nib has taken a 50 per cent stake in Australian digital health start-up, Midnight Health, for a total consideration of $4 million.
Managing director Mark Fitzgibbon said the deal will help 'bring to life' elements of nib’s payer to partner strategy as it moves towards being as much about good health and disease prevention.
“There’s a large marketplace for healthcare products and services we’re generally not able to cover through private health insurance so to this extends our reach. It also allows us to offer additional personalised support for private health insurance members,” said Mr Fitzgibbon.
“Importantly, it will introduce many young people to nib who may not yet be ready for private health insurance,” he added.
Midnight Health was established in October 2020 with their patient-led digital healthcare platforms integrating telehealth technology, doctors, pharmacy networks and other health partners to provide a seamless patient experience.
Their core areas of support are men’s health (Stagger) and women’s health (Youly) with plans to expand into senior’ health, gut health, cannabidiol products and other health needs.
“Midnight Health have recognised the healthcare market is diverse and that consumers are demanding products and services aligned with their individual needs. And that increasingly, delivery will be heavily reliant upon digital platforms which know them and are easy to access and navigate,” continued Mr Fitzgibbon.
“They already have more than 4,500 subscribers and we naturally expect this to grow with our close involvement,” he added.