Collective Medical Technologies, Inc. (CMT) is expanding its operations in Salt Lake City, UT, creating up to 587 new high-paying jobs over the next eight years.
CMT may earn up to 20 percent of the new state taxes it 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, Utah’s Governor’s Office of Economic Development (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.
“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.”
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.
“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’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 is working closely with the local community to determine the best site for the expansion and plans to announce the project’s location at a future date.
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