This acquisition will now offer healthcare providers, payers and consumers an end-to-end healthcare payments solution
JPMorgan Chase & Co. announced its plan to acquire InstaMed, a leading U.S. healthcare technology company that specializes in healthcare payments. The acquisition will expand the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers. 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.
Healthcare Payments Solution
U.S. healthcare spend 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. InstaMed’s centralized platform connects healthcare consumers, providers and payers through a proprietary healthcare payments network, enabling digital payments by sharing information securely and more efficiently than in traditional payment models.
Takis Georgakopoulos, Global Head of Wholesale Payments, JPMorgan Chase stated, “We’ve made significant investments in our Wholesale Payments business over the years and this acquisition will give us a unique advantage in one of the fastest growing sectors. With InstaMed, we combine the strength and scale of JPMorgan Chase’s payments capabilities with a leading healthcare payments solution for consumers, providers and payers. The InstaMed team is passionate about delivering an excellent client experience with a focus on innovation, keeping data safe and secure, and simplifying the end-to-end healthcare payments process – a natural fit with our Wholesale Payments franchise.”
Bill Marvin, co-founder and CEO of InstaMed said, “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. Together, we will be able to invest in and expand the InstaMed Network, accelerate our consumer reach, and deepen our commitment to innovation.”