NEW YORK & PHILADELPHIA--(BUSINESS WIRE)--JPMorgan Chase & Co. (NYSE: JPM) today announced that it has closed the acquisition of InstaMed, a leader in the healthcare payments industry. InstaMed Holdings, Inc. will operate as a subsidiary of JPMorgan Chase Bank, N.A.
The acquisition will deliver significant benefits to clients of both InstaMed and JPMorgan Chase. It will:
- Deliver InstaMed’s innovative healthcare payments solution using the scale and strength of JPMorgan Chase and its vast payments capabilities
- Create a better experience for providers, payers, and consumers, all of whom seek an easier, more convenient system
- Drive electronic healthcare payment transactions and eliminate the friction of paper and manual processes
- Answer consumer demands for a healthcare payments experience that is simple and convenient
“The healthcare payments space is poised for disruption,” said Stuart Hanson, Head of Healthcare Payments, JPMorgan Chase. “Together with InstaMed, we are able to design and deliver the future of healthcare payments to providers, payers, and consumers. Investing in a complete payment and remittance management solution reflects our commitment to the healthcare payments industry and to provide new, innovative offerings that make the customer experience better.”
InstaMed brings unmatched connectivity across the healthcare marketplace through its network of more than 50 percent of all healthcare providers with millions of consumers and every type of payer in the US. InstaMed solutions are utilized by a broad range of healthcare clients: provider organizations of all sizes from small practices to large hospital systems, payer organizations of all types including regional and national health plans, third-party administrators and Blues plans, and healthcare consumers.
"We have received a warm welcome from the JPMorgan Chase family. The two organizations share a passion for healthcare. There are tremendous opportunities to leverage InstaMed’s industry expertise, experience, and technology in healthcare payments with JPMorgan Chase’s scale and resources. We are excited to accelerate innovation, expand our consumer reach, and continue to grow the InstaMed Network and see the impact it will have on our clients and the industry as a whole,” said Bill Marvin, co-founder and CEO of InstaMed. "The InstaMed team is ready to build the future of healthcare payments together with JPMorgan Chase.”
JPMorgan Chase was advised by J.P. Morgan Securities LLC as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel. Financial Technology Partners LP and Pepper Hamilton LLP advised InstaMed, and Morgan Lewis & Bockius LLP advised InstaMed management.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
InstaMed powers a better healthcare payments experience on one platform that connects consumers, providers and payers for every healthcare payment transaction. InstaMed’s patented, private cloud-based technology securely transforms healthcare payments by driving electronic transactions, moving money and healthcare data seamlessly and improving consumer satisfaction. Everyone benefits from InstaMed’s exclusive focus on healthcare, integration into any healthcare IT system, robust analytics and proven scale. For more information, visit www.instamed.com.