Healthcare Middle Market Finance

First Citizens Bank

Scott Herman, Founder and CEO, New Day Healthcare: New Day Healthcare started with the mantra to burn the ships. After a few decades in home care, we were facing some pretty monumental shifts in the industry around payer networks. So, we chose to start a company that was going to rethink everything. And in order to do that, we really needed investment partners on the private equity side of our business as well as commercial side of our business that really knew our history and thought well with us.

We see about 12,500 patients every day. We touch about 150,000 patients a year. And we do that in multiple service lines, providing a full continuum of care in the home for mostly chronically ill senior patients in America.

We've developed a mechanism and a methodology to care for them in a longitudinal way over years, rather than short incidents.

What we found with First Citizens was an innovative banking partner that thought like we did. Now over a couple of decades we've built a history, and those have been successful. But you don't need banks when times are good. When economic times are great, a lot of people are willing to loan you money.

When there's shifts in the macroeconomics and things get tough, you need a partner that you can count on that understands what you're doing and is engaged with your strategy. First Citizens and that team have always been with us and in that frame of mind as we've kind of worked through the past couple of decades. So, they've been good banking partners, among the best that we've encountered in the industry.

And they are full banking services. They provide financial services, they provide debt capital and they help us think strategically. They also, for the first time in my 30-plus-year career, chose to co-invest with us as an investment partner—their money right alongside our money to create something innovative. What it showed was a tremendous amount of confidence in what we were doing, confidence in our team and confidence in our future.

So working with First Citizens, that's been a good relationship, and it helped us engage in that full banking relationship. We get instant responses. We're able to expand our credit lines as needed when we come across acquisitions. We're confident that if we want to buy something bigger or move in a different direction or create more strategic service lines or initiatives, that First Citizens is there with us.

We're doing something different. We've been in the space with them for a while, so they appreciate us, and we appreciate them. But when we need help, and we need to work through situations, we sit down and strategically talk about it. You need that partner that can help you invest in a longitudinal way, understand the strategy and help you build.

First Citizens has done that with us over the years. People want to be with you at the peak. First Citizens has been there as we've innovated and created these new paths, a New Day, which quite honestly are going to change the way patients are treated in the home. Their involvement with us is very, very important. It's critical actually, as we move the organization forward, and we couldn't do it without them. We have to have that really good relationship, which we do. We're very pleased with them.

First Citizens Bank

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