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Southern Heritage Bank
Cleveland, Tennessee
Southern Heritage Bank (“SHB”) is a small community bank with three branches located in Cleveland, Tennessee. Founded in 1999, Southern Heritage Bank’s mission is to help consumers and small businesses while promoting the economic health of Cleveland and Bradley County, Tennessee.
With limited resources and a focus primarily on real-estate based lending, SHB did not have the infrastructure to provide a working capital financing solution for HealthLink Services, a Cleveland, TN based owner and operator of long-term care facilities.
“We did not have the staff or expertise in medical receivables to meet HealthLink’s need for Accounts Receivable based lending” says Cindy Martin, Loan Operations Office for Southern Heritage.
To meet HealthLink’s need for working capital and additional funds for acquisitions, Southern Heritage Bank turned to Insight. “Insight worked with us to accommodate the unique needs of this particular customer,” says Martin. “Long-term care has it’s own unique challenges in the revenue cycle, and to get HealthLink on the program, Insight really picked up the ball and ran with it.”
With the Insight program in place, Southern Heritage Bank purchases all of HealthLinks’ accounts receivables at a discount initially and ongoing as new receivables are generated and deposits cash in HealthLink’s account – typically within 24 hours.
Martin states that “Our customer has been very pleased with the Insight program, and it has truly helped them with cash flow.” The program has been a success for Southern Heritage Bank and Martin has recommended Insight to other banks as well. According to Martin “Insight has been really great to work with, they have enabled us to retain and grow our customer – they are a true partner.”
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