Wells Fargo’s Agreement with AMA – Analyst Blog

Wells Fargo & Company’s (WFC) two business units have signed a deal with American Medical Association (AMA) on Friday to become the preferred providers of medical practice and equipment financing for the latter’s physician members.

 

One business unit, Matsco, based in Emeryville, California is a part of Wells Fargo’s practice finance group. It facilitates financial and planning resources, which helps physicians to expand their practices. Matsco has enjoyed a long relationship with AMA in health care financing. Currently, Matsco has similar relationships with the American Dental Association and the American Animal Hospital Association.

 

Another unit based in Des Moines, Iowa, is Wells Fargo Financial Leasing Inc., which has been in the equipment leasing industry since last 33 years. It has a strong team of professionals, who focuses on medical equipment leasing for physicians. An extensive range of financing programs is being directed by the unit.

 

Both units will propose a range of financial products to AMA members, which includes practice acquisition, start-up and expansion, and commercial real estate and medical equipment leasing.

 

Through this new agreement, the financing issues featured by AMA in their practices will be minimized. Further, AMA will be able to provide physicians with high-quality service, education and guidance.

 

The AMA helps doctors and in turn, helps patients, by uniting physicians nationwide to work on the most important professional and public health issues. Working together, the AMA’s physician and medical student members are playing an active role in shaping the future of medicine.

 

With the assistance provided by Wells Fargo, the members of AMA will be able to concentrate more on patients, while financial resources offered will be helpful in building and managing the practices.

 

In first quarter 2010, all the business segments contributed to the strong earnings of $2.5 billion, or $0.45 per share, which outpaced the Zacks Consensus Estimate of $0.42.

 

Though the economy is still quite challenging, and consumers and businesses have not yet returned to their past levels of spending and borrowing, Wells Fargo manages to serve the financial needs of its customers efficiently, which gets reflected in the first quarter’s performance.

 

Wells Fargo concentrates on satisfying the financial needs of all its customers. The company’s primary strategy is to give customers all the financial products that fulfill their needs. The company aims to grow by expanding the number of products for its existing customers, gain new customers in extended markets and increase its market share.