Commonwealth Bank launches new Healthcare Banking division

The Commonwealth Bank has launched a new specialist banking division, Healthcare Banking. The division will provide bespoke financial services to Australia's healthcare industry.

Healthcare Banking is the latest addition to the Bank's market specialist unit which already includes Franchising and Financial Planning Banking. The premise is to provide enhanced customer service and tailored financial solutions to specific sectors across the country.

Healthcare Banking will provide service to a broad range of sectors including Dentists, as well as Specialists, Optometrists, Vets and General Practitioners.

Robert De Luca, Executive General Manager, Corporate Financial Services, Commonwealth Bank, said the newly created division had been developed following extensive consultation with prominent industry bodies and practitioners from across the industry.

"The preparatory in-market research has played a significant role in helping us develop Healthcare Banking and ensure we are able to provide Dentists the financial solutions and support they really need.

"By lending against cash flow, streamlining our processes, and offering Dentists a holistic banking service to meet their business and personal requirements, our specialists are able to develop more valuable relationships," Mr De Luca said.

A full suite of services will be available to Dentists through Healthcare Banking, from commercial financing for mergers, acquisitions, succession planning and purchasing business premises to asset finance options, transactional banking services, superannuation solutions and business insurance. The Bank's MediClear payment facility will also be accessible.

As part of their training, the Healthcare Banking team has been involved in a formalised accreditation process.

According to Mr De Luca, this will ensure specialists have a strong understanding of the key healthcare industries and environment and promote consistency in service across the team.

The Bank's new specialist division is already developing relationships with financial planners and accountants that service healthcare businesses to further enhance its offer and reach.

Specialist teams have been established in New South Wales and Victoria and there are plans to expand in the coming months.