Fifth Third Bancorp (NASDAQ: FITB) announced a definitive agreement to acquire Big Data Healthcare, a technology solutions provider for healthcare payments and remittance.
This transaction “adds national healthcare revenue cycle capabilities, addressing the complex and complicated needs of clients, while building on Fifth Third’s legacy of digital innovation and focus on the healthcare sector.”
Kevin Lavender, head of commercial banking at Fifth Third Bank, said:
“The healthcare industry is one of the largest and fastest growing segments of the U.S. economy. It’s the first and the largest of our industry focus areas. Together, we can deliver a specialized client experience driven by innovation.”
Founded in 2017 by David Plotkowski and Dean Puzon, Big Data Healthcare optimizes healthcare results “through intelligent data automation.”
Its core solution FUSE is “an online portal that automates remittance reconciliation back to deposits and provides visibility improving data and file management while working in tandem with existing systems.”
Bridgit Chayt, head of wholesale payments, said:
“The Big Data Healthcare team understands that healthcare organizations have their own unique and challenging financial environments. We’re thrilled to bring their experience to our Treasury Management and Commercial Banking solution set.”
Plotkowski said:
“We are delighted to have found a partner that acknowledges common goals and desires to support and grow existing and new business through our innovative healthcare solutions. Today we are an even stronger company through our relationship with Fifth Third.”
The acquisition, “which will be made by an indirect wholly-owned subsidiary of Fifth Third, is subject to customary closing conditions.”
Financial terms of the transaction “have not been disclosed.”
As noted in the update, Big Data Healthcare’s mission is “to support healthcare providers in meeting their business goals to achieve long-term financial sustainability by providing exceptional service and solutions.”
Through technology, complemented by subject matter excellence, they strive “to provide the healthcare community with system continuity through best practices and affordability.”