Gov. Pence touts $2 million new HQ for medical billing company in Merrillville
Horizon Financial Management LLC, a medical billing company, announced Friday that it will expand its Merrillville operations, creating 216 new jobs and building a 20,000-square-foot headquarters at the Purdue Research Park in Merrillville — with the help of state and local tax incentives.
Indiana Gov. Mike Pence was on hand for the announcement to emphasize the importance in investing in home-grown businesses.
“Horizon Financial Management’s decision is the latest proof that Indiana is a cost-effective location for companies to grow and succeed,” Pence said. “My ambition is to make job creation job one in this state. We need to continue to find ways to make it easier to start and build businesses in this state. We welcome the opportunity to work with you in this unfolding Hoosier success story.”
Horizon managing partner Frank Termini said the company started planning its expansion about 18 months ago and quickly realized it was caught in a fiscal crunch.
“We’ve enjoyed steady and healthy growth,” Termini said. “We started with about 1,800 square feet and now we occupy most of the eighth floor (of the Chase Bank building at 8585 Broadway).”
Termini said the company, which was founded in 2005, will break ground on its new $2 million headquarters in March. Horizon handles accounts receivable programs for physicians and hospitals across the country.
Horizon will receive $1.9 million in tax credits and $100,000 in training grants from the Indiana Economic Development Corp., which are contingent upon the company meeting its hiring goal by 2016. It currently has 60 employees; the new positions are primarily medical billing associates.
Merrillville granted the company a 10-year tax abatement for real and personal property; it is graduated so the company will pay none of its tax bill in the first year, with the percentage rising each year, according to Merrillville town councilman Shawn Pettit. In year 10, the company will pay 95 percent of its tax bill.
Pettit emphasized that the new headquarters, which falls within his ward, is in a tax-increment financing district, so taxes paid by the develoopment will help fund road improvement projects in that district.
Pence spoke afterward of the need for the state to “toot our horn a little more” when it comes to its welcoming business climate.
“We need to redouble our efforts to tell Indiana’s story around the country and work with businesses within our state,” Pence said.
He emphasized that he has urged the public release of more details of the Indiana Economic Development Corp.’s tax incentives and how many jobs result.