Jonathan Davey, CEO of Medipass (center), with Pete Williams (left) and Adrian Perillo (right)
A NAB investment vehicle is giving Tyro Payments a leg up in health payments business Medipass .
Tyro announced yesterday it entered into an agreement to buy Medipass for A$22.5 million, paid around 60 per cent in cash and 40 per cent in Tyro shares.
NAB Ventures is one of the vendors of a business that will help make Tyro even more competitive with NAB’s Hicaps, long the leader in this payments niche.
Jonathan Davey, the CEO of Medipass joined from NAB in May 2020 and will remain with Tyro as will Peter Williams, one of the co-founder of Medipass.
Medipass , Tyro told the ASX, has “around 4400 active healthcare providers working with it.
Tyro itself has 9900 mechants in its health vertical, an important target market for the Tyro since the early days.
In a blog post, the Medipass team hyped the vision:
“Medipass will merge with Tyro’s health practice to create Australia’s leading healthcare payments platform … and this merger will create the new global benchmark in simple, transparent healthcare claims and payments,” Davey said.
“Patients, practitioners, health funds and statutory payers will be connected in one simple and secure platform.
“The combined business will provide an integrated claim and pay solution to all health practitioners and bring much needed transparency and simplicity to the A$130bn in payments and claims that are made every year.”
Medipass was founded in 2016.
The solution integrates into 17 cloud-based practice management and booking systems.
Tyro’s product integrates with 39 Practice Management Software systems across General Practice, Allied Health, Dental, Pharmacy and Specialists.
Jonathan Davey will lead the merged entity with Medipass Executives Pete Williams and Adrian Perillo assuming critical leadership roles.