Fifth Third Announces Acquisition of Big Data Healthcare, a Payments Company Serving National Health Systems, Physicians

Rhea-AI Summary

Fifth Third Bancorp (NASDAQ: FITB) has reached a definitive agreement to acquire Big Data Healthcare, enhancing its digital payments and managed services in the healthcare sector. This strategic acquisition adds national healthcare revenue cycle capabilities, catering to the growing complexities in healthcare payments. Founded in 2017, Big Data Healthcare specializes in optimizing healthcare results through intelligent data automation, notably with its FUSE solution. While financial terms remain undisclosed, Fifth Third aims to deliver specialized client experiences driven by innovation, positioning itself as a leader in the rapidly growing U.S. healthcare economy.

Positive

• Acquisition enhances Fifth Third's digital payments and managed services offerings.
• Strengthens presence in the rapidly growing healthcare sector.
• Big Data Healthcare's expertise in optimizing healthcare results through technology.
• Potential for improved revenue cycle management capabilities.

Negative

• None.

Further Advances Bank’s Digital Payments and Managed Services Offerings

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (NASDAQ: FITB) today 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.

“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,” said Kevin Lavender, head of commercial banking at Fifth Third Bank. “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.

“The Big Data Healthcare team understands that healthcare organizations have their own unique and challenging financial environments,” said Bridgit Chayt, head of wholesale payments. “We’re thrilled to bring their experience to our Treasury Management and Commercial Banking solution set.”

“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,” Plotkowski said.

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.

About Big Data Healthcare

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.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230307006028/en/

Adrienne Gutbier (Media Relations)

adrienne.gutbier@53.com | 513-534-8038

Chris Doll (Investor Relations)

christopher.doll@53.com | 513-534-2345

Source: Fifth Third Bancorp

FAQ

What is the acquisition deal between Fifth Third Bancorp and Big Data Healthcare?

Fifth Third Bancorp is acquiring Big Data Healthcare to enhance its digital payments and managed services in the healthcare sector.

How will the acquisition of Big Data Healthcare impact Fifth Third Bancorp?

The acquisition is expected to strengthen Fifth Third's capabilities in healthcare revenue cycle management and improve client services.

What kind of technology does Big Data Healthcare provide?

Big Data Healthcare offers solutions for automating remittance reconciliation and improving healthcare data management.

When was Big Data Healthcare founded?

Big Data Healthcare was founded in 2017.

What are the financial terms of the Fifth Third Bancorp and Big Data Healthcare acquisition?

The financial terms of the acquisition have not been disclosed.