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GE HealthCare and TIAA Bank expand equipment financing partnership

by John R. Fischer, Senior Reporter | March 13, 2023
Business Affairs Parts And Service
GE HealthCare's all-digital PET/CT scanner, Omni Legend. (Photo courtesy of GE HealthCare)
GE HealthCare has renewed and expanded its vendor equipment agreement with TIAA Bank, providing a pathway for hospitals and diagnostic imaging centers to receive financial support on imaging, monitoring, respiratory, surgical, ultrasound, lab and other medical equipment.

The agreement started in 2018 as part of a bigger $1.5 billion transaction that saw TIAA, a nationwide banking service, acquire a portfolio of loans and leases provided to approximately 1,100 hospitals, as well as 3,600 physician practices and diagnostic and imaging centers.

Working with GE HealthCare (then GE Capital’s Healthcare Equipment Finance business), TIAA was able to offer more financial solutions to healthcare practices and increase the number of providers it served.

As part of the extension, the companies work together for at least the next two years to originate and service healthcare financial transactions.

"All of us at TIAA Bank remain highly committed to providing innovative financing solutions that enable the delivery of best-in-class medical technologies resulting in better patient care," said Justin Tabone, TIAA Bank's vendor equipment finance origination leader, in a statement.

Based in Florida, TIAA offers vendor equipment financing, specialty equipment financing, structured mortgage financing, commercial real estate lending, and business banking services through online and mobile applications and its financial centers.

The ongoing agreement with GE HealthCare is part of TIAA’s vendor equipment finance business and allows it to customize solutions that meet individual needs of different healthcare providers.

GE HealthCare announced another $760 million agreement in early March with supply chain management company Advantus Health Partners. For the next 10 years, GE HealthCare will offer its healthcare technology management services to provide ongoing maintenance to Advantus Health’s clients, as well as monitor and address recalls and provide disinfection and distribution.

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