CBA has acquired Whitecoat, an online directory of healthcare professionals which uses search algorithms to locate targeted services and experts for patients.
Whitecoat also processes claims and digital payments through both terminal and in-app mobile systems for Medicare, private health insurance, and government schemes.
The bank first partnered with Whitecoat in 2018 to develop and provide a joint solution for healthcare practices.
Whitecoat was owned by three health insurers: nib, Bupa and HBF. nib said in a financial filing that it would book "a profit before tax of approximately $9 million on the sale of its share" of the business.
Post-acquisition, Whitecoat will sit within CBA’s business bank and give healthcare professionals an integrated digital payments and claims solution built into a practice management platform.
CBA group executive for business banking Mike Vacy-Lyle said the acquisition aligns with the bank’s strategic priority to become Australia’s top digital payment, claims and healthcare directory solution.
“By integrating Whitecoat into CBA, we are seeking to provide the best integrated digital solution in the market,” Vacy-Lyle said.
“It will see us differentiate our customer proposition in the healthcare sector, and is well aligned to our aspiration to grow in business banking.”
Vacy-Lyle added that “in practical terms” the acquisition with Whitecoat will save customers time, streamline administration and allow health providers 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," Vacy-Lyle said.
CBA said that integrating the two organisations will result in improved administration and reporting plus better processing capabilities, leaving healthcare professionals more time to spend with patients. Patients will also see a better online payments experience.