NAB-Owned HICAPS Acquires Digital Healthcare Payments Platform – Technology

HICAPS has acquired digital health claims technology company LanternPay, the deal is part of the bank’s broader strategy to digitize banking services for its customers.

HICAPS has entered into a sale and purchase agreement with InLoop to acquire 100% of the shares of Lantern Claims, which operates LanternPay.

According to NAB, the agreement should 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 health, disability, insurance and elderly care industries. It was specifically designed to standardize the claims and payment experience for all service providers to public and private health care plans, including private health insurers, government employees and insurance. accidents, Medicare and the NDIS.

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

“The health sector is already one of the country’s largest job providers and the fifth largest contributor to Australia’s GDP. Australian healthcare payment systems have been cumbersome, leading to disjointed payment experiences for patients and complexity for healthcare providers.

“NAB’s HICAPS integration 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 waited days for a refund from the NDIS, for example, will now receive that payment on the spot. For many Australians, this will be an absolute game changer.

Geoff Austen, Managing Director of InLoop, said, “The decision to partner with NAB is an exciting decision for the LanternPay team. NAB’s 20+ years of experience in the healthcare industry, combined with our industry-leading payment technology, means more Australians will benefit from simple transactions when seeing a dentist, doctor or therapist.

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

With the completion of the proposed transaction, digital HICAPS will be rolled out across Australia throughout 2022.

About Matthew R. Dailey

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