CBA has announced the acquisition of health technology provider Whitecoat, accelerating the bank’s ambition to provide Australia’s leading end-to-end digital payment, claiming, and directory solution for the healthcare industry.

Whitecoat operates Australia’s largest digital healthcare services directory allowing patients to locate and book appointments with over 300,000 health service providers. It also offers a digital health payment and claims solution with both terminal and in-app mobile claims processing capability for Medicare, private health insurance, and government schemes.

The acquisition will see Whitecoat brought into CBA’s Business Bank. CBA Group Executive Business Banking, Mike Vacy-Lyle, said acquiring Whitecoat supports the Group’s focus on healthcare as a growth sector and a strategic priority to provide the best digital services and experiences to its customers.

“In practical terms Whitecoat will save customers time, streamline their administration and allow them to deliver a better experience to their own customers. Their patients will have access to a convenient and secure way to pay, claim, search and book healthcare providers.

“We recognise that by thinking differently and broadening our services we can help our customers run their businesses more effectively,” Mr Vacy-Lyle said.

“Australia is fortunate to have one of the world’s best healthcare systems and we want to ensure it is supported by the best payment systems. By integrating Whitecoat into CBA, we are seeking to provide the best integrated digital solution in the market. It will see us differentiate our customer proposition in the healthcare sector and is well aligned to our aspiration to grow in business banking.”

For healthcare practitioners, the solution will deliver a leading in-practice and digital payments and claims solution integrated into practice management platforms. It will also increase efficiency through streamlined back-office administration, practice management software integrations, payment reconciliations, real-time reporting, and the ability to process Medicare, private health insurance, and government scheme claims – leaving practitioners more time to spend with their patients.

For patients, it will provide a simpler, seamless experience to pay and claim using both physical cards or within a mobile app as a digital transaction. They can also easily search the Whitecoat directory for a healthcare practitioner, obtain quotes and manage appointments all in one place.

Source: CBA