U.S. Bank to Digitize 70% of Healthcare Payments Using AI and Salucro Assets
USB•U.S. Bank hired payments veteran Eric Levine to lead a cross-department AI-driven project automating healthcare finance, aiming to digitize the 70% of payments still made by paper checks across a sector representing roughly 20% of the U.S. economy. The initiative leverages the 2024 Salucro acquisition and Elavon payment technology.
1. New Healthcare Payments Lead
U.S. Bank has appointed Eric Levine, a payments executive with over 20 years’ experience at Bank of America, Citi and JPMorgan Chase, to head its healthcare automation efforts. Levine reports to EVP Peter Geronimo and will oversee a cross-department team focused on financial workflows outside patient care.
2. AI-Driven Automation Initiative
The bank’s project will apply AI and emerging technology to digitize recordkeeping, documentation, benefits management, invoicing and payments. It targets the 70% of healthcare transactions still processed via paper checks, aiming to accelerate collections and improve user experience.
3. Leveraging Salucro and Elavon Assets
The initiative builds on U.S. Bank’s 2024 acquisition of Salucro, a healthcare-focused online billing platform, and taps Elavon, its payments technology subsidiary. These assets will form the backbone of a new payment rail connecting providers, payers and patients.
4. Strategic Importance and Market Impact
Healthcare payments make up roughly 20% of U.S. economic activity and face rising labor and supply costs. By automating these processes, U.S. Bank seeks to capture market share, reduce transaction costs and enhance its financial services offerings to hospitals, insurers and life sciences companies.
