Healthcare payments network InstaMed collected another $6 million from investors, bringing the company’s debt and equity totals to $22 million since its 2004 founding.
The Philadelphia, Pa.-based company considers itself the first to offer a single platform for real-time healthcare clearinghouse and payment transactions.
InstaMed will use its latest capital-raise to “sustain its investment in new business and enhance its bi-coastal, fully redundant data center infrastructure and operations,” according to the company.
“This capital will help us continue our current growth trajectory and enhance the quality of our services as we scale,” said InstaMed CEO Bill Marvin in prepared remarks. “We are very fortunate to have a solid and diverse base of investors,” he said.
Those investors include Osage Partners, Ashby Point Capital, NJTC Venture Fund, U.S. Bank and a private equity group in Newport Beach, Calif. That group, comprised of eight high-net worth families from southern California, contributed the largest amount of capital during the latest funding and since InstaMed’s start. Osage Partners contributed $1.3 million in the latest round.
“We believe InstaMed is defining the landscape for healthcare payments, a total market opportunity estimated at 20 billion dollars per year and growing,” said Tim Collins, an InstaMed director and general partner in the Newport Beach private equity group. “We’re confident in InstaMed’s growth and look forward to our continued involvement with the company and its proven management team,” he said in prepared remarks.
Rather than sell its products and services directly, InstaMed helps its "partners" — banks, system vendors and billing services — build and deliver better payment systems for their customers.
The InstaMed Healthcare Payments Network has processed more than $10 billion in payments with more than 60,000 users nationwide who range from solo practitioners to billion-dollar health systems and payers.
