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.