CareCloud and BBVA Compass announced today that they are joining forces to help medical practices ease administrative burdens, improve client care and boost financial performance via an integrated package of bank services and healthcare technology.
The pairing is timely. According to CareCloud’s 2014 Practice Profitability Index, which surveyed more than 5,000 physicians nationwide about their practices’ financial health, nearly 40 percent of U.S. medical doctors see profitability trending down in 2014 and 70 percent spend more than one day a week on paperwork instead of patient care.
CareCloud, based in Miami, has amassed more than $3 billion in annualized accounts receivables since its 2009 launch and is well positioned to help BBVA Compass reach medical practices, a segment often ignored by major banks focused on large hospitals.
BBVA Compass Small Business Segment Director Lonnie Hayes said CareCloud’s innovative cloud-based technology platform will allow the bank to better serve a segment increasingly affected by the demands of technology and regulation.
“There’s significant overlap between the technology and financial services required to run a medical practice efficiently today,” said Hayes. “We’re offering a unified solution aimed at simplifying the management of these critical functions.”
BBVA Compass’ healthcare business development officers, led by BBVA Compass Healthcare Business Development Director Jon Shaw, will present CareCloud’s cloud-based practice management, electronic health records (EHR), and services alongside the bank’s Healthcare Financial Solutions program, which was designed to improve cash flow, save time and facilitate growth.
The bank is also offering practice lending, payroll, and consumer banking services for physicians and their employees.
“BBVA Compass understands that cloud-based technologies are the logical choice as physicians and staffs look to better manage their practices and patients in a challenging and fast-changing environment,” said Albert Santalo, chairman and CEO of CareCloud. “Its reputation as a financial services leader and commitment to innovation make us a formidable team.”
Santalo said the agreement is the first of its kind between CareCloud and a major bank and provides the tech platform provider a new way to reach physician practices. CareCloud will help BBVA Compass bankers advise medical groups on their core software needs and how to accelerate claims processing and payments.
The agreement is another example of BBVA Compass’ efforts to lead the technology-driven transformation of the financial services industry. The bank teamed up with tech-powered lender OnDeck earlier this month, using the company’s innovative technology and business scoring system to connect the bank’s small business clients to more capital.
The bank’s parent company, BBVA, announced in February it was acquiring Simple, a Portland, Ore.-based company that has created a new standard in digital banking, through BBVA Compass.
