Softheon Technologies plans healthy expansion and robust job growth
City provides small business financing to secure digital healthcare firm’s Denver location and hiring plan
DENVER, CO – Monday, July 27, 2015 – The Denver Office of Economic Development (OED) has approved a $300,000 small business loan to Softheon Technologies, a local early-stage company in the fast-growing field of heath care predictive analytics and behavioral economics. The financing will help fund the firm’s expansion in Denver.
Softheon’s mission is to improve outcomes and reduce costs by helping patients make more informed choices about their health. The company reports that its customers are seeing a 20% reduction in ER visits and costs within a targeted Medicaid population. Softheon’s platform incorporates advanced analytics, behavioral economics, and consumer engagement techniques to predict risk and prescribe personalized member-level actions or “nudges” to improve outcomes.
The firm has leased office space at 1675 Larimer St. and plans to quickly grow from 15 to 60 technical development jobs within three years.
“We were attracted to Softheon on multiple levels,” said OED Executive Director Paul Washington. “Their experienced executive team, particularly CEO Eric Grossman’s success with TriZetto and other entrepreneurial ventures in this very competitive field, has a proven track record. Their commitment to being in Denver and the exceptional quality of the technical jobs they’re creating were also major factors that strongly fit our lending strategy.”
Through the OED’s Revolving Loan Fund program, Softheon Technologies is receiving a loan to finance a portion of the costs associated with its expansion. The gap financing program lends up to 25 percent of project costs, thereby inducing banks to provide the bulk of the financing for small businesses. In addition to filling the financial gap, the federally funded program helps stimulate job creation and neighborhood revitalization.
“We are very proud and excited to partner with Denver to build a legacy of healthcare innovation and local job growth,” said Grossman. “We’re committed to create even more Denver-based tech jobs in this burgeoning healthcare environment.”
Softheon Technologies drives measurable consumer behavior change using an advanced analytics platform – every day using personalized data and optimized action recommendations. NHT’s platform customers include health plans, accountable care organizations, hospitals, and Medicaid providers, including the State of Colorado. Learn more at www.nexthealthtechnologies.com.
The Denver Office of Economic Development (OED) is dedicated to advancing economic prosperity for the City of Denver, its businesses, neighborhoods and residents. Working with a wide variety of community partners, OED operates to create a local environment that stimulates balanced growth through job creation, business assistance, housing options, neighborhood redevelopment and the development of a skilled workforce. Learn more at www.denvergov.org/oed.
Denver Office of Economic Development