Eastern Bank Healthcare Banking

Doctor examining patient

 

Specialized Banking Services and Solutions for the Healthcare Industry

Eastern Bank is proud to be the preferred bank of Physicians Insurance, a subsidiary of the Massachusetts Medical Society, whose co-founder Dr. Edward Augustus Holyoke was also a co-founder of the institution that is now Eastern Bank.

With a shared history that goes back more than 200 years, Eastern Bank is excited to provide healthcare finance and healthcare banking solutions that meet the needs of practitioners and the healthcare industry. To this end, we offer a variety of discounts to Massachusetts Medical Society members and other healthcare providers.

At Eastern Bank, we focus on physicians so you can focus on your patients.

Physician’s Insurance and Massachusetts Medical Society logo

For more information on Healthcare Banking, please contact:

Scott Frazer, Healthcare Banking Program Manager
s.frazer@easternbank.com or 617-699-1939

 

With our unique understanding of the healthcare industry landscape, we have developed a suite of healthcare financing solutions and services to meet the needs of physicians, dentists, veterinarians and others in the field.

If you want to... We offer...

Grow an existing healthcare practice

Financing for working capital, practice expansion, equipment financing, real estate acquisitions or refinancing

Finance healthcare acquisitions

Financing the acquisition of another practice or acquisitions and associated expenses, including tenant improvements, working capital, equipment financing, real estate acquisitions

Fund a healthcare startup

Financing for leasehold improvements, working capital, real estate, equipment and soft costs

 

Eastern Bank offers unique Healthcare Banking Solutions

Revenue Cycle Management

Our revenue cycle management solutions and resources help practices maximize cash flow so they can expedite collections, disburse and maximize funds more efficiently, and gain immediate access to the information needed to make critical business decisions.

Our disbursement services provide greater control over your company’s outflow of funds by enabling you and your business to pay vendors, employees, investors and other payees efficiently, reliably and securely. Disbursement services make managing accounts payable effortless, so you can focus on managing your business.

Additionally, we offer a range of collection and concentration services to help maximize your cash flow with minimal effort, including a variety of electronic and paper-based collection services that simplify managing accounts receivable.

We also understand that every healthcare organization needs to stay on top of its cash flow, which is why we developed Eastern Treasury™, a robust, customizable online cash management banking platform that enables you to initiate transactions and provides you with access to all of your accounts, as well as transfers, in one convenient place.

 

Private Banking

Eastern Bank provides “white glove” personal banking services to our white coat customers, including highly personalized resources and advice for deposit accounts, lending services, investments and insurance for you and your family. Our experienced account managers are committed to delivering the exceptional service and personalized attention you deserve.

Benefits for our private banking customers include:

  • A dedicated, assigned Private Banker.
  • Complimentary financial planning session with an Eastern Wealth Management officer.
  • An assigned Mortgage officer to expedite the processing of your home loan.
  • Eastern Premier Checking customers may also be eligible for discounted auto insurance through Eastern Insurance Group.
Veterinarian tending to dog

 

Doctor using laptop

Comprehensive Cyber Liability, Crime Coverage & Fraud Protection

 

As more and more of the healthcare industry’s processes and equipment move online, ransomware, spear phishing and hacking attacks will continue to increase in frequency, so we offer solutions to the financial impact these incidents incur.

  • Carrier-provided cyber liability solutions add an extra layer of security by reimbursing healthcare practices for: the expense of notifying patients of a breach and monitoring their credit per jurisdiction requirements; business interruption; extortion; reparation of lost data and/or corrupt software; as well as PCI and PHI fines and costs. 
  • Carrier-supported crime coverage includes funds transfer fraud as well as social engineering, invoice manipulation and computer fraud. Policies indemnify businessowners for fraudulent loss of funds.
  • Eastern Bank fraud prevention services include ACH debit block, positive pay and reverse positive pay. We've also partnered with IBM Security to bring you Trusteer Rapport, complimentary security software designed to make your online banking and shopping more secure. And alerts for certain transaction types – a transfer of funders greater than a set limit, for example – can keep you aware of any unusual activity.

 

Monit™

 

Monit is a complimentary, real-time predictive cashflow and financial optimization tool for business owners. Linking directly and securely to your accounting software1, Monit is a mobile-friendly “digital CFO” that provides an overview of your practice’s vitals as well as custom insights to improve your financial health now and in the future.

Via a simple dashboard, Monti tracks expenses, outstanding accounts receivable and enables business owners to gauge the impact of future events including new clients, new hires or new equipment purchases, among others. These insights free up time you used to spend poring over spreadsheets to use as you see best.

Monit is a digital financial assistant offered to Eastern Bank Healthcare Banking customers. Healthcare organizations that are not Eastern Bank business customers can receive six months of complimentary access to Monit by using promotional code EBHealth when they register. After six months, non-customers can continue using Monit if they become an Eastern Bank business customer; otherwise, they should contact Monit to learn about other ways to access the tool.

 

 

 

Physician talking with patient

Improving Patient Payments with Merchant Services

Slow or late payments and non-payments from patients is the leading issue healthcare providers face. Accepting credit and debit cards is one of the most effective ways to make your business competitive and improve your bottom line. Therefore, Eastern Bank has partnered with Worldpay – one of the nation’s top payment processors – to deliver flexible options that will improve patient payment rates and help your practice grow.

  • Worldpay offers a low processing rate of 1.59%; the typical market rate is $1.69-1.74%+
  • Once a healthcare customer is activated, Worldpay will issue them a statement courtesy credit of $300.2

 

Good Works

Hiring and retaining employees at a healthcare practice can be challenging, so Eastern Bank offers Good Works, a workplace banking and financial wellness program that brings you and your employees savings on a full range of banking, credit and insurance products. Through this program, employees of companies enrolled in the program can receive a $50 credit with a new checking account when they qualify.

Additional benefits for your business, you and your employees include:

  • ACH payroll transactions with no per-item fees
  • $300 off Eastern Bank mortgage closing costs or $900 off closing costs for first-time home buyers financing with an Eastern Bank mortgage

 

 

For more information on Healthcare Banking, please contact:

Scott Frazer, Healthcare Banking Program Manager
s.frazer@easternbank.com or 617-699-1939

 

 

1. Monit is currently only available with QuickBooks Online™ and Xero.

Monit is offered through Signal Financial Technologies. Signal is a third-party service provider and not an affiliate of Eastern Bank.

2. To get the $300 statement credit, merchant needs to have a 3-year contract. $300 credit will be issued by WorldPay following the second billing cycle.

Merchant Services provided by Worldpay from FIS, a third-party service provider. Worldpay is a registered trademark of Worldpay, LLC.

©2020 Massachusetts Medical Society. Physicians Insurance and Massachusetts Medical Society are both third-party service providers.