NIB’s Payer to Partner strategy has it partnering with a start-up that delivers pharmaceuticals to your door, after an online consult a GP.
Health insurer NIB Holdings has taken a majority stake in a Brisbane-based start-up that provides a web platform for out-of-hours and remote access to doctors and pharmacists for home-delivered prescriptions.
Along with the $4 million stake that NIB took in Midnight Health in November 2021, the insurance provider now controlled 63 per cent of the start-up, said Midnight Health co-founder Nic Blair., but a big step up from its $8 million valuation last November when NIB first invested.the company would use the fresh funding to expand the range of health services its platform offered, and on marketing to expand beyond its customer base of 30,000 users.
“In the first half of this year, we were taking a hit on every consult ... but we’ve done a lot of work over the last two months and we’re transitioning to being profitable,” he said. But scaling will also mean branching out into new areas of healthcare, including online pathology referrals, specialist and radiology referrals, over-the-counter pharmacy products and services for mental health, Mr Blair said.