PC3 Health Expanding Jefferson County Operations With $2.5 Million Investment, Creating 21 High-Wage Jobs
Startup health care services company to relocate to office in Jeffersontown
FRANKFORT, Ky. (Jan. 25, 2024) ? Today, Gov. Andy Beshear announced that Physician Care Coordination Consultants LLC (PC3 Health), a health care startup, is growing its Jefferson County operations with a $2.5 million investment to relocate within the county and create 21 new full-time jobs at an average hourly wage of over $108 per hour, including benefits.
?Kentucky has become a hub for health care providers and supporting companies, thanks in part to companies like PC3 Health, which choose to grow and expand its business here,? said Gov. Beshear. ?I want to note how many new health care jobs this project is bringing to the region and congratulate PC3 Health and Louisville on this fantastic expansion.?
To accommodate the job growth, the company will expand from a 3,600-square-foot to a 7,500-square-foot office space in Jeffersontown. New jobs created include physician advisors, administrative support staff, case managers and data analysts. The move is expected to be completed by June 2024.
?We are excited to be a part of the commonwealth?s economic development plan. It is our mission to provide strategic guidance and clinical expertise to health care organizations to navigate the complexities of payor relationships, utilization and case management,? said PC3 Health managing partner Karan Shah, M.D. ?We have provided exceptional value to our current hospital partners and patients while focusing on cultivating new partner engagements. Further, we aim to create a workplace that promotes work-life balance and celebrates community engagement and personal achievements.?
PC3 Health is an innovative provider-owned company that excels in utilization and case management services for hospitals, which helps to decrease observation and claim denial rates and increase hospitals? financial performance. PC3 Health currently employs three full-time staffers as well as one part-time staffer in Jefferson County.
Louisville Mayor Craig Greenberg spoke on the importance of health care startups: ?By fostering homegrown startups, Louisville will continue to attract skilled talent and build our economy in forward-thinking ways. By championing health care startups, in particular, Louisville continues to cement its position as a national leader in health and aging innovation. That is why support for entrepreneurs is a key pillar of our bold new economic development strategic plan, ?Growing Louisville Together,? and why we are happy to join the state in supporting PC3 Health?s expansion.?
Jeffersontown Mayor Carol Pike mentioned the small-business presence in the area: ?Jeffersontown has always supported local businesses and has championed an entrepreneurial spirit by promoting an economic development climate that would foster new businesses and local startups. Jeffersontown has a strong business environment for the health and life sciences industry, and we welcome and support PC3 Health?s relocation to Jeffersontown. As we move forward to implement our economic development strategy, it?s companies like PC3 Health that support that vision. We are excited to join with Gov. Beshear and the Cabinet for Economic Development, along with Louisville Metro, in supporting the expansion of PC3 Health.?
PC3 Health?s investment and job creation build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $29.3 billion in announced investments, creating more than 51,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth?s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On?s transformative $5.8 billion, 5,000-job?BlueOval SK Battery Park?in Hardin County;?AESC?s $2 billion, 2,000-job gigafactory project in Warren County;?Toyota?s $591 million investment in Scott County; and?INFAC North America?s $53 million investment in Taylor County, among others.
The Governor?s administration also?secured?the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky?set the record?for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies?Fitch Ratings?and?S&P Global Ratings, and Moody?s Investors Service upgraded Kentucky?s credit outlook from stable to positive.
Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear has also announced a ?Supply Kentucky? initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $750,000 in tax incentives based on the company?s investment of $2.5 million and annual targets of:?
- Creation and maintenance of 21 Kentucky-resident, full-time jobs across 10 years; and?
- Paying an average hourly wage of $108.77, including benefits across those jobs.?
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.?
In addition, PC3 Health can receive resources from Kentucky?s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.?
For more information on PC3 Health, visit PC3Health.com.
A detailed community profile for Jefferson County can be viewed here.
Information on Kentucky?s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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