A San Francisco-based healthcare IT company with operation in Utah intends to expand its operations in Salt Lake City. OODA Health expects to add 60 employees to its 24 already working in the state, according to an announcement made jointly by Salt Lake City and the Economic Development Corporation of Utah (EDCUtah). The company will add a tech and engineering office, the statement said.
OODA Health is focused on transforming the healthcare payment system by enabling collaborative, real-time interactions between providers, insurance companies and patients. To accomplish this, the firm is building a real-time payment platform, beginning with two products, one for patient payments and another for payer payments. These products reduce administrative costs and allow healthcare professionals to spend more time caring for their patients, the company said.
“Salt Lake City has an impressive concentration of world-class technical talent, undoubtedly due to the great quality of life in the area,” said Seth Cohen, co-founder and president of OODA Health. “We want to continue investing in our employees and leveraging Utah’s impressive technology and engineering talent.”
The name OODA Health is taken from the “OODA Loop,” a concept that emerged from a U.S. Air Force acronym that stands for “Observe, Orient, Decide, Act,” an emblem of the company’s approach, Cohen said. EDCUtah provided the company research, hosted them several times for meetings and site visits and connected them with people in the community, according to Cohen.
“Working with local economic development teams has been very positive. Everyone has been helpful in providing guidance, advice and media help,” Cohen said. “They helped us better understand the landscape in Salt Lake City, which was very helpful for a company based out-of-state.”
“As a best state for healthcare and an emerging tech scene, Utah is the optimal landing place for this innovative company,” said Val Hale, executive director of the Governor’s Office of Economic Development. “OODA’s presence in Utah will elevate the state’s award-winning healthcare industry as they increase personal care and decrease costs.”
“We’re excited for OODA Health to join a vibrant, diverse, global innovation hub with some of the greatest entrepreneurs and companies in the world,” said Lara Fritts, Salt Lake City’s economic development director. “This dynamic community was highlighted when our team connected OODA Health to the Silicon Slopes Tech Summit.”
“The opportunity for impact is enormous,” said Theresa Foxley, president and CEO of EDCUtah. “Not only does OODA Health bring more innovation and quality jobs to Salt Lake City, but they are also working on new solutions to solve our nation’s risinghealth care costs. Their culture will be a nice addition to our Silicon Slopes community.”