Expansion and Hiring and Headquarters and Public Companies and Arcadia Resources and Employment and Health Care & Life Sciences and Health Care & Insurance

UPDATE: Arcadia confirms major growth plans

May 20, 2010

Arcadia Resources Inc. is planning a $3.9 million expansion of its Indianapolis headquarters and pharmacy operations, the company said Thursday morning, confirming that it plans to add as many as 930 jobs by 2013.

IBJ first reported the health care service-provider’s plans Wednesday afternoon.

Company officials joined Gov. Mitch Daniels and Mayor Greg Ballard in making the official announcement at Arcadia’s north-side headquarters. The Indiana Economic Development Corp. offered up to $13.5 million in tax credits based on the company’s job-creation plans, and city officials will consider an additional property tax abatement.

The company leased 18,615 square feet of space earlier this year at 9320 Priority Way West in the Precedent Office Park.

Arcadia said it plans to grow its corporate presence and centralize its pharmacy-fulfillment operations here, hiring managers, pharmacists, pharmacy technicians, account managers and sales staff. It now has about 500 employees in Indiana and 4,000 nationwide who provide home health care services.

The company is trying to grow its DailyMed pharmaceutical service, which packages dosages of prescriptions into individual packets to make it easier for patients on numerous medications to stick to their drug regimens.

In 2009, Arcadia announced a partnership with Indianapolis-based WellPoint Inc. to provide the DailyMed service to Medicaid patients in six states. Revenue from its DailyMed program has increased for six consecutive quarters, the company said.

Arcadia has struggled to remain profitable since going public in 2002. It reported a loss of $3 million in the fiscal third quarter ended Dec. 31, compared with a loss of $2.8 million in the same quarter in 2008. The company reported revenue of $26 million in the quarter, nearly unchanged from the year-ago period.

Arcadia agreed in 2007 to move from Southfield, Mich., to Indianapolis and create 400 jobs over two years in exchange for about $6 million in economic development incentives.

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