Competition and innovation in private health insurance

LanternPay, a payment solution in the health insurance and disability sectors, has partnered with Medibank and Civica to inject “competition” and “innovation” into private health insurance claims.

LanternPay claims it’s approach to real time claim payments puts money in the hands of customers and providers quickly and efficiently, reducing claims administration and processing times.

The partnership will include an initial pilot of LanternPay’s real time claims payment technology when Medibank customers fill prescriptions at select Amcal pharmacies.

Following the pilot, it’s intended that the new technology will be rolled out to pharmacies nationwide.

By using LanternPay as opposed to manual claims, customers are said to have claim certainty via an instant claim decision and faster flow of funds to complete the transaction.

For pharmacies, LanternPay standardises processes so that they can manage everything in one place, providing them with greater transparency and visibility of claim.

As LanternPay is a technology and bank agnostic platform, it also gives pharmacies their choice of channel to submit claims insurance.

LanternPay is part of the InLoop stable of digital payment companies, including the Flexischools business.

LanternPay’s Head of Markets Simon Terry, said: “We are proud to deliver an open, flexible, bank agnostic claim platform that delivers benefits to Medibank, pharmacies and their clients. And we are extremely proud to be providing choice in health claim processing. 
“We look forward to this initial pilot before rolling out nationwide.”

Andrew Robinson, the first Amcal pharmacist to submit a claim to Medibank said: “Finally, with LanternPay there is a claiming platform that allows pharmacists to deliver a better customer experience by allowing pharmacies to submit claims to Private Health Insurers on behalf of their customers, saving our clients time and money.”