Bank Of America Acquires Healthcare Payment Startup Axia Technologies

Bank of America (BoA) is acquiring the German healthcare payment and technology company Axia Technologies for an undisclosed amount as the financial institution (FI) seeks to advance its payment solutions for healthcare clients.

Mark Monaco, head of enterprise payments at Bank of America, said in a press release that Axia also known as AxiaMed complements the bank’s knowledge base and offerings with its “great domain expertise and technology.” Both companies also “share a vision” of delivering advanced payment technology to their clients.

“Working together, we can leverage our joint expertise and capabilities to deliver a comprehensive range of payment and settlement solutions to our healthcare clients and their patients,” Monaco said.

The tie-up is part of BoA’s larger mission to integrate merchant services with its platform after a proposed joint venture fizzled out.

AxiaMed was founded in 2015 to enable healthcare providers to offer patients an omnichannel, end-to-end gateway and terminal software solution for payments. The company offers tools to assist healthcare providers with their financial performance by expanding the patients’ payment options and streamlining administrative workflows.

Randal Clark, co-founder, president and CEO of AxiaMed, said the company is excited to team with BoA as it strives to ensure seamless access to its payments platform. He added that many of the company’s clients and partners already use BoA’s services and products.

“Payments are core to what we do at Bank of America,” added Monaco. “We continue to invest to enable clients with expanded capabilities and flexible solutions to meet a variety of business needs in an integrated and transparent way that puts the client first.”

The January healthcare report indicated that doctors and healthcare systems saw their revenues freefall last year. A survey showed that 45 percent of patients said they would rather stay home than head to a medical appointment unless it was absolutely necessary. People put off all kinds of screening and general health visits as the pandemic took hold.