Sydney, 29 January 2019
BOQ Specialist today announced a 35 per cent equity stake in MiFund, one of Australia’s leading providers of patient finance, further reinforcing its commitment to supporting the medical, dental and veterinary industries.
This strategic investment will allow BOQ Specialist to introduce MiFund’s patient finance platform to their medical, dental and veterinary practitioner clients across Australia.
Designed in response to continuous increases in healthcare costs and private healthcare premiums, MiFund’s unique ‘point of sale’ platform provides flexible and affordable payment solutions to patients looking to fund essential or non-essential procedures over time. The platform offers patients the convenience of real-time approvals across all smartphone devices, interest-free periods, competitive fixed rates and exceptional customer service. The products MiFund provide also adhere to responsible lending practices, offering peace of mind to both practitioners and patients.
“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,” said BOQ Specialist’s CEO, Hugh Lander.
“Our specialist knowledge and extensive networks, combined with MiFund’s product capabilities and technological expertise, puts us in a desirable position to expand our proposition and provide a comprehensive offering to our medical, dental and veterinary clients.”
Mr. Lander said this strategic alliance with MiFund is an opportunity to broaden and diversify BOQ Specialist’s footprint in the healthcare sector, while further deepening their relationships with existing clients.
“By introducing this supplementary service, we can help our existing clients to build their practices”, says Lander.
“The benefit of the MiFund platform is twofold. For the practitioner, it delivers an effective cash-flow solution as they are 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”.
The investment by BOQ Specialist will provide MiFund with additional equity capital to support their continued growth and the development of new products and technologies.
“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”, said MiFund’s CEO, David Stevens.
“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.”
Mr. Stevens said this capital will enable MiFund to aggressively grow the business and enhance its integration capabilities so they can continue to deliver a simplified and seamless in-practice experience for patients, which is critical in the changing payments landscape of the healthcare sector.
Further media enquiries, please contact:
Marketing Manager, BOQ Specialist
(02) 9293 2033
Chief Executive Officer, MiFund
1300 700 118