Daniel Storer hopes to have the cure for what ails companies in the healthcare industry.
Huntington Bancshares Inc. of Columbus, Ohio, has hired Storer to head the expansion of its specialized healthcare banking. This will include greater access to the $54 billion-asset bank's commercial, treasury management, wealth management, business banking, insurance and equipment finances services, Huntington said on Wednesday.
"There a lot of opportunities right now in healthcare, a lot of changes," Storer says. "And all require capital."
For example, companies may need access to additional capital to stay up-to-date with the latest in medical technology and equipment. Others may need to consider relocating to “smart buildings” that offer the latest advancements in areas like telecommunications, he says.
Health-care firms also may need help raising capital or forming alliances in response to the Patient Protection and Affordable Care Act enacted in 2010, he says.
Storer's background in the healthcare field may give him greater insight into these needs. He worked at KeyCorp of Cleveland, Ohio, from 1988 until 2003 when he joined the insurance brokerage Neace Lukens. He made the transition because he "had been in banking a long time and always wanted to be on the other side of the table," he says.
After Neace Lukens was acquired by a private equity firm a few months ago, he began working on a contract basis with Northeast Surgical Wound Care Inc. where he was responsible for business and clinical operations and revenue growth in wound care and pharmaceuticals. When he was approached about joining Huntington, he thought it was the perfect time to head back into banking.
"I was intrigued about building something," Storer says. "I didn't want to be just a steward. I wanted an opportunity to grow a business."