Contact: Lisa Garvy
Senior Vice President, Business Development
NeuroSource
312.494.4554
lgarvy@neurosource.com
NeuroSource, CitiCapital, Partner to Help Hospitals Acquire Top Technologies
CHICAGO—(Aug. 11, 2004)—NeuroSource, the nation's only company focused exclusively on neuroscience and allied specialties, and CitiCapital, Citigroup's commercial finance unit, have formed a strategic alliance that will help hospitals secure essential new technologies to provide advanced patient services. NeuroSource's unique expertise combined with CitiCapital's commitment to the healthcare market will enable hospitals and health systems to acquire, finance and implement new patient treatment technologies.
CitiCapital will offer customized financing solutions to hospitals working with NeuroSource to acquire sophisticated technology and services. “CitiCapital understands the hospital CFO's need for flexible, creative solutions. We have more than 30 years of experience in the healthcare market,” says Winston Abbott, Managing Director in CitiCapital Healthcare Finance. “Working with NeuroSource, we can expand the options available, bring a more customized set of financing solutions to the table, and still meet the hospital's ever-tightening budget constraints.”
“A brain tumor patient in a small town should be aware of and have access to the same treatments and technologies as a brain tumor patient in a large city,” says Kerwin Brandt, Senior Vice President of NeuroSource's Specialty Technology Ventures. “Unfortunately, that's often not the case. Through our joint ventures with hospitals in and our partnership with CitiCapital, we can make more treatment options available to patients nationwide, and at the same time, protect hospitals from risk, financial over-commitment and equipment obsolescence.”
As a case in point, stereotactic radiosurgery (SRS) is a powerful tool in the arsenal to fight brain tumors and other diseases. New variations of SRS are quickly finding application outside the brain, so that the technology could soon become a standard tool in most oncology programs. And yet, the high upfront cost of SRS – typically $5 million– could put the technology in the “out of reach” or “high-risk” category for most community hospitals. Having the right financing program can alleviate that difficulty.
Already, three hospitals in diverse markets have forged joint ventures with NeuroSource and acquired advanced neuro technology through the NeuroSource partnership with CitiCapital.
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About CitiCapital—With a current portfolio of over $20 billion, CitiCapital, a business unit of Citigroup, is one of the largest commercial finance companies in the U.S. CitiCapital provides a full range of financing solutions and services to around 300,000 customers and is a market leader in healthcare, energy, business technology, construction equipment and material handling equipment finance. Additional information can be found at www.citicapital.com.
About Citigroup—Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at www.citigroup.com
NeuroSource Inc., headquartered in Chicago, IL, enhances the market position of health systems and physicians. It is the most experienced development partner to the neuroscience and allied specialties, helping create focused facilities, implement new technologies, and provide essential business services. NeuroSource develops, owns and manages focused hospitals and medical technology in conjunction with health systems and physician groups across the country.
Copyright 2005, NeuroSource Inc.