Cambridge Savings Bank’s asset-based lending team closed a financing package for Medical Record Associates (MRA), a provider of medical coding, auditing and cancer registry services. Wellesley, MA-based MRA has been working with hospitals since 1986 by 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 sought a financial institution to support its initiatives. MRA collected referrals from its network and conducted an interview process to find a new banking partner. The process led MRA landing to Cambridge Savings Bank.
“After our extensive due diligence process to find the right banking partner, it became clear that Cambridge Savings Bank was the right fit,” Charlie Saponaro, CEO of Medical Record Associates, said. “Keith and Yvonne [Kizner] 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.”
Cambridge Savings Bank 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. The capital will also enable MRA to pursue acquisition strategies to expand its reach beyond its 100 existing hospital partners.
“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,” Kizner, who is the senior vice president of asset-based lending at Cambridge Savings Bank, said. “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.”
