Dive Brief:
- US Bank this week closed on a purchase of the Tempe, Arizona-based healthcare billing and payments software firm Salucro Healthcare Solutions, according to a bank press release Thursday.
- The Minneapolis-based bank will integrate Salucro’s employees into its Elavon merchant acquiring unit, which has previously partnered with the healthcare firm. Salucro has about 130 employees and the bank plans to retain them all, according to a spokesperson for the bank.
- The US Bank spokesperson declined to disclose the terms of the deal or to provide financial results for the privately-held Salucro related to its annual revenue or profitability.
Dive Insight:
US Bank invested in Salucro just two years ago, in 2022, and partnered with the firm through its merchant acquiring Elavon unit, which offered the services under the MedEpay brand, the US Bank press release said.
The bank, which has 70,000 employees and $680 billion in assets, noted it has been in the healthcare arena for a century, providing services to hospitals, insurers, medical equipment manufacturers and other types of practices, including dental and veterinary.
“Salucro’s robust billing and payment platform is an ideal complement to offerings we provide throughout U.S. Bank and Elavon,” the bank’s vice chair for payments services, Shailesh Kotwal, said in the release.
Salucro had been led by CEO Clayton Bain, who also founded the company. The US Bank spokesperson didn’t immediately comment on what Bain’s new role would be. A spokesperson for Salucro couldn’t be reached.
Some of the services Salucro marketed on its website include online bill-pay services, bill collection, patient engagement tools as well as print and digital statements. The Salucro services are sold nationwide, according to the release.
