NAB buys health claims payment platform LanternPay
Australian bank NAB has agreed to buy digital health claims payment technology company LanternPay from fintech InLoop. Financial terms were not disclosed.
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.
Once the acquisition is complete, LanternPay will be integrated into NAB’s Healthcare Industry Claims and Payments Service (Hicaps), which has been in operation for more than 20 years.
Andrew Irvine, NAB Group Executive, Investment and Private Banking, says: “NAB’s Hicaps integration with LanternPay technology will over time deliver a seamless digital customer experience – with real-time approvals and payments faster for medical, paramedic and other providers.
“Customers who previously might have waited days for a refund from the NDIS, for example, will now receive that payment on the spot. For many Australians, this will be a complete game-changer.”