Edumedics LLC to Expand Louisville Headquarters

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Commonwealth of Kentucky
Cabinet for Economic Development

Contact:

Kerri Richardson
502.564.2611
502.330.6633
 
Terry Sebastian
502.564.2611
502.229.6130

Joe Hall
502.564.4886

FOR IMMEDIATE RELEASE

Edumedics LLC to Expand Louisville Headquarters
Chronic disease management company to create 17 new jobs

FRANKFORT, Ky. (Dec. 17, 2014) – Another Louisville health care company is growing.

Gov. Steve Beshear and Mayor Greg Fischer announced today that Edumedics LLC, a chronic disease management company, plans to expand its corporate headquarters. The company is expected to create 17 new jobs.

“Another win for Kentucky’s growing health care industry,” said Gov. Beshear. “Louisville continues to be a world leader in lifelong wellness and aging care, and Edumedics’ announcement only helps solidify that status. It’s always exciting to see a home-grown company expand its services nationwide.”

“It’s exciting when you see a home-grown and data-driven entrepreneurial business take hold and thrive like Edumedics is doing,” said Mayor Fischer. “The new jobs and facilities they are creating and their focus on increasing wellness and reducing chronic disease makes this another exciting announcement related to Louisville’s lifelong wellness and aging care sector which is already the best in the world, and growing quickly.”

Edumedics plans to build out new on-site clinics, enhance its data infrastructure and hire nurse practitioners, data analysts, sales directors and support staff. The expansion will require more office space for Edumedics’ headquarters, which is located in the Nucleus Innovation Park in downtown Louisville.

“In the past three years we have demonstrated the effectiveness of our programs and have saved meaningful health care dollars for our clients,” said Alice Shade, Edumedics’ CEO and co-founder. “We are now expanding to meet the needs of the many organizations throughout the country that are grappling with these same issues – controlling the cost of care while improving the health of their employees. We’ll help them do both.”

Two Louisville-based health care professionals started Edumedics when they recognized that employees with chronic conditions – such as diabetes and hypertension – can account for up to 75 percent of a company’s medical costs. Edumedics analyzes a company’s trends and provides individualized coaching and health care management to employees who have a chronic condition. Then, Edumedics dramatically improves medical treatment and compliance to standards of care which, in turn, lowers claims for service.

Edumedics provides services to more than 20 clients in six states, covering more than 60,000 plan members. The expansion will allow the company to expand its footprint to other parts of the country.

“Today’s announcement is a reflection of the outstanding business climate and quality workforce that the Louisville Metro Area offers to companies already located here and to those looking to move to our region,” said Rep. Julie Raque Adams, of Louisville.  “I commend Edumedics on its decision to expand corporate operations and create more jobs for our economy.”

Health care is a major industry in Kentucky, employing nearly 430,000 people in the state last year.

The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $340,000 through the Kentucky Business Investment (KBI) program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.

To learn more about Edumedics, visit www.edumedics.com.

Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.

A detailed community profile for Louisville can be viewed here.

Finding Your Voice

Post by: Wayne Hall, Autography

Wayne_HeadShotThree years ago in a fit of exquisite timing I left a full time job with some pretty sweet benefits to start my own business, Autography, a creative media firm.

When I started my business, the IdeaFestival was my first client. This year, I’ve been asked by the Innovation Network to put to use what I’ve learned interviewing innovators to write about the importance of curiosity in the commonwealth. I’m looking forward it.

Forbes’ Steve Denning wrote in the the magazine’s online forum that virtually all job growth in the past 20 years has come from companies less than five years old. Locally, the commonwealth is home to a small but growing industry focused on micro-gravity research and the development of small spacecraft with sophisticated science payloads. Morehead State University figures prominently in this growth. The university went so far as to lure the creator of a worldwide standard for small spacecraft, Bob Twiggs, from his post at Stanford to MSU. It’s not the kind of move we often hear about in Kentucky. Prof. Twiggs, who wrote the book on pico-satellites, believed that spaceflight was for everyone. Today, he’s writing a new chapter in that book. He’s teaching a new generation of kids how to think outside the atmosphere.

As it turns out, astro-engineering talent can be mined in eastern Kentucky too.

So is innovation important? Of course! For 2015, I hope to highlight those kinds of innovative stories in the commonwealth in a series of articles and videos with job – and wealth – creators, right here in Kentucky.

Change happens whether we want it to or not. I know from personal experience that getting ahead of the challenge is the best way to meet it.

