PHILADELPHIA & NEWPORT BEACH, Calif.--(BUSINESS WIRE)--InstaMed, the leading Healthcare Payments Network, announced today that it oversubscribed its $15 million private placement funding by $2 million. InstaMed raised the capital to accelerate the growth of its network and to make further investments in human capital. The funding was oversubscribed due to strong support from existing and new investors.
InstaMed is the only fully integrated payments network for healthcare, processing billions of dollars per month among tens of thousands of hospitals and provider practices, thousands of payers, and millions of patients. InstaMed’s innovative private cloud technology transforms the healthcare payment process by delivering new levels of payment assurance, simplicity, convenience and cost savings to the healthcare industry.
InstaMed was founded and is headquartered in Philadelphia, PA, with operations in Newport Beach, CA. InstaMed has strong investor support from the Greater Philadelphia and Southern California regions. The 150-employee company was founded by Philadelphia native CEO Bill Marvin and Newport Beach native CTO Chris Seib.
“More than 11,000 healthcare provider organizations of all sizes and from all 50 states have joined the InstaMed Network in 2014 to receive payments and healthcare information electronically,” said Bill Marvin, President and CEO of InstaMed. “To support this growth, we are rapidly adding headcount, increasing office space and expanding our private cloud data centers on both the east and west coasts. While we scale operations, we remain committed to our mission of simplifying healthcare payments.”
To stay informed about InstaMed’s educational webinars, white papers, market reports and articles, follow InstaMed’s healthcare payments blog: www.instamed.com/about/blog.
InstaMed simplifies every healthcare clearinghouse and payment transaction for providers and payers, all in one place. InstaMed enables providers to collect more money, get paid faster and reduce the time and costs to collect. InstaMed allows payers to cut settlement and disbursement costs with electronic payments. InstaMed’s single, integrated network simplifies the healthcare payments process for 1,500+ hospitals, 70,000+ practices/clinics and 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. Visit InstaMed on the web at www.instamed.com.
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