Australian bank NAB has agreed to buy digital health claim payments technology business LanternPay from fintech InLoop. Financial terms were not disclosed.
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.
Once the acquisition is completed, LanternPay will be integrated with NAB's Health Industry Claims and Payments Service (Hicaps), which has been operating for over 20 years.
NAB group executive, business and private bank, Andrew Irvine, says: "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."