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 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.”
Sid Paquette, Head, RBCx, said:
“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. 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.”
As noted in the update, 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”
RBCx says that it “powers bold ideas, founders, and technology companies.”
They 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.”
They use their 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.”