The state of Connecticut is supporting the expansion plans of the fast-growing CareCentrix, an East Hartford-based company that provides home health benefits management services, says Gov. Dannel P. Malloy (D-Conn.).
CareCentrix has been named as the latest company in governor’s “First Five” program, meaning it will receive incentives to stay local in Hartford rather than move to its other hubs in Florida or Kansas.
The company plans to move more than 200 jobs into downtown Hartford by the end of the year, and add 300 more in the next five years. It could end up qualifying for up to $24 million in grants for remaining in the state’s capital city.
“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 in a statement. “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 is a single source for coordinating traditional home health care, including skilled nursing care and home medical equipment. It was founded in 1996 as part of Gentiva Health Services Inc., but became an independent company in 2008. Since then, it has expanded to include a network of 7,000 homecare providers and more than 30 million people in care centers across the country, with revenues that have grown from $300 million to $850 million.
The company 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. It also recently expanded services to include home-based sleep disorder treatments after acquiring Sleep Management Solutions, and also works to reduce costly hospital readmissions through its HomeSTAR program.
If all of CareCentrix’s 213 existing employees are retained for the five years of the governor’s program, the state Department of Economic and Community Development will provide the company with $12 million in grants. It will award another $12 million, to be paid over a five-year schedule, if all 290 planned jobs are created within that five-year span, for a total of $24 million in grants.
“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.”
Written by Alyssa Gerace