MediRevv to build second Coralville facility, add 80 jobs

CORALVILLE -  Health-care company MediRevv plans to build a second facility and add 80 full-time jobs.

The revenue cycle management company handles insurance claims and patient payment for hospitals, health systems and physician groups.

On Friday, the Iowa Economic Development Authority board awarded the company $150,000 in tax credits through the High Quality Jobs Program. The city of Coralville also awarded MediRevv a $698,000 forgivable loan.

The project budget is estimated at $3.8 million, according to documents submitted to the state by MediRevv. 

Brad Baldwin, vice president of operations, said the company is still finalizing project plans for the 24,000-square-foot building but anticipates starting construction by late summer or early fall, with completion set for August 2014. 

The company, formerly Precision Revenue Strategies, opened in 2007 with only six employees. Today it employs about 135.

Baldwin said MediRevv's location, surrounded by a high concentration of health-care facilities and the University of Iowa, has contributed to the company's growth.

The new facility will be built adjacent to MediRevv's existing 18,000-square-foot facility, 2600 University Parkway in the University of Iowa Research Park. MediRevv broke ground on a $2.4 million building in March 2012 and employed 80 people.

Baldwin said the second building will ensure MediRevv has plenty of room to continue growing, with the capacity to accommodate several hundred people.

The Economic Development Authority Board also approved a $55,000 loan for DuPont Industrial Biosciences, which is considering a 

$20 million expansion of its Cedar Rapids site. That expansion is expected to create 11 new jobs