Health care technology company Remedy Analytics, Inc. will relocate to Milwaukee's Walker’s Point neighborhood from its current Wauwatosa location and plans to more than double its staff in the coming years.
The company chose Milwaukee over the possibility of relocating to Chicago.
"At the end of the day, we didn't want to leave Milwaukee, but Chicago was offering us all kinds of things," said Scott Martin, Remedy chairman and chief executive officer.
The company, which helps self-insured employers reduce prescription benefit costs through analytics, will now be headquartered at 234 W. Florida St. The company leased 6,544 square feet at that location earlier this year
“Remedy is thrilled to enter into a long-term lease that will firmly establish Milwaukee and Walker’s Point as our headquarters, which is only fitting since our company roots are here,” said Martin. “I look forward to continuing our high growth trajectory as we expand our client base and team.”
The company currently has a staff of 17, including pharmacists, medical directors, data scientists, engineers and clinicians. Remedy anticipates hiring 27 new, full-time employees and the Wisconsin Economic Development Corporation has agreed to provide up to $110,000 in performance-based Business Development Tax Credits through 2019. The actual amount will be contingent upon the number of jobs created.
The company was founded in 2012 and has doubled sales each year and has clients in a number of industries and in the public sector. Martin said the growth in prescription drug costs is helping create demand for the company's services.
"It's this need for transparency and for savings that has really allowed us to take off with what we're doing," Martin said.
Remedy combines technology with industry expertise to help find cost savings, Martin said, adding that the company is able to provide significant savings without taking anything from employee benefits.
He said the company will be looking to the Milwaukee-area's universities to help fill the new positions, which will include programmers, engineers, pharmacists and others in the health care industry.