Healthcare payments network InstaMed has collected another $6 million from investors for a total of $22 million in debt and equity since its 2004 start.
The Philadelphia, Pennsylvania, company considers itself the first to offer a single platform for real-time healthcare clearinghouse and payment transactions.
Rather than sell its products and services directly, InstaMed helps its “partners” — banks, system vendors and billing services — build and deliver better payment systems for their customers.
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
The InstaMed Healthcare Payments Network has processed more than $10 billion in payments with more than 60,000 users nationwide from solo practitioners to billion-dollar health systems and plans.
InstaMed will use its latest capital-raise to “sustain its investment in new business and enhance its bi-coastal, fully redundant data center infrastructure and operations,” the company said in a release.
“This capital will help us continue our current growth trajectory and enhance the quality of our services as we scale,” said Bill Marvin, the company’s president and CEO, in the release. “We are very fortunate to have a solid and diverse base of investors.”
Those investors include Osage Partners, Ashby Point Capital, NJTC Venture Fund, U.S. Bank and a private equity group in Newport Beach, California. The eight high-net worth families from Southern California contributed the largest amount of capital during the latest funding and since InstaMed’s start. Osage Partners contributed $1.3 million in the latest round.
A Personalized Approach to Medication Nonadherence
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
“We believe InstaMed is defining the landscape for healthcare payments, a total market opportunity estimated at 20 billion dollars per year and growing,” said Tim Collins, an InstaMed director and general partner in the Newport Beach private equity group. “We’re confident in InstaMed’s growth and look forward to our continued involvement with the company and its proven management team.”
