What I Should Expect of my Banking Relationship

Jun 05, 2023 at 01:30 pm by steve


By Jarod Avant

The healthcare industry experienced arguably the greatest impact by the Covid-19 pandemic. The pandemic forced physicians to adjust to how they provided routine care. The disruption to care created challenges, but also opened the door for a better way forward.

As physicians adjust to a new healthcare environment, it is important for them to also consider adjustments in some of their business relationships; to consider businesses that support customized strategies in succeeding in today’s environment, including their bank relationship.

Who You Know

First and foremost, you need to know who your banker is. Your primary contact (banker) should be the quarterback of your relationship, both for the medical practice and personal banking needs. They will provide ease of access not only for your current relationship, but for additional products/services. Introductions to other banking partners to assist in supporting you should be a smooth process. Simply put, your banker should be accessible. Can you call, text, or email them right now?

Experience

No medical practice is the same, so it is important that your bank offers support to your unique financial needs. Often times, your needs are best understood when working with a partner that knows your industry and spends time looking at your full financial profile. This includes your deposit, lending, revenue cycle management, and investment needs. Working with an experienced banker reduces your stress and should be someone you refer others to. Do you trust your bank or banker to refer others to?

Products and Services

Just as your medical practice and personal financial needs are unique to you, your bank relationship should be customized, as well. Customizing your relationship comes in the form of a proposal, based on your full financial profile. Deposit accounts to operate and save, loans to purchase and grow, treasury services to move and protect money, and investments to thrive are all key recommendations your banker should be communicating to you. Does your bank relationship feel custom or off the shelf?

Technology

Just as the healthcare industry continues to advance using new technologies, so should your bank. Accessibility in using bank products and services can arguably be just as important as knowing your banker. Having advanced banking platforms will provide access for you, your internal practice partners, and other professionals to assist in managing the practice revenue cycle in the office, at home, or on the go. Ultimately, the banks platform should provide security, versatility, and convenience. Does your bank provide ease of use with peace of mind?

It goes without saying that there will continue to be challenges and worries in healthcare as we navigate the post-pandemic world. Regulations will continue to mount, risks will become greater, and margins will be thinner. It is important that a priority is placed on developing and maintaining a strong relationship with your banker, for both business and personal reasons. Consider your banker an “off-balance sheet” asset to help improve your bottom line.

Jarod Avant is a Vice President at SouthState where he leads the Birmingham Private Banking Group.

 

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