Acquisition further expands bank's focus on healthcare industry

U.S. Bank, lead bank of U.S. Bancorp (NYSE:USB), has acquired Salucro Healthcare Solutions LLC. The Tempe, Arizona-based company provides healthcare financial technology, focused on patient payments and billing.

Founded in 2004, Salucro is a market leader in providing online billing and payments offerings for healthcare providers across the United States. Salucro had previously been a partner of Elavon, the merchant acquiring unit within U.S. Bank. U.S. Bank initially invested in Salucro in 2022, and Salucro's platform is sold through Elavon as MedEpay.

"U.S. Bank is a leader in providing banking and payments services to the healthcare industry, making it easier for providers and patients to focus on what's most important to them," said Shailesh Kotwal, vice chair of U.S. Bank Payment Services. "Salucro's robust billing and payment platform is an ideal complement to offerings we provide throughout U.S. Bank and Elavon."

This acquisition builds on the bank's more than a century of service to healthcare-focused clients. U.S. Bank today provides a broad range of banking and payment services to healthcare organizations, including hospital systems, insurers, medical equipment manufacturers and medical, dental, and veterinary practices. The bank's healthcare experts focus on delivering innovative solutions to help clients of all types and sizes meet their financial, operational, and investment goals – so they can focus on their core mission of serving patients.

The Salucro team members are now employees of U.S. Bank, and will integrate into Elavon, one of the largest payments processing companies globally.

The acquisition closed on Aug. 21, 2024. Financial terms are not disclosed.

For more about U.S. Bank's healthcare offerings, please click here.

About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $680 billion in assets as of June 30, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World's Most Ethical Companies and Fortune's most admired superregional bank. Learn more at usbank.com/about.

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U.S. Bank acquires healthcare payments platform Salucro Healthcare Solutions