EDA Board Takes Action to Encourage Burlington County Technology Company to Remain in New Jersey
TRENTON (May 15, 2015) – Furthering its commitment to bolster innovation in the Garden State, the New Jersey Economic Development Authority (EDA) Board today approved technology-based pharmacy solutions service provider CareKinesis for tax credits of up to $9.69 million over ten years through the Grow New Jersey Assistance Program, the state’s main job creation and retention incentive program.
Headquartered in Moorestown, CareKinesis partners with accountable healthcare organizations to provide and coordinate medication management services for individuals with complex medication needs. The company offers medication risk mitigation services, unique dispensing systems, and an online medication management portal.
Having grown by 100% year after year since it began as a startup in 2011, CareKinesis has outgrown its current headquarters and is looking to expand. The company is deciding whether to expand its headquarters in Moorestown or relocate to Pennsylvania. The tax credits approved today through the Grow NJ Program would encourage the company to remain and grow in New Jersey, including the creation of more than 190 jobs. To date, nearly 30% of companies approved for tax credits through the program represent the greater technology industry.
According to EDA CEO Melissa Orsen, CareKinesis is a great example of a company that has benefitted from the various resources the State offers to support technology companies at every stage of growth.
In 2012, CareKinesis received a $500,000 loan from the EDA through the Edison Innovation VC Growth Fund to support working capital needs. Funding provided through this program can be used for key hires, product rollout, product enhancement, and marketing/sales.
@NJEDATech spoke with CareKinesis CEO Dr. Calvin Knowlton about the company’s experience in New Jersey:
What have you found most advantageous about starting CareKinesis in New Jersey?
I was born and raised here, completed my undergraduate work at a state university, opened my first pharmacy (and additional businesses) in New Jersey, and am raising my family here. With CareKinesis, and with my former companies, I have found that New Jersey offers a rich employee pool – we never look far to find bright, well-educated, dedicated, passionate team members.
How has CareKinesis benefited from funding it received through the Edison Innovation VC Growth Fund?
CareKinesis is pleased to have been able to meet all of the milestones we set out to achieve with the Growth Fund loan – these included hiring executive, administrative, and clinical staff as well as growing our operations and client base here in New Jersey and beyond. Since 2012, we have formed our parent organization, Tabula Rasa HealthCare, and we have acquired two other related healthcare-oriented companies. We are grateful to have received EDA assistance to help propel us to where we are today.
What is CareKinesis’ biggest success to date?
While we are achieving the financial successes that we hoped for, our largest success has been recognition by our peers and our clients for our outstanding clinical work. The CareKinesis mission is to improve lives by optimizing the medication use process, and every day we see evidence that our systems and services are measurably reducing hospitalizations, reducing falls, and improving medication safety. Every time we intervene to ensure that a patient is on the safest, optimized, personalized medication regimen, we succeed.
What’s in store for CareKinesis in the near future?
We have recently begun to explore new markets beyond PACE, and there is much interest among various types of accountable care organizations – they are attracted by the wonderful patient outcome we continue to deliver for our clients. Our technology product suite continues to grow, and we are actively iterating our proven software systems so that they can be used by clinicians in a variety of care settings to help ensure safe and proper use of medications.
PACE is the Program for All-inclusive Care for the Elderly, a Medicaid and Medicare program that enables patients to receive care from a team of health care professionals without going to a nursing home or other type of facility.
For additional information on programs and products available to New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
To learn more about opportunities for growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
