NAB has today announced HICAPS Pty Ltd has entered into a sale and purchase agreement with InLoop to acquire 100% of the shares in Lantern Claims Pty Ltd, which operates digital health claiming technology business LanternPay.
The proposed acquisition, which remains subject to conditions including regulatory approvals, is part of NAB’s strategy to digitise banking for Australians. The deal is expected to enhance the HICAPS payment process for Australians, saving time, simplifying administration and increasing payment options when visiting a healthcare provider.
LanternPay operates a digital claim payments platform for the healthcare, disability, insurance and aged care sectors. It has been purpose-built to standardise the claims and payment experience for all providers of services to government and private healthcare schemes, including private health insurers, state workers and accident insurance, Medicare and the NDIS.
NAB Group Executive for Business and Private Bank, Andrew Irvine said simplifying payments for the growing healthcare sector would be a huge step forward for everyone.
“The healthcare sector is already one of the country’s largest providers of employment, and the fifth largest contributor to Australia’s GDP. Australian healthcare payment systems have been cumbersome – resulting in disjointed payment experiences for patients and complexity for healthcare providers,” Mr Irvine said.
“Integrating NAB’s HICAPS with LanternPay technology will over time deliver a seamless digital customer experience – with real-time approvals and faster payments for medical, allied health and other providers.
“Customers who previously might have waited days for a reimbursement from the NDIS for example, will now receive this payment on the spot. For many Australians, this will be an absolute game changer.”
Geoff Austen, Managing Director for InLoop said: “The decision to partner with NAB is an exciting move for the LanternPay team. NAB’s more than 20 years’ experience in the healthcare sector combined with our leading payments technology means that more Australians will benefit from simple transactions when they visit the dentist, doctor or therapist. The transaction will also allow InLoop the resources and focus to drive growth in the Flexischools, Clickability and Nuonic businesses”
Following completion of the proposed acquisition, LanternPay will become part of NAB’s health specialisation in Business and Private Banking, and be integrated into HICAPS, which has been managing claims and payments for over 20 years.
Notes to editors
· NAB also has more than 250 specialised health bankers across Australia.
· Following completion of the proposed transaction, digital HICAPS will be rolled out across Australia throughout 2022.
· PWC report: An opportunity for economic growth Australia’s healthcare https://www.strategyand.pwc.com/au/en/reports/australias-healthcare-system.pdf
InLoop is a leading Australian owned and managed developer of enterprise-grade digital platforms Through our specialist businesses Flexischools (Education), LanternPay (Claiming), Clickability (NDIS Marketplace), and Nuonic (Analytics), every week more than one million Australians rely on InLoop enterprise platforms to engage in services across critical areas of the Australian economy – disability services, education, insurance and transport. InLoop founded LanternPay to create a better way to manage claim payments. Since 2016, LanternPay has been motivated by a simple objective – to create a claim payments platform that offers greater choice and control to participants, providers, partners and programs across the health, care, disability, insurance and ageing sectors. The team strive to make the complex simple, ultimately enabling better outcomes for all who provide and receive support funding.