicole M. Parent and Jamie Cook, CFA. The $20B healthcare information technology (IT) marketplace is growing 9% annually based on several key needs: (1) growth in outpatient services, (2) the drive to reduce medical errors, and (3) the effort to reduce administrative costs. The report indicates that, IT is being used in healthcare to improve patient care by creating a continuous information flow among the physicians office, the hospital, and the patient. Credit Suisse suggests that only 15% of physician offices in the US use Electronic Medical Records (EMR).
As President-elect Barack Obama said in his radio address on the economy on Dec. 6th, 2008, We will make sure every doctors office and hospital in the country is using cutting edge technology and electronic medical records so that we can cut red tape, prevent medical mistakes, and help save billions of dollars each year.
The Chamber of Commerce of Louisville, Ky., Greater Louisville, Inc. and its Enterprise Corp. named Medx12 to its Hot Dozen Companies at its Holiday Showcase. The event, held on Dec. 9th, included displays from the Hot Dozen Companies and dignitaries from around the region, including Louisville Mayor Jerry Abramson and GLI CEO Joe Reagan, as well as clients, partners, and friends. The annual reception each year honors the regions hottest companies, and is sponsored by Chilton & Medley, Old National Bank, and OCallaghans Catering.
Other medical-related companies that made the Hot Dozen included SCR, Inc., a medical device company committed to heart failure treatment options; Advanced Cancer Therapeutics, a biopharma company dedicated to advancing novel therapeutics for cancer; APOImmune, a biotechnology company that develops therapeutics based on activating or suppressing the immune system to fight disease; CreoSalus, a biotech company that specializes in peptide-based pharmaceutical development and manufacturing; and ImmunoTheragnostics, a life science company focused on the development and commercialization of exosome-based clinical diagnostic arrays for womens health.
Medx12 is a health care software service provider making physician practices paperless bringing revenue cycle management to a new and higher level. The company enables all health care providers an opportunity to simplify the administrative requirements of their offices and save costs through electronic claims processing, integrating electronic medical records into practice management, and installing billing systems. The Medx12 software as a service (SaaS) model offers off-site printing and mailing of patient statements, and collections from insurance payers as well as clients. An additional purchasing program will enable Medx12 to deliver medical supplies to the providers door at lower prices. MedX12s employees are passionately dedicated to customer service, filling clients needs. In the long and short run, this will keep MedX12 growing in years to come. #