Fifth Third Bancorp (NASDAQ: FITB) today announced it has closed the acquisition of Big Data LLC, a technology solutions provider for healthcare payments and remittance.
The 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.
“Fifth Third has a long history of expertise in the healthcare banking space and is deeply committed to bringing our solutions to healthcare clients,” said Kevin Lavender, head of commercial banking at Fifth Third Bank. “This acquisition allows Fifth Third and Big Data Healthcare to collaborate, scale and continue to accelerate healthcare technology solutions that benefit current and future clients.”
Big Data Healthcare optimizes healthcare results through intelligent data automation. Its core solution FUSE is a bank-neutral online portal that automates remittance reconciliation back to deposits and provides visibility improving data and file management while working in tandem with existing systems.
“We value the relationships and experience of the Big Data Healthcare team,” said Bridgit Chayt, head of wholesale payments. “We’re committed to helping solve for the unique challenges our clients face from manual processes to regulatory complexities.”
“We’re impressed with Fifth Third’s commitment to maintain and grow existing business, while remaining an agile and neutral partner,” said David Plotkowski chief executive officer, Big Data Healthcare. “They truly are committed to keeping the client at the center and we look forward to mutual success in the future.”
The acquisition was made by an indirect wholly-owned subsidiary of Fifth Third and financial terms were not disclosed.