Worcester Business Journal

16 Worcester Business Journal | December 9, 2024 | wbjournal.com Banking products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender. Berkshire Bank is a Massachusetts chartered bank. Checking Disclosure: 1 This is a variable rate account, and the rate may change after the account is opened. The Annual Percentage Yield (APY) is accurate as of 11/1/24 and subject to change. Fees may reduce earnings. The minimum balance to open the Berkshire Direct Checking account is $1,000. Available to consumer customers only. To obtain the disclosed Annual Percentage Yield you must maintain one of the following requirements: • A minimum combined monthly direct deposit amount of $7,500.00 in your Berkshire Direct Checking account; OR • An average monthly balance of $50,000.00 in your Berkshire Direct Checking account each monthly statement cycle. Early account closure fee may apply if account is closed within 12 months of account opening. See fee schedule for applicable fees and Truth-in-Savings Disclosure. Money Market Disclosure: 2 This is a variable rate account, and the rate may change after the account is opened. The Annual Percentage Yield (APY) is accurate as of 11/1/24 and subject to change. Fees may reduce earnings. Minimum balance to open the Berkshire Direct Money Market account is at least $25,000 in new money not already on deposit in other accounts with Berkshire Bank during the previous thirty calendar days. Available to consumer customers only. To qualify for a Berkshire Direct Money Market account, you must be a primary OWNER of a Berkshire Direct Checking account. If you are not the primary OWNER of a Berkshire Direct Checking account, your Berkshire Direct Money Market account will be closed, and the balance will be mailed to you in the form of a Cashier's Check. Must maintain an average monthly balance of $25,000.00 to obtain the disclosed APY. Interest Rates and Annual Percentage Yields (APYs) rates shown are accurate as of the date listed. The balance tiers for the Berkshire Direct Money Market are as follows: $25,000 – 49,999.99; $50,000 - $99,999.99; $100,000 - $249,999.99; $250,000 or more and reflects the current minimum daily collected balance required to obtain the applicable APY. Rates subject to change without notice. Berkshire Direct Money Market maintenance and other fees, if any, apply and may reduce account earnings. The balance of the Berkshire Direct Money Market account cannot exceed $5,000,000. Early account closure fee may apply if account is closed within 12 months of account opening. See fee schedule for applicable fees and Truth- in-Savings Disclosure. Cell Phone Disclosure: 3 Benefits are subject to terms, conditions, and limitations, including limitations on the amount of coverage. Coverage is provided by New Hampshire Insurance Company, an AIG company. Policy provides secondary coverage only. Cell phone insurance is offered through Mastercard. The maximum liability is $800 per claim, and $1,000 per covered card per 12-month period. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per covered card per 12-month period. See Terms and Conditions for more details. Basic Checks Disclosure: 4 Receive free basic wallet-style checks for your new Berkshire Direct Checking account only. No cash value or credit towards non-basic wallet style checks. ATM Fees Disclosure: 5 All non-Berkshire Bank ATM Inquiry fees waived. We will reimburse all non-Berkshire Bank ATM Withdrawal and Surcharge fees incurred nationwide per statement cycle. Your surcharge (non-Berkshire Bank ATM fee) credits may be reportable to the IRS on Form 1099-MISC. "Statement Cycle" begins the calendar day after the previous Statement Cycle ends and runs through the last business day of the statement period. Berkshire Bank's ATM policies are subject to change at our discretion at any time. Identity Theft Disclosure: 6 Information about Identity Theft services will be sent in a separate email. Eligible customers for Identity Theft services would include the Consumer, his/her spouse or domestic partner, dependents in the household up to age 25, other IRS-qualified dependents in the household, and parents living at the same address as the consumer, or living in hospice, assisted living, or nursing home. Rev 11/24 account balance (avg monthly balance) apy Tier 1 $25,000 – $49,999.99 2.55% Tier 2 $50,000 – $99,999.99 3.30% Tier 3 $100,000 – $249,999.99 3.80% Tier 4 $250,000 & more 4.30% Minimum of $25,000 new money (not previously on deposit with us during the previous thirty calendar days). Avoid the $10 Monthly Maintenance Fee with a $1,000 average monthly balance each monthly calendar period. berkshire direct checking1 Direct deposit / balance requirements that grow as you go berkshire