RBC bolsters bank's healthcare offering with the acquisition of MDBilling.ca
Canadian medical billing leader helps physicians spend more time with patients and less time on paperwork & administration
TORONTO, Oct. 4, 2022 /CNW/ - Today, RBC announced it has acquired MDBilling.ca, a cloud-based platform that automates and simplifies medical billing for Canadian physicians. The company joins Dr.Bill at RBC, another leading medical billing company acquired by the bank in 2020.
Founded in 2008, Toronto-based MDBilling.ca's product offering is rooted in its best-in-class, proprietary software that supports physicians with their medical billing. As one of Canada's top digital medical billing solutions, MDBilling.ca is currently used by close to 9,000 Canadian physicians, with more than $2.3B in OHIP claims paid through the platform since inception. The company also boasts an extensive roster of partnerships with leading healthcare providers across Ontario.
Medical billing has always been tedious, stealing hours from a physician's work day and personal life due to a reliance on paperwork or antiquated technology and complex provincially-specific billing codes. MDBilling.ca's suite of products and services ensures physicians are able to spend less time doing paperwork so they can focus on what matters most, helping patients.
The acquisition supports RBC Healthcare's strategy to provide innovative solutions for physicians at every stage of their career journey. MDBilling.ca clients will also benefit from access to more than 1,100 RBC Healthcare Specialists trained to provide specialized advice and support for the unique financial needs of physicians and other healthcare professionals.
"Since the launch of our Healthcare practice, we have worked to make billing easier for physicians through RBCx's venture Dr.Bill. The acquisition of MDBilling.ca helps further this pursuit," says Sid Paquette, Head, RBCx. "We are proud to be a leader in medical billing in Canada, helping to simplify and expedite the process for physicians to get paid for the incredibly important work that they do."
Jaime Wong, co-founder and CEO, MDBilling.ca, added, "We couldn't be happier. This is a great opportunity for our employees and clients, as we move into our next phase of growth, backed by the strength of RBC."
The financial terms of the deal are not being disclosed.
About MDBilling.ca
MDBilling.ca is a cloud-based medical billing company servicing physicians in Ontario and British Columbia, through their mobile and web billing applications. Founded in 2008 and used by close to 9,000 physicians, the Toronto-based company is one of the largest medical billing companies in Ontario. Learn more at MDBilling.ca.
About RBCx
RBCx powers bold ideas, founders, and technology companies. We know building great businesses takes more than just finance, which is why our four pillars – Banking, Capital, Platform, and Ventures – combine to make us the go-to backer of Canadian innovation. We use our deep expertise to support businesses of all sizes and stages, and leverage RBC's extensive experience, networks, and capital to solve tomorrow's big problems.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 92,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE RBC
