Accretive Health to create 650 jobs in Chicago
Accretive Health Inc., a Chicago-based health care financial services company, plans to hire 650 new employees at its new Accretive Health processing facility at 231 S. LaSalle St., Chicago.
The company currently employs 175 people at its headquarters, 401 N. Michigan Ave., and is creating the additional new offices to accommodate its growing business. Accretive, which was founded in 2003, manages revenue cycles for hospital systems and physicians networks.
The company employs 1,000 people nationwide, and became listed publicly on the NYSE in May.
The facility will be home to Accretive's new B2B center that will employ 650 new full-time employees, offering full benefits and an average salary of $35,000, within 10 years. The company considered other out-of-state locations, but chose Chicago due, in part, to its competitive work force.
“Opening this new processing center will help us to meet client demand,” said Accretive Founder and CEO Mary Tolan. “Chicago provides a strong, competitive platform for building our skilled work force, the city truly provides a world-class, supportive business environment.”
By managing revenue cycle operations, Accretive enables health care providers to pursue their core mission of delivering health care. The company's clients experience significant improvements in collections within 18 to 24 months of partnering with Accretive, and there are no upfront costs rather, the gains are split between Accretive Health and the customer. The company currently works with 61 hospitals and net revenue increased to $550 million in the 12 months that ended June 30.
The city of Chicago's Community Development Commission approved TIF funding for job training and build-out at the new facility. Under the agreement, the company will hire 650 new employees at the new processing facility, including 200 within the first two years, and then will add 50 to 75 jobs each year over the next eight years.
The 175 headquarters jobs also will remain in Chicago employing a total of 825 people. In return, the city will provide $6 million in TIF assistance, 80 percent of which will go toward job-training skills for Chicagoans; the rest will defray build-out costs.
Accretive was also awarded EDGE tax credit from the state of Illinois, based on the number of people the company plans to hire.
The new facility is set to open early next year, and Accretive plans to start hiring for positions in the new facility as soon as possible.