The Royal Bank of Canada (RBC) has acquired Toronto-based MDBilling for an undisclosed amount in a move to bolster its healthcare strategy. The financial terms of the deal are not being disclosed.
Founded in 2008, MDBilling provides a software-based medical billing solution. According to the company, its platform is used by nearly 9,000 Canadian physicians, with more than $2.3 billion in claims paid for the Ontario Health Insurance Plan (OHIP) since its inception.
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.”
– Jaime Wong, MDBilling co-founder and CEO
Physicians using MDBilling’s platform come from healthcare facilities like St. Joseph’s Health Centre Foundation, Chatham-Kent Health Alliance, Sunnybrook Health Sciences Centre, and London Health Sciences Centre.
RBC said that the addition of MDBilling in its portfolio will support its healthcare strategy by providing solutions for physicians at “every stage of their career journey.”
MDBilling’s acquisition builds on RBC’s purchase of Dr.Bill that was announced in 2020, but took place in October 2019. Launched in 2014, Dr.Bill also provides a mobile billing platform for Canada’s healthcare community. Dr.Bill’s acquisition was made through RBC Ventures’ sister company RBC Medical Billing, a wholly-owned subsidiary of RBC.
“Since the launch of our Healthcare practice, we have worked to make billing easier for physicians through RBCx’s venture Dr.Bill,” said Sid Paquette, head of RBCx. “The acquisition of MDBilling.ca helps further this pursuit.”
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RBC established its healthcare division in 2018 and added a membership program a year after with products for workers in the healthcare industry.
In addition to RBC’s own portfolio of medical practice solutions, RBC has established a number of partnerships with healthtech providers to offer their products to RBC clients. This includes clinic communication SaaS company Chime, Québec medical billing company Facturation, and Calgary AI digital health tech firm Mikata.
Last year, RBC also partnered with CAN Health Network to expand the latter’s offering from access to Canadian healthcare organizations and procurement opportunities to banking services.
As a result of the acquisition, MDBilling said that its clients will also be able to access RBC’s network of more than 1,100 healthcare specialists trained to provide specialized advice and support for the financial needs of healthcare professionals.
Jamie Wong, co-founder and CEO of MDBilling, called MDBilling’s acquisition a “great opportunity” for its employees and clients as it moves into its next phase of growth, “backed by the strength of RBC.”
Featured image from MDBilling’s website.
