Cambridge Savings Bank (CSB) announced that its Asset-Based Lending team has closed a custom financing package for Medical Record Associates, LLC (MRA), a leading provider of medical coding, auditing and cancer registry services. The Wellesley, MA-based, MRA has been working with hospitals nationwide since 1986 assisting with the non-clinical side of healthcare delivery.
Given the growing healthcare market, MRA has been pursuing both organic and inorganic growth strategies. In order to support these growth efforts, MRA was seeking a financial institution to support their initiatives. MRA collected referrals from their network and conducted a wide-ranging interview process to find a new banking partner. The process led to MRA landing on CSB due to the bank’s commitment to understanding their unique needs and the experience of their ABL team.
“After our extensive due diligence process to find the right banking partner, it became clear that Cambridge Savings Bank was the right fit,” said Charlie Saponaro, CEO of Medical Record Associates. “Keith and Yvonne were the only bankers who came out to meet with me in person and there was an instant connection. The team has worked with us in a straightforward and efficient way to find the right financing package to power our expansion pursuits.”
CSB presented MRA with a variety of different financing options to capitalize on growth opportunities while providing the company with the flexibility to continue executing existing strategies that have proven effective. The capital will also enable MRA to pursue acquisition strategies to expand their reach beyond their 100 existing hospital partners and build on their presence in the industry.
“It’s important to us to work with every customer to find creative solutions, make quick decisions, and do whatever it takes to help our partners succeed,” said Yvonne Kizner, Senior Vice President of Asset-Based Lending at CSB. Relationship banking is at the core of what we do. After meeting Charlie and learning about MRA, we became impressed by the company’s proven history of strong financial performance and healthy growth. We look forward to watching MRA succeed, and we will be here to help on their journey.”
CSB’s commercial division is focused on serving the needs of their local communities and businesses, offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Treasury Management and Trade Services solutions. Cambridge Savings Bank is the bank you can trust to provide customized services to meet your business needs. To learn more about CSB’s custom solutions for commercial entities, please contact Keith Broyles, SVP, Head of Asset-Based Lending at kbroyles@cambridgesavings.com