NC: Medical Financial Services Co. Selects Chowan County, Creates Jobs
22 Jan, 2014
Governor Pat McCrory and N.C. Commerce Secretary Sharon Decker announced Standard Medical Acceptance (SMA) Corporation will locate its offices in Chowan County. The company plans to create 32 jobs and invest more than $552,000 over the next three years in Edenton.
"Employers looking to expand or relocate their businesses continue to choose Eastern North Carolina for its strong job creation climate and skilled workforce," said Governor McCrory. "The North Carolina model is a blueprint for job creation, and the investment Standard Medical Acceptance is making in Edenton with more than 32 high-paying jobs opens the door to significant opportunities for Chowan County and its families."
SMA enables health care providers to realize the true current collateral value of their receivables and enables them to receive next day bank funding at attractive rates while protecting the bank against overvaluation of their collateral.
“The Department of Commerce is committed to working with existing companies to grow jobs,” said Secretary Decker. “We congratulate Standard Medical Acceptance Corporation for its success and for investing in Chowan County.”
Building on a foundation of extensive experience encompassing securitization, collateral valuation, health care finance and trade clearing, the New York-based company has developed a unique technology platform that addresses and solves funding problems for health care providers. The company will be locating its new operations center in Edenton. In addition, SMA will expand and relocate the company’s main data processing facilities to North Carolina.
Salaries will vary by job function, but the average annual wage for the new jobs will be $63,906 plus benefits. The Chowan County average annual wage is $31,646.
A privately held company with offices in New York, SMA is a technology leader in the valuation and collateralization of health care receivables for the nation’s leading banks. SMA’s unique and proprietary cybernetic algorithm accurately determines the value of the collateral pool in real time for the benefit of both bank and hospital.
“The level of support and enthusiasm that SMA has experienced in Edenton is unprecedented in our experience,” said Bill Lanzen, who co-founded SMA together with Sylvain Raynes. Raynes added that, “the way in which The Support Center, N.C. Department of Commerce, Edenton Chowan Partnership, Town of Edenton and the people of Edenton worked in collaboration with our firm, as well as the can-do attitude that made this move possible, represent a paradigm shift in cooperative development that other states should try to emulate.”
The project was made possible in part by a performance-based grant from the One North Carolina Fund of up to $156,000. The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require and are contingent upon local matches.
“My first priority in Chowan County is job creation,” said Representative Bob Steinburg. “Our top-notch workforce has created a strong business climate, and this announcement will bolster our local economy.”
Other partners that helped with this project include: the N.C. Department of Commerce, N.C. Community Colleges, College of the Albemarle, North Carolina’s Northeast Commission, The N.C. Support Center, Edenton Chowan Partnership, Town of Edenton and the Golden LEAF Foundation.