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 funds greater than a set limit, for example – can keep you aware of any unusual activity.

 

Monit, a mobile-friendly financial assistant

Monit is a mobile-friendly digital financial assistant

Monit is a mobile-friendly financial assistant that is complimentary for businesses that bank with Eastern. We are also giving healthcare organizations that are not Eastern Bank customers special complimentary access to Monit for 12 months3

Monit securely connects to your accounting software1 to help you do more with your data – giving you numbers and insights you need to manage and grow your business on the go, anytime, anywhere. With Monit, practice/business owners get:

  • 24/7 actionable views of key metrics (e.g., cash on hand, revenue/profit, accounts receivable/payable) 
  • Personalized insights & recommendations to help you make more informed decisions based on your data (e.g., profit enhancement, expense optimization, investment/line of credit timing) 
  • Forecasts showing the impact future or potential decisions/events on cash flow (e.g., new hires, investments, revenue/expense changes) 
  • A Paycheck Protection Program (PPP) forgiveness optimizer to help you project/optimize forgiveness

Try it today and be up and running in as few as 10 minutes.

​​​​Sign up now

 

 
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 compatible with QuickBooks Online™, Xero and QuickBooks Desktop, and becomes compatible with more software packages based on business owner demand. If you use a different package and are interested, feel free to sign up and we will let you know when Monit becomes compatible with it..

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.

3. The offer of complimentary access to Monit for businesses who are not currently customers of Eastern Bank includes 12 months of access to Monit using the promotional code: EBHealth. After 12 months, non-customers can continue to leverage Monit if they become an Eastern Bank business customer. Otherwise, the business's access to Monit will be disconnected. The business should contact Monit to learn about other ways to access.

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