National Australia Bank: NAB to Digitize Healthcare for Australians

NAB today announced that HICAPS Pty Ltd has entered into a buy and sell agreement with InLoop to acquire 100% of the shares of Lantern Claims Pty Ltd, which operates the digital health claims technology business LanternPay.

The proposed acquisition, which remains subject to conditions including regulatory approvals, is part of NAB’s strategy to digitize banking services for Australians. The deal is expected to improve the HICAPS payment process for Australians, save time, simplify administration and increase payment options when visiting a healthcare provider.

LanternPay operates a digital claims payment platform for the healthcare, disability, insurance and senior care industries. It was specifically designed to standardize the claims and payment experience for all providers of public and private health care plans, including private health insurers, state workers, and accident insurance, Medicare and NDIS.

Andrew Irvine, NAB group director for business and private banking, said simplifying payments for the growing healthcare industry would be a huge step forward for everyone.

“The healthcare sector is already one of the country’s largest job providers and the fifth largest contributor to Australia’s GDP. Australia’s healthcare payment systems are heavy, resulting in inconsistent payment experiences for patients and complexity for healthcare providers.

“NAB’s integration of HICAPS with LanternPay technology will over time deliver a seamless digital customer experience – with real-time approvals and faster payments for medical, paramedical and other providers.

“Customers who previously could wait days for a refund from NDIS, for example, will now receive that payment on the spot. For many Australians, this will be a game changer. ”

Geoff Austen, Managing Director of InLoop, said: “The decision to partner with NAB is an exciting one for the LanternPay team. NAB’s over 20 years of healthcare experience combined with our cutting edge payment technology means more Australians will benefit from a transaction when they visit the dentist, doctor or therapist. The transaction will also allow InLoop to have the resources and focus to drive the growth of the Flexischools, Clickability and Nuonic businesses ”

Upon completion of the proposed acquisition, LanternPay will become part of NAB’s healthcare specialization in business and private banking, and will be integrated with HICAPS, which has been handling claims and payments for over 20 years.

Notes to Editors:

· NAB also has over 250 healthcare bankers across Australia.

Once the proposed transaction is completed, digital HICAPS will be rolled out across Australia throughout 2022.

PWC Report: An Opportunity for Economic Growth Healthcare in Australia https://www.strategyand.pwc.com/au/en/reports/australias-healthcare-system.pdf

About InLoop

InLoop is a leading Australian owned and managed developer of enterprise digital platforms. Through our specialist companies Flexischools (Education), LanternPay (Complaints), Clickability (NDIS Marketplace) and Nuonic (Analytics), every week more than one million Australians rely on InLoop Business Platforms to engage in services in critical areas of the Australian economy – disability services, education, insurance and transport. InLoop founded LanternPay to create a better way to manage claims payments. Since 2016, LanternPay has been driven by one simple goal: to create a claims payment platform that offers greater choice and control for participants, providers, partners and programs in the healthcare, care, hospitality, and healthcare industries. disability, insurance and aging. The team strives to make the complex simple, ultimately enabling better outcomes for all who provide and receive supporting funding.

About Antoine L. Cassell

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