Royal Bank launches Practice Solutions for doctors
March 18, 2020
TORONTO – RBC Healthcare has extended its financial offerings beyond banking by launching Practice Solutions – a suite of tools to help physicians establish and manage their practices. Through partnerships with four Canadian health tech companies, Practice Solutions can help physicians increase their billings, reduce their practice overhead and improve the overall patient experience.
“We proudly support medical professionals throughout their entire career – from student to established professional – and we understand the unique journey they’re on,” said Niranjan Vivekanandan (pictured), vice president, RBC Healthcare. “Practice Solutions offers a connection to a variety of innovative partners who can help with the operation of what is effectively a small business – a skillset physicians may not have.”
In conjunction with four companies, RBC Healthcare has created a comprehensive package of services which provide effective solutions for billing, operations, coordinated care and automated patient communication to practice management – a unique partnership between a Canadian bank and health tech firms.
- Billing – Dr. Bill: Recently acquired by RBC Ventures, Dr. Bill is a mobile-first platform that allows physicians to process and submit their claims electronically for a more user-friendly and accurate reimbursement experience. Its digital billing platform, as well as dedicated live billing agents, refine outdated processes, save time, and reduce billing inefficacies for physicians.
- Operations – CHIME: A digital system that enables your clinic to work smarter. CHIME manages everything from checking patients in, to telling doctors where to go next to assigning staff to tasks. By delivering the right person to the right place at the right time the platform reduces overhead, improves efficiency and boosts clinic revenue.
- Coordinated Care – CoHealth: A mobile-first platform geared at empowering patients and caregivers with the right health content at the right time. CoHealth provides easy access to trusted information on various health topics to help keep patients informed before and after a visit. With top-tier content delivery, this tool aims to promote healthy patient behaviour as well as save staff time and reduce costs.
- Automated Patient Communication – Mikata Health: Through artificial intelligence, Mikata’s easy-to-use patient communication tools help clinics automate reminders, announcements, follow-up, data collection, charting and more. This platform aims to make interacting with patients proactive, personal and convenient, while unlocking revenue and time savings for both doctors and staff.
“Physicians focus first and foremost on their patients, and that fills the majority of their day, as it should,” added Vivekanandan. “They are often strapped for time, making it difficult to find and access practice management services. We’re stepping in to help them with this important aspect of running their practices so they can continue to focus on patient care.”
Andrew Best, senior director of healthcare financial services at RBC, said there are now over 600 healthcare specialists at RBC branches across Canada. “They’ve been trained in what physicians and practices do, and they’re trained to spot opportunities to improve how physician practices work,” he said.
He added, “By looking at financial statements, and listening to doctors, they can solve problems and make suggestions.”
Best noted that RBC conducted a study of physician practices, interviewing doctors and front-desk personnel to determine the challenges faced by clinics. The bank formed partnerships and created Practice Solutions as solutions to these problems.
As an exclusive offer for RBC Healthcare Advantage Plan members, Practice Solutions provides discounts from all partner organizations. For more information, visit rbc.com/practicesolutions
About RBC Healthcare
RBC Healthcare was created to address the needs of healthcare professionals throughout each of their life stages. RBC Healthcare’s network of over 600 healthcare specialists are trained to understand the unique needs of Healthcare Professionals. RBC Healthcare Advantage is now available to eligible healthcare professionals who join or are already banking with RBC. To learn more, visit rbc.com/healthcare.
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 85,000+ employees who 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 34 other countries. Learn more at rbc.com.