BBVA Compass is partnering with the technology provider CareCloud to offer software and services to medical practices.
As part of BBVA Compass's Healthcare Financial Solutions program, the $73.3 billion-asset bank will offer medical practitioners CareCloud's cloud-based practice management, electronic health records, and medical billing software and services. BBVA Compass, a unit of the Spanish bank Banco Bilbao Vizcaya Argentaria, will provide lending, payroll, and consumer banking services for physicians and their employees.
The purpose of this partnership, the two companies say, is to help medical practices improve cash flow, save time and facilitate business growth.
A CareCloud survey that asked 5,000 physicians about their practices' financial health revealed that nearly 40% see profitability decreasing in 2014. Additionally, 70% of the doctors said they spend multiple days a week on paperwork instead of patient care.
Through this partnership, CareCloud will help BBVA Compass bankers advise medical groups on their software needs and how to accelerate claims processing and payments.
"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, chief executive officer of Miami-based CareCloud, in a news release.
BBVA Compass has recently brought new technology options to business customers. Earlier this month, the bank announced a partnership with OnDeck in which it will refer small-business customers who might not qualify for a bank loan to the online lender.
In February, looking to enhance its digital properties, BBVA acquired the online banking startup Simple in Portland, Ore., for $117 million.