CompMed Expands Operations in Newport, Kentucky
CompMed’s investment will cover the cost to lease an additional 2,000 square feet to accommodate additional staff. The expansion comes in response to growing demand from new and existing customers. The project also includes new employee training and work spaces and new equipment. CompMed’s coding department will see improvements as well to more effectively use the additional space. Jobs created by the expansion will include patient registration and follow-up services, medical coding, billing, customer service and credentialing.
CompMed President Mike Stearns said the company plans to use the majority of the funds retained through tax incentives to ensure employees continue to work in a favorable and professional environment. The incentives will allow CompMed to fund nonmonetary perks and enticements for current and future employees.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in April preliminarily approved the company for tax incentives up to $850,000 through the Kentucky Business Investment program.
The performance-based incentive allows a company to keep a portion of the new tax revenue it generates over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets. In addition, CompMed can receive resources from the Kentucky Skills Network.
Founded in 1993, Newport-based CompMed provides billing services for over 25 different areas of medical need, from anesthesia and emergency room services to geriatrics and urgent care. Currently, 79 of the company’s 115 employees are Kentucky residents.
I applaud CompMed’s leadership and am grateful for their commitment not only to the commonwealth, but also to their staff and customers,” Governor Matt Bevin said. “This investment underscores the company’s dedication to providing quality services to their customer base, and we wish them continued success and growth in the years ahead.”
Bob Heil, Chairman of Northern Kentucky Tri-ED, said CompMed has been a great corporate partner with the local community.
CompMed is an admirable company, from the way they service customers to the way they treat their employees,” Heil said. “The medical billing field is growing substantially and we are happy to see the positive impact it is having on companies in Northern Kentucky, such as CompMed. It has truly been a pleasure working with them on this expansion project and we look forward to working with them moving forward.”
Newport City Manager Tom Fromme said, “CompMed has been a long-time Newport business at One Riverfront Place. The city is happy to celebrate its success and congratulates CompMed on their continuing growth,” Fromme said.
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