PHILADELPHIA, PA and NEWPORT BEACH, CA (May 23, 2012) – InstaMed, the leading Healthcare Payments Network, announced today that it has raised $14 million in new capital. More than 90 percent of InstaMed’s existing investors participated, representing broad and sustained participation from the east and west coasts. The new capital included funding from five funds, including one new fund, and angels.
“We are pleased with the strong support from our geographically diverse investor base,” said Bill Marvin, co-founder, CEO and chairman of InstaMed. “The healthcare payments market is ripe for transformation, and this investment validates our strategy and execution to date as well as the opportunity ahead. As the healthcare payments industry continues to expand, we have a great deal of headroom for growth and opportunity to create value for the market.”
Proceeds will be invested in scaling InstaMed’s network infrastructure and operations, and to support the new growth of the payer segment on the InstaMed Network.
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InstaMed’s Healthcare Payments Network transforms the business of healthcare by connecting healthcare providers, payers and patients for highly secure and mission critical communications, administrative transactions and payments. Leveraging a single, integrated network in its private cloud, InstaMed supports healthcare clearinghouse, eligibility, estimation, patient and payer payment and patient billing transactions. InstaMed’s solutions deliver payment assurance to providers, enable payers to disburse payments at a lower cost with fewer incidents of fraud, and give patients a simple, convenient and secure way to pay. The InstaMed Network powers healthcare payments for over 200,000 providers nationally with tens of billions of dollars in healthcare payments processed. Visit InstaMed on the web at www.instamed.com.
InstaMed Public Relations