Huntington announced the creation of a health care finance team dedicated to helping private health care and medical practices located east of the Mississippi.
The team is led by business banking expert and industry veteran David Burch, who joined Huntington from Bank of America, where he led one of the largest practice finance teams in the industry and served as the division executive for all business activity across the Northeast and mid-Atlantic states.
Huntington's new practice finance team will focus on businesses with less than $20 million in yearly revenue, particularly dentists, physicians and veterinarians who seek to expand their practices and unlock long-term value. The new program offers specialized loan products for multiple purposes, including equipment finance, relocation and remodeling, practice acquisition and startups.
"Health care practice finance is an exciting and rapidly growing area of banking, as businesses often run by sole proprietors need tailored, expert financial advice and tools to succeed," said Andy Harmening, Huntington's Senior Executive Vice President and Director of Consumer and Business Banking. "At Huntington, we've long prided ourselves on being the best bank for businesses, and now we've taken it a step further to ensure we have the unique expertise to serve those businesses with clear specialization."
Huntington's practice finance team uses a high-touch approach that consists of extensive monitoring and mentorship to establish the building blocks of a successful practice. The hallmark of Huntington's offering is the financial pulse program that benchmarks practice performance and recommends strategies for improvement, helping practitioners optimize their business.
"Our goal is to deliver more choice and long-term value for private health care and medical practice owners," said Burch, Huntington's Business Banking Director of Sales and Specialty Banking. "We have a dynamic group of the top business banking experts in the health care arena and the conventional products and lending expertise our market expects, along with the added value of being the top SBA1 lender in the markets we serve when that tool is required."
Burch has been actively tailoring solutions for health care practitioners and building a team of dedicated business development officers, all of whom have extensive health care industry expertise and deep experience delivering strategic insights for health care practices. The team currently serve practices in the Northeast, Southeast and Midwest.