direct money market2 Berkshire Direct checking account required when opening account monthly direct deposit requirements or monthly minimum average balance apy Tier 1 $0.01 – $2,999.99 / $0.01 – $4,999.99 0% Tier 2* $3,000 – $7,499.99 / $5,000 – $49,999.99 0% Tier 3 $7,500 & more / $50,000 & more 1.00% * Avoid the $35 Monthly Maintenance Fee by maintaining one of the following requirements: • A combined monthly direct deposit amount of $3,000.00 or more in your Berkshire Direct Checking account; or • An average monthly balance of $5,000.00 or more in your Berkshire Direct Checking account each monthly statement cycle. Get more for your money with the Berkshire Direct Bundle • No incoming wire fees for domestic or international transfers • Cell phone insurance3 • Free basic wallet-style checks4 • atm waivers and surcharge rebates5 • No Overdraft Protection Transfer Fees when linked to any Berkshire Bank savings or money market account Client must enroll. • Identity theft protection6 • MyBanker Personalized financial planning for all your banking needs. We will come to you. Want better value? Go direct! Want to learn more? Sonia Descormiers 757.332.3173 | sdescormiers@berkshirebank.com Or stop by any Financial Center F O C U S N O N P R O F I T S tering initiative sustainability as they seeking alternate sources of income. In addition, FHCW has been in the process of moving toward a val- ue-based care system, a collaborative approach to health care in which hos- pitals and providers are paid based on quality, equity, and cost of care rather than the quantity of services provided. While FHCW has made significant investments into this model, Brady said it's a waiting game when it comes to reaping the fiscal benefits. "e investment happens today. e work happens today. e payment hap- pens a year or two out," he said. "at's a very difficult way to operate." Building community connections FHCW is working to implement this newer model while still operating with- in an older infrastructure, leading the center to not be able to see all the pa- tients necessary and fulfill the promise of value-based care, said Brady. To address this, Spiliotes and the board have been instrumental in mapping a new strategic plan to work with others to collaboratively address patients' needs inside and adjacent to the healthcare space. "Only by renewing our relationship with community can we take back con- trol of our lives," said Spiliotes. Community partners can help FHCW deliver a broader range of services more efficiently, she said. "We don't have to invent every- thing. ere are other people out there who do things and do them really well, and we need to come together as a family to say this is a population that is underserved, that is in great need," she said. Spiliotes has led the creation of Crossroad Continuum's strategic plan, taking a human-centered approach to identifying needs within the nonprofit. "She's a perfect balance of business sense and then emotional intelli- gence where she really understands the human factor of everything," said Greg Furst, board chair at Cross- roads Continuum and president of New England Applied Products in Waltham. "[She's] making sure that all parts of the community, whether that be internal to the organization or external to the community … [are] getting a voice." Spiliotes hosts Breakfasts With Lia, one-on-one/small group listening sessions, to learn what Crossroads employees' challenges are and how she can address them. Furst would have hired a third-par- ty consultant to help create the strate- gic plan, but Spiliotes was able to take on the challenge herself. e impact of her efforts to listen and make her employees feel heard are felt through- out the entire organization, said Furst. It is with this same approach that Brady sees Spiliotes tackling the mis- sion and goals of FHCW. "Our goal as a community health center is to build a community col- laborative that truly puts the power in the hands of the people and gives them that same opportunity to have a long path and a robust path," said Brady. "I see Lia as having a unique understanding of that mission, of that legacy, and the raw intelligence and the lived experience to help turn that into reality." Continued from page 15 Family Health Center of Worcester financials Fiscal year Revenue Assets Liabilities Net gain/loss 2019 $42.4 million $12.8 million $3.9 million $223,820 2020 $51 million $21.3 million $11 million $1.5 million 2021 $56.9 million $12.7 million $7.8 million -$443,863 2022 $56.7 million $10.2 million $7 million -$1.7 million 2023 $59.5 million $16.9 million $11.4 million $2.1 million Source: Guidestar Greg Furst, board chair at Crossroads Continuum in Hudson and president of New England Applied Products in Waltham W

• Cover