Siemens Financial Services expands healthcare finance platform

Siemens Financial Services, Inc. (SFS Inc.), the U.S. unit of Siemens' Financial Services division, recently announced an expansion of its healthcare financing team and product capabilities.  In addition to equipment financing, SFS Inc. now offers healthcare providers project, construction and permanent real estate financing, as well as asset-based and cash flow-based term loans.  

"Expanding our healthcare finance platform creates a new and much-needed source of capital for healthcare providers," said Kirk Edelman, president and chief executive officer, SFS Inc.  "With these additional offerings, they can have more options to pursue their strategic initiatives, and continue providing and improving the quality of healthcare in their communities."

"These additional capabilities are a direct response to the tightened credit and bond markets affecting healthcare providers' access to capital over the last few years," said Ted Drake, Senior Vice President and General Manager of healthcare finance.  "Adding a dedicated team to provide project financing, construction and permanent real estate financing, along with traditional equipment financing, enables healthcare providers to invest more easily in expansion projects."  

As part of this new offering, SFS Inc. recently provided a $17.2 million credit facility to Bucks County Specialty Hospital, located in Bensalem, Pennsylvania.  The credit facility was used to acquire a variety of equipment which will be utilized in the hospital, as well as to make needed improvements to the building.  

Hospital chairman Mike West said, "Bucks County Specialty Hospital is committed to providing patients with quality healthcare in a patient-focused setting. Siemens' support of the hospital as we grow and add new services will help us fulfill our mission. We look forward to having an ongoing relationship with Siemens."

The Siemens cross sector Financial Services (SFS) is an international provider of financial solutions in the business-to-business area. With about 2,000 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. SFS finances infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens.