Arkansas Heart Hospital
Commercial finance solution for Siemens EHR system
Arkansas Heart Hospital was looking to achieve Electronic Health Record(EHR) capability and was planning to acquire a variety of SiemensSoarian® applications to facilitate this. The hospital needed $4.8MM of financing to pay for project implementation costs (professional services and hardware costs) andwanted the flexibility to pre-pay the loan as federal ARRA fundsassociated with the implementation of EHR are received.
Siemens Financial Services (SFS) proposed a 12 month interest only,variable rate progress pay loan, during the implementation period. SFS also provided a 36 month, variable rate term loan (after theimplementation period) and the option to pre-pay all or portions of the loanas ARRA funds are received.
The hospital was able to proceed with the project according to itstimetable, minimize impact to cash flow during the implementation period, and has flexibility to pre-pay the loan.