Bank of Queensland (BOQ) Specialist has announced a new partnership with MiFund, a provider of patient finance services. As part of the deal, BOQ Specialist has taken a 35% equity stake in MiFund, and MiFund’s patient finance system will be made available to BOQ Specialist’s practitioner clients.
Founded in 2015, MiFund provides flexible payment plans to patients undergoing essential and non–essential medical procedures. The company uses a ‘point of sale’ system, allowing patients access to finance when they receive treatment.
MiFund’s plans include interest-free periods and competitive fixed-rate loans, and approvals are processed in real-time via a smartphone app. MiFund’s products also adhere to responsible lending practices.
BOQ Specialist, which specialises in ophthalmic and financing, will be introducing the platform to its Australian medical, dental and veterinary practitioner clients.
“BOQ Specialist is excited to align with an innovative fintech who shares our niche focus on the healthcare sector and has a strong vision for the future of patient finance in Australia,” Mr Hugh Lander, BOQ Specialist CEO, said.
“The benefit of the MiFund platform is twofold. For the practitioner, it delivers an effective cash-flow solution who is paid up-front for their services, while also driving client loyalty and retention. For their patients, it provides greater choice and the opportunity to receive the treatment they require today, which could be more costly both financially and medically if they had to delay.”
Mr David Stevent, MiFund CEO, said BOQ Specialist’s investment would allow MiFund to expand aggressively while also enhancing its integration with customers.
“We are very fortunate to now have the backing of a large financial institution, similar to other successful fintechs in the Australian financial services industry,” Stevens said.
“MiFund has an extremely competitive and unique offering for the healthcare sector so partnering with one of the most respected financiers in this sector will provide us with a significant opportunity to expand our network through direct access to a large number of medical, dental and veterinary practices across Australia.”