Big Data, a technology solutions provider for healthcare, has been acquired by Fifth Third Bank; however, financial details of the deal are yet to be disclosed.
As per reports, Fifth Third Bancorp has recently acquired Big Data LLC. Announced earlier this week, Fifth Third Bancorp, which is based in Cincinnati, Ohio, is listed on LinkedIn to have around 21,827 employees. They specialize in commercial banking, branch banking, consumer lending, retail banking, loan, and so much more.
Building on Fifth Third's history of digital innovation and attention to the healthcare industry, the purchase expands the company's capabilities for managing the national healthcare revenue cycle, while addressing the intricate and demanding needs of clients.
Kevin Lavender, head of commercial banking at Fifth Third Bank said, “Fifth Third has a long history of expertise in the healthcare banking space and is deeply committed to bringing our solutions to healthcare clients.”
Big Data on the other hand, is a company based in Philadelphia, Pennsylvania, with around 38 employees listed on LinkedIn. Big Data Healthcare enhances medical outcomes through clever data automation. FUSE, the company's main product, is a bank-neutral internet portal that streamlines remittance reconciliation back to deposits, improves data and file management, and integrates with current systems.
This deal will add revenue cycle capabilities nationwide, focusing on multifaceted requirements of clients and continuing to create a new legacy for Fifth Third. Financial details of the acquisition, which were conducted via a Fifth Third indirect wholly-owned subsidiary, were not made public.