BBVA Compass and CareCloud 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 medical billing software 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.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA BBVA +0.89% (mad:BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at www.bbva.com .
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 684 branches, including 352 in Texas, 89 in Alabama, 78 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration and was recently awarded the 2013 Celent Model Bank Award for its new core banking platform. Additional information about BBVA Compass can be found at www.bbvacompass.com , by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com .
CareCloud is the leading provider of cloud-based practice management, electronic health record (EHR), and medical billing software and services for medical groups. The company’s products are connecting providers to one another – and to their patients – through a fully integrated digital healthcare ecosystem that can be accessed on any browser or device.
CareCloud is helping thousands of physicians to increase collections, streamline operations and improve patient care in over 48 states, and currently manages over $3 billion in annualized accounts receivables on behalf of its revenue cycle management clients. To learn more about CareCloud, please visit www.carecloud.com .