nib has announced the sale of its digital healthcare directory platform Whitecoat to the Commonwealth Bank with an expected profit before tax of approximately $9 million.
The platform was established by nib in 2013 and has grown to become Australia’s largest digital healthcare services directory featuring more than 300,000 healthcare providers.
The online platform is designed to help consumers make more informed choices about their healthcare provider by allowing them to find, book and pay for healthcare treatment. In 2018, Whitecoat expanded to New Zealand.
According to nib managing director, Mark Fitzgibbon, the health insurer never saw itself as a natural owner of the platform especially as Whitecoat pivots more towards healthcare provider payments.
“The sale to CBA will lift critical mass and the 'network effect' these kind of platforms rely upon. It will also bring the level of investment required to further develop Whitecoat’s technology,” he said.
Mr Fitzgibbon said Whitecoat, while a very significant digital health platform, is just one component of a total digital ecosystem nib imagines for consumers and healthcare providers.
“Just as Elon Musk doesn’t manufacture every component of a Tesla nor will we see single companies build monolithic end to end solutions in the world of digital healthcare. Like for Tesla, our job at nib is to assemble the best tech functionality into a seamless and integrated experience for our members and providers. There remains so much more to do,” he said.
Mr Fitzgibbon acknowledged the effort of Whitecoat CEO Matt Donnellan and his team. “Matt and his team took a good idea and made it into something. In time it will be seen as a pioneer in what will inevitably become a healthcare system of increased performance and cost transparency for consumers,” he said.