Friday, November 30, 2007

Athenahealth to open facility in coastal Maine

Athenahealth Inc., a provider of web-based billing services for physician offices, reports it plans to expand with a facility in Maine.

The Watertown-based firm said it has agreed to buy a 133,000 square-foot facility in Belfast for $6.1 million in cash, to serve as a second operations center. The facility would support the expansion of the firm's national customer base, which was about 866 medical groups as of Sept. 30, according to company spokesman John Hallock. Plans are to complete the purchase of the former MBNA facility by Feb. 16, 2008.

The Maine expansion comes less than three months after Athenahealth held an initial public offering, which raised about $81 million in net proceeds. Jonathan Bush -- President George W. Bush's cousin -- founded the company in 1997 and serves as its chairman and CEO.

Athenahealth reported a 2006 net loss of $9.2 million, on total revenue of $75.8 million. The company employed 573 workers as of June 30. Hallock said the Maine facility would employ an additional 100 workers within about a year of the final purchase.