Healthcare revenue cycle company will invest more than $1.67 million in McCracken County
Contact: Jack Mazurak
FRANKFORT, Ky. (Jan. 26, 2017) – Credit Bureau Systems Inc. (CBS), a family owned Kentucky company, will build a $1.67 million office in Paducah and hire 40 additional full-time employees and relocate 10 from out of state, Gov. Matt Bevin announced today.
“Credit Bureau Systems has a history of steady growth over the past 65 plus years in Kentucky,” said Gov. Bevin. “The recent decision to keep their latest expansion within the Paducah community comes as great news both for western Kentucky and the commonwealth. We are grateful for Credit Bureau System’s continued investment in the great commonwealth of Kentucky and look forward to many more years of partnership.”
CBS plans to construct a 10,000 square-foot commercial office building designed to accommodate future expansion adjacent to its current Paducah facilities. Company executives expect to open it by September 2017. In addition to creating 40 jobs, CBS will relocate 10 positions from its out-of-state operations once the Paducah facility is completed.
“Growth in our ambulance, physician and hospital billing operations has pushed our facilities in Kentucky and Tennessee to maximum capacity,” said Mark Edwards, president of Credit Bureau Systems. “It was essential to our three-year growth plan that we expand our Paducah campus immediately to meet the demand and that would not have been possible without the support of the Kentucky Economic Development Finance Authority (KEDFA), the city of Paducah and the Paducah Economic Development Council.”
CBS is a third-generation, family owned business founded in Paducah in 1952. The company began as a local credit-reporting agency and grew into a full-service healthcare revenue cycle company employing 385 people full-time. Its services include hospital patient billing, healthcare insurance claims processing and cleanup as well as physician, ambulance and EMS billing. The company operates six divisions that provide services to hospitals, physicians and other medical providers in 24 states. CBS has call centers in Paducah, Owensboro, Lexington and Hazard, as well as Clarksville, Tenn.
Sen. Danny Carroll, of Paducah, wished the company well moving forward.
“Credit Bureau Systems has been a great economic partner within our regional and state economy,” he said. “I am pleased to hear of their expansion in Paducah along with the creation of 40 new Kentucky jobs. I wish them success in their future endeavors.”
Rep. Gerald Watkins, of Paducah, said the company has been a great local business partner.
“Credit Bureau Systems has always been a partner in growing our economy here in Paducah, and this $1.67 million investment will continue to generate opportunities for people to support their families,” Rep. Watkins said. “Creating jobs is one of my top priorities as a state representative and I am pleased to see these investments in our community.”
Paducah Mayor Brandi Harless said the company’s expansion reflects the growth of the region.
“The expansion of Credit Bureau Systems is a great example of the type of incremental growth we promote in Paducah and the region,” she said. “We are proud to support a great corporate citizen with a long history in our city. I hope other businesses will be inspired to consider doing the same.”
McCracken County Judge-Executive Bob Leeper said he looks forward to a continued partnership with the company.
“We are grateful for the continued commitment to grow in McCracken County,” he said. “We look forward to continuing to be a great partner to Credit Bureau Systems.”
To encourage the investment and job growth in the community, KEDFA in January preliminarily approved the company for tax incentives up to $300,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, Credit Bureau Systems can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal 2016, the Kentucky Skills Network provided training for nearly 95,000 Kentuckians and 5,000 companies from a variety of industry sectors.
For more information on Credit Bureau Systems, visit www.Credit-Bureau.com.
A detailed community profile for McCracken County can be viewed at http://bit.ly/McCrackenCo.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.