TIAA Bank acquires $1.5bn healthcare equipment financing portfolio from GE Capital
TIAA Bank has announced its plans to acquire the $1.5bn portfolio of healthcare equipment leases and loans from GE Capital’s Healthcare Equipment Finance (HEF) business. It will significantly expand TIAA Bank’s commercial banking business and enhance its ability to provide a full range of financial solutions to institutional clients and serve an even greater number of healthcare providers.
The sale comes as GE Capital seeks to become smaller and more focused. The parties have entered into a five-year vendor financing agreement for US customers of GE Healthcare.
GE Healthcare Equipment Finance’s leadership, infrastructure and salesforce will be integrated into GE Healthcare in 2019 and the team will continue to originate and service transactions under a co-branding arrangement with TIAA Bank.
The acquired healthcare portfolio includes loans and leases to approximately 1,100 hospitals as well as 3,600 physician practices and diagnostic and imaging centres across the US. Assets financed include imaging, monitoring, respiratory, surgical, ultrasound and lab equipment.
“TIAA is dedicated to delivering financial solutions to institutional clients, including those in the healthcare industry,” said Lori Dickerson Fouché, Senior Executive Vice President and CEO of Retail & Institutional Financial Services at TIAA.
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“This transaction expands our ability to meet the complete financial needs of hospitals and universities we serve, allowing them to fund their operations, achieve strategic goals and continue to provide high-quality care to millions of Americans.”
“This agreement with GE Capital supports our long-term asset growth plan and provides scale and portfolio diversification while significantly expanding our on-going relationship with GE, a top-tier healthcare equipment manufacturer,” commented Blake Wilson, CEO of TIAA’s Retail Financial Services and chairman and CEO of TIAA Bank.
“The healthcare industry is dynamic and ever-changing, and the need for new healthcare equipment continues to grow at a rapid pace. This deal will allow TIAA Bank and GE’s healthcare finance business to continue to help clients with their financing needs for years to come.”
“This is an excellent outcome for GE Capital, GE Healthcare and its customers,” added Trevor Schauenberg, President and CEO of GE Capital Industrial Finance. “TIAA Bank is a well-known, highly respected institution and we look forward to working with its outstanding team, ensuring a strong foundation for the future and seamless continuity of service for our US customers. With this portfolio sale and financing alliance, we are expanding our funding capability and improving our competitive offerings for our customers.”
TIAA Bank offers a wide range of commercial banking solutions to its clients, including business banking, term loans, lines of credit, real estate and equipment financing. The addition of this portfolio will enable TIAA to provide an even more comprehensive range of services to this strategic growth market.
Long haul Covid, the brain and digital therapies
It is estimated that around 10% of people who get Covid-19 develop long haul Covid, a debilitating condition that can last many months and cause breathlessness, exhaustion and pain.
Research is underway to find out who is more likely to get it and how to treat it. Here neuroplasticity expert and owner of Harley Street Solutions in London Ashok Gupta tells us how the condition affects the brain.
What is long Covid exactly?
Long Covid is when patients who have experienced Covid-19 go on to have continuing symptoms for weeks and months afterwards. These symptoms can include breathlessness, exhaustion, brain fog, gastric issues, pain, and post-exertional malaise. It is estimated that around 10% of Covid-19 infections may result in developing long haul symptoms, and in the USA, this may be affecting over 3 million people.
How does it affect the brain?
Here at our clinic, we hypothesise that it is due to a malfunction in the unconscious brain, creating a conditioned response that keeps the body in a hyper-aroused state of defensiveness. At the core of this hypothesis is the idea that we are here because our nervous system and immune system have evolved to survive. We are survival machines!
When we encounter something such as Covid-19, the brain perceives it as life threatening, and rightly so. And in the era of the pandemic, with more stress, anxiety and social isolation, our immunity may be compromised, and therefore it may take longer for the immune system to fight off the virus and recover.
If the brain makes the decision that this is potentially life threatening and we get to the stage where we’re overcoming the virus, a legacy is left in the brain; it keeps over-responding to anything that reminds us of the virus. Even if we’ve fought off the virus, the brain will react in a precautionary way to stimuli reminiscent of the virus.
The brain may get stuck in that overprotective response, and keeps stimulating our nervous system and our immune system, just in case the virus may still be present.
What symptoms does this cause?
These signals cause a cascade of symptoms including breathlessness, extreme fatigue, brain fog, loss of taste or smell, headaches, and many others. And these are caused by our own immunes system.
In the case of long-haul Covid, symptoms in the body get detected by a hypersensitive brain which thinks we’re still in danger. The brain then chronically stimulates the immune and nervous systems, and then we have a continuation of a chronic set of symptoms.
This isn’t unique to long-haul Covid. Many patients develop chronic fatigue syndrome, sometimes known as “ME”, for example, after the flu, a stomach bug, or respiratory illness. Covid-19 may be a severe trigger of a form of chronic fatigue syndrome or ME.
How does long-haul Covid affect mental health?
Anxiety is a very common symptom in long haulers. It can be frightening to wonder about what may be happening in your body, and what the prognosis is going to be for one’s long term health. Reaching out for support for mental health is crucial for long-haulers.
How does neuroplasticity treatment work for long-haul COVID patients?
We have been working with patients for two decades with a brain retraining programme using neuroplasticity or “limbic retraining.”
We believe that through neural rewiring, the brain can be “persuaded” that we are no longer in danger and to come back to homeostasis. But to be very clear, we are not saying it is psychological in any way, but we believe there are novel ways of accessing the unconscious brain.
We recently worked successfully with a 56-year-old male with long-haul Covid, who prior to contracting Covid-19 in March of 2020 was running half-marathons and cycling, but afterwards he struggled to get off the sofa for months. Within 3 months he’s now back to 100% and running half marathons again.
At our clinic, we train the patient to be able to recognise those subtle unconscious danger signals on the periphery of consciousness. This, coupled with supportive techniques and the natural hallmarks of good health such as sleep and diet help prepare the patient to respond to perceived threats that might trigger the response.
The natural state of our brain is to default to protection. The brain prioritises survival and passing on our genes to the next generation, over any other impulse. It cares more about that than you feeling healthy and well. Protective responses are evolutionary, and are the right thing for the brain to do – it’s survival.
What digital therapies or apps are proving effective at treating long-haul Covid?
It seems that long haul patients are availing themselves of many online therapies and services, including meditation apps and wellness websites. We have an online neuroplasticity “brain retraining” video course called the “Gupta Program” which hosts 15 interactive videos and many audio exercises. This is proving very popular with long haul patients, and we are currently conducting a trial to test the effectiveness of this therapy.
What is the danger of leaving long-haul Covid untreated?
The longer it goes untreated, we hypothesise that it may become more entrenched in the brain, and become chronic in the longer term. Therefore we advise all patients to get help and advice as soon as possible.