Westpac buys health claims POS HealthPoint
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The news: Westpac has entered into an agreement to buy electronic health claims processor HealthPoint, which links patients, healthcare providers and financial institutions at the point-of-sale. The product is currently owned by healthcare software provider Dedalus.
The numbers: Westpac has not disclosed the value of the takeover. Westpac shares were 2.3% higher at 11:50am AEDT, trading at $21.21. ANZ and NAB were also trading more than 2.1% higher, while CBA had gained 1.7%. Healthcare spending accounted for 10.5% of GDP in the 2012-22 financial year, or $241.3 billion, according to government data.
The context: Under the deal, which is still subject to approval by the competition watchdog, HealthPoint will become a subsidiary of Westpac and will continue to provide services to its existing partners.
