A Medical Device Daily
Bridge Healthcare Finance (Chicago) reported completing a $7.5 million revolver to the Neurological and Orthopedic Institute of Chicago, a freestanding hospital focused on providing neuroscience and orthopedic services.
Neurosurgeon Leonard Cerullo, MD, and orthopedic surgeon John Hefferon, MD, are medical directors of the institute which began operations in January 2003.
"Our vision to create partnerships around neuroscience programs, facilities and technologies became a reality with the opening of the Institute," said Kerwin Brandt, senior vice president of NeuroSource. "As we grow, we rely on savvy financial partners such as Bridge Healthcare, [which] understands our unique needs in this dynamic competitive environment."
"We are thrilled to partner with an industry leader in comprehensive specialty care, especially one in the Chicago metropolitan area," said Randy Abrahams, president and CEO of Bridge. "This credit facility reinforces our commitment to recognizing and funding growth opportunities in the healthcare markets."
Bridge says it offers a combination of loan products and an "unparalleled service approach unique to [the] healthcare lending industry." Through accounts receivable, cash flow and real estate-based term loan lending products, Bridge is able to address the differing capital needs of the healthcare industry.
Besides its Chicago headquarters, Bridge has an office in Hartford, Connecticut. Loan amounts, Bridge said, start at $500,000.
The Neurological and Orthopedic Institute of Chicago bills itself as the country's first freestanding acute care specialty hospital dedicated exclusively to neuroscience and orthopedic services. It reports using advanced procedures for neurosurgery, orthopedics, pain management, neuro-oncology, sports medicine and rehabilitation.