Healthcare payments provider InstaMed has been picked up by JPMorgan Chase in a strategic investment reportedly valuing the business at between $550m and $600m.
JPMorgan said the acquisition would expand the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers.
InstaMed’s secure, centralised platform aims to alleviate challenges in the healthcare payments industry, with particular focus on eliminating paper, improving the consumer financial experience and reducing costs to collect payments.
JPMorgan Chase global head of wholesale payments Takis Georgakopoulos said, “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.”
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