A healthcare payment network that has described itself as the PayPal of healthcare has raised $1.5 million, according to a Form D filing with the U.S. Securities and Exchange Commission.
Philadelphia-based InstaMed uses a private cloud network to work with healthcare providers, insurers and patients to coordinate bill payments. Patients can view their electronic payments online and also make payments. The company takes the view that by cutting down on paper-based transactions and phone time it can help make the healthcare industry as efficient as other sectors.
Last May, the company raised about $14 million. In a phone interview with MedCity News around that time, CEO Bill Marvin said the company was investing in infrastructure and technology to scale up the business and meet public demand.
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The cloud-based healthcare payment company has carved a solid niche for itself and is poised to capitalize on the implementation of the Affordable Care Act’s operating rules that define guidelines and standards for making electronic healthcare transactions more predictable and consistent. The standards for claim status transactions help providers track the status of submitted claims to correct denials and post remittances more quickly, according to the company’s website. It also helps providers to identify deductibles owed to bill patients sooner.
A notice by the Centers for Medicare & Medicaid Services said enforcement of the newly implemented rules would not start until March.
Healthcare IT companies like InstaMed saw a surge in venture capital investment last year. Among the companies backers are Osage Partners, Ashby Point Capital, NJTC Venture Fund,
