U.S. Bank's new initiative targets small-to-midsize healthcare practices

SME Banking
02/10/2023 News

U.S. Bank has unveiled an ambitious new initiative aimed at providing specialized and comprehensive financial services to small-to-midsize healthcare practices and practice owners with annual revenues of up to $25 million. This initiative, led by the recently appointed Head of Healthcare Business Banking, Joe Persichetti, will harness U.S. Bank's resources across banking, payments, and wealth management to deliver tailored solutions to healthcare clients.

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To support this initiative, U.S. Bank will be creating over 50 new positions across the country. These positions will combine the expertise of dedicated healthcare bankers with a commitment to high-touch service, ensuring that each client receives personalized solutions and advice tailored to strengthen their practice. The overarching goal is to simplify financial operations, allowing practitioners to devote more time to patient care and less to administrative tasks.

The scope of clients served by this initiative includes medical, dental, and veterinary practices, practice owners, physician-owned medical and diagnostic laboratories, and outpatient care centers. Healthcare business banking relationship managers will be strategically located in key markets across U.S. Bank's footprint to better serve these clients.

Traditionally, banks have focused their healthcare services on larger institutions, but this initiative recognizes the growing need among small and mid-size healthcare practices for streamlined financial and operational solutions. These services will encompass a broad suite of business banking capabilities, innovative payment solutions, operational efficiency enhancements, and improved patient payment experiences. Additionally, wealth management expertise will be offered to help practitioners achieve their personal financial goals.

Dee O’Dell, head of Business Banking Sales at U.S. Bank, highlighted the power of this offering, stating, "We’re delivering a broad suite of business banking capabilities along with compelling solutions to help providers accept payments, streamline their operations, and improve their patient experience – combined with wealth management expertise to help practitioners achieve their personal financial goals."

Joe Persichetti, with nearly two decades of experience in the healthcare field, is set to lead this initiative. His background includes key roles at Huntington National Bank, Henry Schein Financial Services, and Bank of America’s practice solutions group. Persichetti expressed his excitement about the initiative, emphasizing that U.S. Bank is well-positioned to serve practice owners with a combination of industry-leading digital tools and personalized attention from specialized relationship managers.

This healthcare initiative builds upon U.S. Bank's extensive history of service to clients in the healthcare sector, underlining the bank's dedication to helping clients of all sizes meet their financial, operational, and investment goals. U.S. Bank has been serving the healthcare industry for over a century, providing innovative solutions that empower healthcare professionals to focus on their primary mission: serving patients.

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