Westpac to acquire health payments provider HealthPoint
2 November 2023
Westpac has entered into an agreement to acquire electronic health claims processing business, HealthPoint.
HealthPoint provides real-time private health claiming services to businesses at point of sale, connecting healthcare providers, consumers and financial institutions.
The acquisition allows Westpac to expand its payments offering to support our small business and commercial customers in healthcare – such as GPs, physios and other specialists – to provide on the spot e-health claiming for their patients.
Westpac Chief Executive Business & Wealth, Anthony Miller, said: “Healthcare is a vital industry and a strategic focus for Westpac. It contributes around 10 per cent 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 as part of our commitment to better support business customers with their end-to-end banking needs,” he said.
“We will also invest to build a leading customer experience for private health funds which use e-health claiming,” Mr Miller said.
HealthPoint will be established as a subsidiary of Westpac Banking Corporation which would continue to provide services to HealthPoint’s existing partners.
The acquisition is subject to approval by the Australian Competition and Consumer Commission and other conditions precedent.
Westpac offers a broad range of products to help merchant customers with their payments needs. These include EFTPOS Now smart terminals which provide instant settlement capability and allow small businesses to wirelessly connect their terminals to more than 100 cloud point of sale providers through the Presto app. Merchants can also accept payments on-the-go on a compatible iPhone or Android TM using our EFTPOS Air app.