Applications for Kentucky Angel Investment Fund Tax Credit Now Available

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Commonwealth of Kentucky
Cabinet for Economic Development

Contact:
Joe Hall
502.564.4886

FOR IMMEDIATE RELEASE

Applications for Kentucky Angel Investment Fund Tax Credit
Now Available
Angel investors can recover up to half their investment

FRANKFORT, Ky. (Dec. 15, 2014) – Investors now have another good reason to invest in Kentucky’s small and startup companies. Applications for the Kentucky Angel Investment Fund Tax Credit are now available through the Kentucky Cabinet for Economic Development.

The Kentucky Angel Investment Fund Tax Credit allows angel investors – people who provide capital for startup companies – to receive tax credits. Qualified investors can receive a tax credit of up to 50 percent of their investment in counties with high unemployment rates, or enhanced counties, and 40 percent in all other counties.

“We’re excited about the potential for this program to help small businesses grow and thrive in Kentucky,” said Gov. Steve Beshear. “While the tax credit goes to the investor, entrepreneurs also benefit by attracting additional investment funds to help their business move to the next level. It truly is a win-win for the investor and our small business community.”

Earlier this year, Gov. Beshear and the General Assembly expanded the angel tax credit legislation so individual angels can take advantage of the credits. Under the old legislation, only groups of angel investors (with fund managers) were eligible. The credit will be available in the 2015 tax year for investors who invest in eligible Kentucky small businesses. Angel investors, small businesses and planned investments must be approved by the Cabinet prior to investment to be eligible for the tax credit.

Out-of-state investors can take advantage of the credit too. Though out-of-state investors may not have any Kentucky tax liability, they can transfer that tax credit to someone else within the Commonwealth. If a Kentucky taxpayer is willing to purchase the credit, the investor will recover some portion of the investment.

The angel tax credit is operated through the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development. Funds are limited, so both investors looking for an approved small business and businesses wishing to be approved for investment should apply as soon as possible.

Additional program information, including a fact sheet and application forms, is available at www.thinkkentucky.com/kaitc.

Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.

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The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2013 totaled more than $3.3 billion, spurring more than 14,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.

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The University of Pikeville hosts Entrepreneur Competition

startup challenge first placeThe University of Pikeville welcomed aspiring entrepreneurs to the Coleman College of Business’s second Startup Challenge Business Plan Competition.

The Startup Challenge was developed to seek new, independently proposed ventures in the conceptual, or startup stages to encourage entrepreneurship in Eastern Kentucky. The event was held in collaboration with the Kentucky Innovation Network.

Fifteen teams submitted written plans for a chance to compete for $5,000 in prizes. The eight most comprehensive plans were chosen to attend the event and to present their ideas to a panel of judges.. The four highest scoring teams were selected as finalists to present again to decide the winners.

“Interest in this event and entrepreneurship is continuing to grow in our region,” said David Snow, D.M., director of the Kentucky Innovation Network Pikeville office and founder of the event. “Being open to everyone in eastern Kentucky, the competition generated creative ideas from high school students, students from other colleges and even entries from nonstudents. I believe the participants and the judges fully enjoyed the experience, and we look forward to planning the next competition for this coming April.”.

Team UPLift took home first place and the $2,500 prize. Team members Alan Abshire, Chelsi Lawson, Josh Martin and Deanna Wellman are developing an inflatable jack to make it easier to repair and lift off-road vehicles in a variety of terrain.

The second place award of $1,500 went to the MTrack Mobile team of Billy Curry, Terri Hunt and Georgene Robertson. They created a mobile software application for tracking oil usage of heavy equipment. The software will be used to address the problem of environmental damage due to oil leaks.

Compression Company with Misty Adkins, Celena Conley, Brittany Hodge and Gabe Penn earned third place and a $1,000 award with their idea for a hybrid compression and no-slip sock for hospital patients who are at risk for slips and falls.

The University of Pikeville has partnered with the Kentucky Innovation Network in establishing an Innovation Network office in Pikeville. From assisting startups in assessing an idea, to developing a business plan, to finding grants, loans and capital, the Kentucky Innovation Network helps local entrepreneurs and local companies discover the resources needed to be successful. The Pikeville office operates in UPIKE’s Community Technology Center and serves the nine counties of Breathitt, Floyd, Johnson, Knott, Letcher, Magoffin, Martin, Perry and Pike.

Article by David Snow, Pikeville Innovation Network Director

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