InstaMed said Monday it has raised $3.5 million in what the company called an internal round of funding.
The identity of the investors was not disclosed.
InstaMed, which has offices in Philadelphia and Newport Beach, Calif., said the proceeds will be used to support the growth of its health-care payments network, which links health-care providers and payers. The company works with more than 400 hospitals, more than 60,000 health-care practices and clinics and more than 100 billing services. Its system connects to more than 3,000 health insurers and other payers.
“In the past year, we have seen the number of registered providers on the InstaMed network increase by over 400 percent, and we expect this hyper-growth to continue for the next two years,” said Bill Marvin, co-founder, CEO and chairman of InstaMed.