Medibank Private is increasing its investment in primary care clinic operator Myhealth Medical Group to 90% from 49%.
Medibank will increase its shareholding by approximately $50.8 million and an additional $1 million based on Myhealth's financial performance in FY24.
This investment, to be funded from existing cash resources, is expected to be completed by Jan. 5, 2024.
Medibank's investment will focus on improving primary care and implementing general practitioner-led prevention programs at Myhealth clinics, which aim to enhance patient experiences, especially for those with chronic conditions like Type 2 Diabetes and mental health disorders.