JPMorgan Chase & Co., today announced its plan to acquire InstaMed, a Philadelphia-based healthcare payment network provider connecting providers, payers, and consumers on one platform. The acquisition will expand the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers.
U.S. healthcare spending is over $3 trillion and is challenged by significant transaction friction and inefficiency. Legacy approaches to bill pay, claims processing, payment collection, and reconciliation, among other areas have been slow to modernize, causing pain-points across the industry. Founded in 2004, InstaMed’s secure, centralized platform alleviates a number of challenges in the healthcare payments industry, with particular focus on eliminating paper, improving the consumer financial experience, and reducing costs to collect payments.
InstaMed’s centralized platform connects healthcare consumers, providers, and payers through proprietary healthcare payments network, enabling digital payments by sharing information securely and more efficiently than in traditional payment models.
“We couldn’t be more excited to join the JPMorgan Chase family – combining one of the world’s preeminent financial institutions with the premier technology and talent in healthcare payments,” said Bill Marvin, co-founder, and CEO of InstaMed. “Together, we will be able to invest in and expand the InstaMed Network, accelerate our consumer reach and deepen our commitment to innovation.”
Financial details of the acquisition were not disclosed.