PHILADELPHIA, PA (September 15, 2010) – InstaMed, the industry leading Healthcare Payments Network, today announced that it has raised $6 million in growth capital. This round of funding included both debt and equity capital and came from existing InstaMed investors who with this round have invested $22 million to date. InstaMed investors include Osage Partners, Ashby Point Capital, NJTC Venture Fund, U.S. Bank, N.A. and a private equity group in Newport Beach, California. The private equity group in Newport Beach, California, which includes eight high-net worth families from Southern California, contributed the largest amount of capital, both as a part of this funding and since InstaMed’s inception. Osage Partners contributed $1.3 million in this funding.
“We believe InstaMed is defining the landscape for healthcare payments, a total market opportunity estimated at twenty billion dollars per year and growing,” said Tim Collins, Director of InstaMed 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.”
“This capital will help us continue our current growth trajectory and enhance the quality of our services as we scale. We are very fortunate to have a solid and diverse base of investors,” said Bill Marvin, President and CEO of InstaMed.
The Company will use the capital to sustain its investment in new business and enhance its bi-coastal, fully redundant data center infrastructure and operations. InstaMed has raised a total of $22 million in debt and equity since its inception in August 2004. As of August 2010, InstaMed had processed over $10 billion in healthcare payments, up from $1 billion as of August 2008.
InstaMed Healthcare Payments Network
InstaMed does not sell its products and solutions directly; rather InstaMed supports its partners, which include banks, system vendors and billing services, in building and delivering enhanced solutions for their customers. The InstaMed Healthcare Payments Network has processed over $10 billion in healthcare payments with more than 60,000 users at over 7,500 locations in all 50 states, from solo practitioners to billion dollar health systems and health plans.
InstaMed is the industry leading Healthcare Payments Network and the first company to offer a single platform for real-time healthcare clearinghouse and payment transactions. InstaMed transforms the healthcare payment process for healthcare Providers, Payers and Patients so their payment experience is simple, convenient, reliable and secure. InstaMed is registered with Visa and MasterCard and is certified as a Payment Card Industry Data Security Standards (PCI-DSS) Level One Service Provider. InstaMed is also fully accredited by the Electronic Healthcare Network Accreditation Commission (EHNAC) as a healthcare clearinghouse. Visit InstaMed on the web at www.instamed.com.
InstaMed Public Relations