Commonwealth Bank of Australia (CBA) has acquired health technology provider Whitecoat as part of its goal to improve customer experience by providing end-to-end digital payment, claiming, and directory solution.
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 terminal and in-app mobile claims processing capability for Medicare, private health insurance, and government schemes.
As part of the acquisition, CBA will bring Whitecoat to its business bank – saving customers' time, streamlining the bank's administration, and delivering a better customer experience.
“We recognise that by thinking differently and broadening our services, we can help our customers run their businesses more effectively,” said CBA group executive business banking Mike Vacy-Lyle.
“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.”
The service will provide a simpler, seamless experience to pay and claim using physical cards or within a mobile app as a digital transaction. Patients can also easily search the Whitecoat directory for a healthcare practitioner, obtain quotes, and manage appointments all in one place.
The service will also deliver healthcare practitioners an 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 – providing practitioners more time with their patients.
