This represents an expansion of the company’s operations in the state, as an office serving retail industry customers is already in place. The new project will provide up to 145 long-term financial services jobs to the Salt Lake community.
“Utah has always been home to pioneers—and Connolly iHT is an exceptional example of pioneering,” said Val Hale, executive director of GOED. “Their health care division is truly innovative and will be a great boost to our cutting-edge financial services industry in the state.”
Connolly iHealth Technologies is a leader in payment integrity solutions, helping more than 100 retail and health care companies contain costs, lower administrative burdens and increase efficiencies.
“Connolly iHT’s purpose is to create value by delivering superior results in payment integrity and insight driven solutions,” said CEO Doug Williams. Connolly iHT serves 20 of the top 25 health care payers in the U.S., and nine of the top 10 U.S. retailers. The company generated $3 billion in annual savings for clients over the past two years while processing more than two trillion transactions annually.
Connolly iHT’s health care division is experiencing robust growth, adding clients and expanding its scope of services, which has spurred the need for an expansion westward.
“Recruiting efforts in our new market are off to an excellent start,” said Cory Deagle, VP of Connolly iHT audit operations for Salt Lake City. “We are very excited by the opportunity to build our next large office in Salt Lake City. We have been able to identify terrific candidates in the local market. All indications are that Connolly iHT’s required skillset is a great match for the skilled workforce in Salt Lake City.”
Connolly iHT has indicated that their new facility will create up to 145 jobs over the next five years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $48.3 million. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be more than $2.6 million dollars over five years. The new Connolly iHT office has the potential to result in an expected capital investment of $385,000.
“We are pleased to see Connolly iHT join Utah’s strong financial industry,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We also expect them to become a vital part of our health care industry. It’s a win-win.”
As part of a contract with Connolly iHT, the GOED Board of Directors has approved up to a maximum tax credit of $520,351 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentives, which is 20 percent of the new state taxes Connolly iHT will pay over the five-year life of the agreement. Each year, as Connolly iHT meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
Open positions at the company can be found by going on the company’s website http://www.connolly.com and visiting the Careers page.