RBC Ventures Acquires Digital Healthcare Startup Dr.Bill

Need to Know

• RBC Ventures, a subsidiary of Royal Bank Canada, has acquired Dr.Bill, a mobile and web solution that simplifies medical billing. 
• Dr.Bill tackles a major pain point for many healthcare professionals: billing by digitizing and modernizing the process allowing more time for patient care.  
• RBC Ventures provides RBC customers with value-added services beyond general banking with services from companies like Butter, Rocketman, and Wellspent. 

Analysis 

RBC has expanded on its Ventures value-added portfolio with the acquisition of Dr. Bill, a billing solution that aims to simplify and streamline the billing and payment process for Canadian Medical Professionals. 

“Dr. Bill, a best-in-class physician billing platform, helps create a better experience for healthcare providers who are seeking an easier, more convenient billing system,” said Alison Chick, VP of B2B and health ventures at RBC Ventures. “Going beyond banking to provide value-added products, services and capabilities is at the core of RBC Ventures. The acquisition of Dr. Bill differentiates how RBC is supporting the medical community.”

A subsidiary of RBC, Ventures goes beyond day-to-day banking and connects with its customers by offering access to platforms and services that help customers in various aspects of their lives. Ventures’ current portfolio includes Toronto based cash-back app dipp, membership organizer Butter, financial advisory app Wellspent, Toronto transit navigator Rocketman, and numerous others. 

Dr. Bill compliments RBC Healthcare, a service created to address the needs of healthcare professionals throughout various stages of their careers and lives. 

“Doctors complete medical school and residency with little to no training on how to operate a business, so establishing their own practice and learning all of the nuances of running it can be a daunting experience,” says Niranjan Vivekanandan, VP, RBC Healthcare in the release. “A critical focus of RBC Healthcare is providing exclusive offerings to support doctors informing and building their practices. With innovative solutions – like Dr. Bill – RBC Healthcare is helping physicians to allow them to focus their time on their patients and their own families.”

The acquisition is only the latest initiative the bank has undergone to simplify the lives of its customers. RBC recently became the first back in Canada to offer Interac e-Transfer Bulk Money Requests, eliminating the need for void checks, banking details, or other time-consuming banking processes.