General Electric Healthcare (GE) has partnered with Medical Credit Fund (MCF) part of the PharmAccess group to enable small and medium private healthcare providers to access loans so as to purchase GE Healthcare manufactured medical equipment.
The partnership is aimed at improving access to better quality healthcare for patients living in underserved areas by financing the purchase of various diagnostic equipment. Under the deal, MCF will provide access to mobile-based lending and business improvement programmes to eligible healthcare providers, while GE Healthcare will support the program through provision of GE equipment and technical support. Borrowers who qualify for loans include eligible healthcare facilities in the private sector offering a broad array of primary care services and especially with an explicit focus on family and mother-child care. Under the partnership, borrowers will be able to secure loans of up to $100,000, by providing limited information notably their MPESA /MTIBA statements, with a 24 months repayment plan.
Mr. Isaiah Okoth, Country Director Kenya, PharmAccess Foundation, had this to say, “There is a case for innovative financing models and technical support to healthcare SMEs to support them to grow and improve the quality of healthcare services they deliver to underserved populations. Together with GE Healthcare, we are looking at social entrepreneurship in the healthcare space as an entry point to strengthen the healthcare system and to support the achievement of UHC goals.”
One of the first beneficiaries of the program, James Ndaba Head of Administration at Trinity Care Centre had this to say, “We always wanted to upgrade to the latest Ultrasound machine, but financing was a challenge. Through the MCF and GE Healthcare financing program, we were able to easily acquire an ultra-modern Ultrasound machine which our patients like and hence prefer our facility over others nearby. We have also seen the number of our patients per month increase by over 40%.