JPMorgan Chase & Co., a New York, NY-based, multinational investment bank and financial services firm, has reportedly been planning to acquire Philadelphia-based healthcare payment network provider, InstaMed. With this acquisition, JPMorgan will get the suite of payment services aimed specifically at healthcare consumers, providers, and payers. However, the financial details of the acquisition didn’t disclose yet.
Since traditional systems across health systems to bill pay, claims processing, payment collection, and reconciliation, among further areas, have been sluggish to modernize, InstaMed’s secure, centralized platform eases a number of challenges in the healthcare payment space by removing paper, advancing the consumer financial experience, and cutting down costs to collect payments. As per the report, Spending over healthcare in the United States is more than USD3 trillion and is challenged by significant transaction friction and inefficiency. Ahead of this announcement, InstaMed Co-founder and CEO Bill Marvin stated that “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.” According to him, “Together, we will be able to invest in and expand the InstaMed Network, accelerate our consumer reach and deepen our commitment to innovation.”
Founded in the year 2004, InstaMed’s centralized platform connects healthcare consumers, providers, and payers through proprietary healthcare payments network, empowering digital payments by sharing information securely and more efficiently than in legacy payment models.