Westpac is set to acquire health payments provider HealthPoint, integrating the e-claiming solution into the bank’s own merchant offering.
The bank said the acquisition would allow it to “expand its payments offering to support small business and commercial customers in healthcare” to deliver instant e-health claiming for patients.
HealthPoint provides real-time private health claiming services to businesses at the point of sale, connecting healthcare providers, consumers and financial institutions.
Westpac intends to set HealthPoint up as a subsidiary of Westpac Banking Corporation “which would continue to provide services to HealthPoint’s existing partners.”
A Westpac spokesperson told iTnews that “healthcare is a growing industry in Australia and a strategic focus for Westpac.”
“We want to better support our customers with their end-to-end banking needs and expand our payments offering in a vital industry like healthcare, leveraging HealthPoint’s extensive industry experience.”
Westpac chief executive business and wealth, Anthony Miller followed with similar comments in a statement from the bank, stating healthcare is “a vital industry”.
“It contributes around 10 percent to Australia’s economic activity and this is likely to grow in coming years.
“We will integrate HealthPoint’s e-claiming solution into our merchant offer. We will also invest to build a leading customer experience for private health funds which use e-health claiming.”
Westpac’s plan to acquire HealthPoint is still subject to Australian Competition and Consumer Commission approval.
Should the buyout go through it will sit alongside the Commonwealth Bank of Australia and NAB who have both entered into the healthcare payment space.
CBA acquired Whitecoat in May 2021, an online directory of healthcare professionals that uses search algorithms to locate targeted services and experts for patients.
The bank purchased the businesses under plans to become Australia’s top digital payment, claims and healthcare directory solution.
CBA chief executive Matt Comyn has previously said its Whitecoat partnership is a strategic investment.
Meanwhile, NAB set plans in motion to acquire healthcare claiming and payments platform LanternPay early last year.
NAB said integrating LanternPay with HICAPS would “simplify administration and increase payment options when visiting a healthcare provider.”