NAB Launches NAB Health Specialised Banking Business - 24 May 2007
Thursday, 24 May 2007
The National Australia Bank (NAB) today launched NAB Health, a specialised banking business to service the financial needs of medical practitioners, healthcare and aged care facilities and investors in the $90 billion healthcare sector.
General Manager of NAB Health Rob Wright said health spending in Australia was growing by $6 billion a year, driven by technological advances, population ageing, rising incomes and consumer expectations of healthcare.
“At the same time, segments within the healthcare sector are not getting the specialised financial services and advice they expect from banks,” he said.
“After two years of development and customer research, NAB has created NAB Health as a specialised banking business that specifically meets the needs of the healthcare sector.”
Mr Wright said the healthcare sector was large and complex and was made up of a number of sub-segments covering hospitals, aged care, pharmacy, GPs, medical specialists, veterinarians, dentists, pathology services and specialist services like physiotherapy.
“NAB Health has appointed banking partners who will specialise in each of these sub-segments under the umbrella of NAB Health,” he said.
“NAB Health has more than 200 staff on board and will continue to grow to be a business that employs several hundred specialist staff. Staff are handpicked for their knowledge of specific healthcare segments and NAB Health is also recruiting outside the bank for staff with a healthcare-related background.
“NAB Health will have its own banking infrastructure, including its own credit policies and credit approval staff, business analysts and banking products and services tailored to various segments within the healthcare sector.
“By developing this backroom infrastructure we will be better placed to understand the favourable risk profile of healthcare businesses and practitioners, delivering solutions that help them to be future-ready.
“NAB Health will be offering a full suite of financial services products covering deposits, lending, wealth management, equipment leasing and EFTPOS transactions for medical businesses.
“NAB Health will offer the most comprehensive payments solution for healthcare businesses. NAB Health is the only major bank that will offer both Medicare Easyclaim, an EFTPOS payment and claiming solution and HICAPS, a similar service for private health insurance claims for ancillary services.
” The HICAPS payment solution business and Medfin medical equipment leasing business will maintain their identities under the umbrella of NAB health.
NAB’s existing healthcare customers in Victoria and NSW have already been transitioned across to the new business. Customers in other states will be transitioned during 2007.
For further information, please contact:
Kerrina Lawrence: Media Relations Manager
National Australia Bank Limited
M 0417 034 738
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
