Tri-Med

Customer:

Jay Davidson is the owner of Tri-Med Ambulance. They provide medical transportation to their hometown community of Kent, Washington.

Challenge:

Jay’s first challenge was getting the financing he needed to buy out his business partner. The local banks he had been working with just weren’t lending at the time. His secondary challenge was taking over the financial aspects of Tri-Med because that was his business partner’s responsibility. In essence Jay would be learning on the job because he never had to manage the company’s finances before. To make things even more complex, Tri-Med had a manual system of managing the inflows and outflows of cash. This was a very time consuming process. Jay needed a way to streamline things in order to handle his new responsibilities and still have time to grow the business.

Solution:

Jay was introduced to a KeyBank Business Relationship Manager. After getting an understanding of Jay’s situation, his Relationship Manager brought a team together to work with Jay to develop a plan of action. The KeyBank team started by helping him get the financing he needed to buy out his partner. Timing was perfect for Jay due to the low interest rate environment, which helped Tri-Med save up to hundreds of thousands per year to buy out his partner early. Then the team took the time to learn Tri-Med’s back office processes to better understand where efficiencies could be found. They discovered the manual process of managing cash flow and reporting was weighing Tri-Med down. So the KeyBank team helped to reinvent Jay’s financial system by automating his cash flow via lockbox solutions and equipping him with online tools to monitor his finances remotely. “The ability to oversee and manage at the push of a button has allowed me to focus on other things instead of counting chips every day,” says Jay. “It really has changed my life.”

Results:

KeyBank helped Tri-Med manage their cash flow more efficiently by providing automated solutions that streamlined and simplified the company’s finances. The automation allowed Jay to manage both the operational and the financial aspects of the business with ease. Streamlining also helped optimize the inflows and outflows, giving Jay more cash on hand than he’s ever had before. “And I sleep much better because of it,” says Jay.

KeyBank continues to provide Jay with solutions to make Tri-Med more efficient so that he can remain focused on growing his business. Key is in the process of providing Jay with the financing he needs to expand his fleet by an additional ambulance and transportation vehicles. And Tri-Med takes advantage of a wide range of products that allows the company to collect payments faster and easier. “I feel like the people at KeyBank are sitting at home having coffee, and thinking about Tri-Med,” says Jay. “They’re always coming up with new ideas to help make my business more efficient.”