Nib takes $4 million stake in Midnight Health

Health insurer nib has acquired a 50 percent stake in Australian digital health startup Midnight Health for $4 million.

Midnight Health integrates telehealth technology, doctors, pharmacy networks and other health partners for patients who do not wish to visit health services in person.

Founded in October 2020, the platform connects users with other services such as male-focused health consultation company Stagger and women’s health solutions company Youly.

Both offer text-based consultations plus access to treatments and prescriptions through innovative online solutions, with plans to expand in senior care in the upcoming months.

Nib stated the partnership with Midnight Health would aid in the delivery of personalised health treatment packages in the broader healthcare market.

The insurer's managing director Mark Fitzgibbon said, "There’s a large marketplace for healthcare products and services” unable to be accessed through private health insurance, “so this extends our reach.”

“It also allows us to offer additional personalised support for private health insurance members,” Fitzgibbon said.

“Importantly, it will introduce many young people to nib who may not yet be ready for private health insurance.”

Fitzgibbon added Midnight Health recognised the healthcare market is diverse and “that consumers are demanding products and services aligned with their individual needs. “

“Increasingly, delivery [of health services] will be heavily reliant upon digital platforms which know them and are easy to access and navigate," he said.

“Midnight Health already have more than 4500 subscribers and we naturally expect this to grow with our close involvement.”