Westpac is making moves to acquire HealthPoint, a health payments provider, with plans to integrate its e-claiming solution into the bank’s existing merchant services. This strategic acquisition aims to expand Westpac’s payments offering, specifically targeting small businesses and commercial customers in the healthcare sector by enabling instant e-health claiming for patients.
HealthPoint specializes in offering real-time private health claiming services at the point of sale, facilitating connections between healthcare providers, consumers, and financial institutions. Westpac intends to establish HealthPoint as a subsidiary of Westpac Banking Corporation, ensuring the continued provision of services to HealthPoint’s existing partners.
According to a Westpac spokesperson, the healthcare industry is a growing sector in Australia and holds strategic importance for Westpac. The bank aims to enhance support for customers in the healthcare industry by expanding its payments services, leveraging HealthPoint’s extensive industry expertise.
Westpac’s Chief Executive of Business and Wealth, Anthony Miller, emphasized the significance of the healthcare sector in Australia, contributing approximately 10% to the country’s economic activity, with expectations of further growth in the coming years. The plan involves integrating HealthPoint’s e-claiming solution into Westpac’s merchant services and investing in creating a superior customer experience for private health funds that utilize e-health claiming.
It’s important to note that Westpac’s acquisition of HealthPoint is still pending approval from the Australian Competition and Consumer Commission. If approved, Westpac will join the Commonwealth Bank of Australia and NAB, both of which have entered the healthcare payment sector. CBA acquired Whitecoat in May 2021, focusing on becoming a leading digital payment, claims, and healthcare directory solution. NAB initiated plans to acquire healthcare claiming and payments platform LanternPay in the previous year, aiming to streamline administration and expand payment options for healthcare providers when using HICAPS.
