InstaMed is a healthcare payments network that connects providers, payers and consumers on a single platform for all forms of payment in healthcare. The company enables providers to collect more money from patients and payers while reducing the cost and time to collect. It also allows payers to cut settlement and disbursement costs with electronic payments and to facilitate consumerism for their members. InstaMed operates out of Philadelphia, PA and Newport Beach, CA and is led by President and CEO Bill Marvin. The company recently expanded its credit facility through a new banking relationship to support accelerated growth of the InstaMed Network. The amount of the credit facility was not disclosed in the article. InstaMed offers a single-technology payments platform that integrates with any healthcare IT system and is supported by an onshore team. Its core product is the InstaMed Network, designed to manage all forms of healthcare payments on one code base. The company says the network connects over two-thirds of the market and processes tens of billions of dollars in healthcare payments annually. InstaMed’s solutions aim to help providers collect more from patients while reducing the cost and time to collect, and to enable payers to cut settlement and disbursement costs and facilitate consumerism. The company plans to use recent funding to drive growth of the InstaMed Network, accelerate go-to-market efforts, and advance innovation in healthcare payments technology. InstaMed emphasizes security and compliance as central to its product and operations. InstaMed is an integrated healthcare payments network that simplifies clearinghouse and payment transactions for providers and payers. The company plans to use newly raised funds to accelerate growth of its network and to invest in human capital. It added $2M to a recently announced $15M funding round. InstaMed serves more than 1,500 hospitals, over 70,000 practices and clinics, and 100+ billing services; it connects to 3,000+ payers and integrates with 60+ practice management systems. The company was founded by CEO Bill Marvin and CTO Chris Seib and is based in Philadelphia with operations in Newport Beach, CA. InstaMed has approximately 150 employees. InstaMed operates a single, integrated healthcare payments and clearinghouse platform used by providers and payers. The company’s network serves 1,500+ hospitals, 70,000+ practices and clinics, 100+ billing services, connects to 3,000+ payers and integrates with 60+ practice management systems. InstaMed processes tens of billions in healthcare payments each year at a rate of more than $1,500 per second and reaches over one-third of the U.S. healthcare market. The company recently launched a billion-transaction infrastructure to support greater scale. Management says the platform helps providers collect more money and get paid faster while enabling payers to cut settlement and disbursement costs. Proceeds from the announced funding will be used to meet the increasing demands of healthcare consumerism and further scale the platform. InstaMed operates a Healthcare Payments Network that connects healthcare providers, payers and patients for secure and mission-critical administrative transactions and payments. Leveraging a single, integrated private-cloud network, it supports clearinghouse, eligibility, estimation, patient and payer payment and patient billing transactions. InstaMed’s solutions aim to deliver payment assurance to providers, enable payers to disburse payments at lower cost with fewer incidents of fraud, and give patients a simple, secure way to pay. The InstaMed Network powers healthcare payments for over 200,000 providers nationally and processes tens of billions of dollars in healthcare payments. The company plans to invest the new financing to scale network infrastructure and operations and to support growth of the payer segment on its network.

Total raised

$102M

Funding rounds

7

Latest round

Equity

Latest activity

Sep 2016