Northeast Rehabilitation Hospital Network (NRHN)
New Hampshire and Massachusetts
Impatient, outpatient, sports medicine, pediatric and industrial rehabilitations as well as homecare and pain management.
Number of Sites:
20 outpatient centers, for inpatient and a homecare division.
- Dedicated Project Manager
- Competitive Rates, no fees
- Lease management portal
- Industry leadership
First American Lease Line of Credit Enables Rehabilitation Network to Plan for the Long Term
Northeast Rehabilitation Hospital Network (NRHN) was founded by a group of innovative physicians determined to deliver value, which makes it fitting that values also play a pivotal role in its mission to serve patients. It also makes its relationship with First American the perfect match. “Relationships are important to us, and the people we chose to work with and have relationships with are important to us,” said CFO Charles Champagne. “The board is made up of neurosurgeons from the community, so the reputation of the hospital is also part of their personal reputation. They only want to interact with organizations that have a stellar reputation.”
Meeting Short-Term Needs with a Long-Term Perspective
As part of the leadership team at NRHN, Champagne sits on two committees – the Technology Committee and the Capital Committee. Both committees must anticipate equipment needs, avoid budget surprises and pave the way for more efficient growth. The Technology Committee will research and assess new technologies before making recommendations to the Capital Committee, which prioritizes planned purchases, budgets accordingly and decides how to pay for those acquisitions.
This structured planning process ensures NRHN gains the right returns on its investments and provides essential level of transparency to the entire organization. As a result, Champagne can be confident that they have the best strategy in place to keep NRHN expanding clinics, facilities, services, and care for patients. It was during this process that Champagne discovered First American’s lease line of credit. Unlike with traditional bank revolving credit lines, NRHN only needs to qualify once, with no audits, governing covenants, borrowing bases or quarterly financials necessary. The line comes with a fixed interest rate and does not have to be paid off annually. Most importantly, the lease line of credit has allowed Champagne the financial flexibility to acquire new high-tech equipment while also covering NRHN’s basic needs.
“My vice president of nursing has emphasized the clinical importance of replacing our beds and mattresses in an effort to mitigate the occurrence of pressure ulcers,” Champagne said. “We’re reviewing where we are on our lease, and we still have funds available. That’s going to allow me to do some planning right now and she’s thrilled. She couldn’t be happier. She thinks I’m a hero. I couldn’t have done that without the lease being available.” Who doesn’t want to be thought of as a hero? The lease line also allows him to spread the cost of such expenses as video systems, rehabilitation equipment and IT upgrades over the term of the lease instead of paying the entire amount upon purchase, allowing Champagne to protect his cash flow – a factor that is critically important as NRHN seeks to open new clinics.
“It relieves stress for me knowing that the line is there,” he said. In the end, it all comes back to value and values.
“A company is only as good as people you deal with,” Champagne said. “Once you get the relationship started, that goes a long way in keeping it going.”