JPMorgan Chase to Acquire InstaMed to Expand Capabilities in Healthcare Payments
JPMorgan Chase and InstaMed will now offer healthcare providers, payers and consumers an end-to-end healthcare payments solution
May 17, 2019 (New York) – JPMorgan Chase & Co. (NYSE: JPM) today announced its plan to acquire InstaMed, a leading U.S. healthcare technology company that specializes in healthcare payments. The acquisition will expand the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers. InstaMed’s secure, centralized platform alleviates a number of challenges in the healthcare payments industry, with particular focus on eliminating paper, improving the consumer financial experience, and reducing costs to collect payments.
“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,” said Takis Georgakopoulos, Global Head of Wholesale Payments, JPMorgan Chase. “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.”
U.S. healthcare spend is over $3 trillion* and is challenged by significant transaction friction and inefficiency. Legacy approaches to bill pay, claims processing, payment collection and reconciliation, among other areas, have been slow to modernize, causing pain-points across the industry. InstaMed’s centralized platform connects healthcare consumers, providers and payers through a proprietary healthcare payments network, enabling digital payments by sharing information securely and more efficiently than in traditional payment models.
“We couldn’t be more excited to join the JPMorgan Chase family—combining one of the world’s preeminent financial institutions with the premier technology and talent in healthcare payments,” said Bill Marvin, co-founder and CEO of InstaMed. “Together, we will be able to invest in and expand the InstaMed Network, accelerate our consumer reach, and deepen our commitment to innovation.”
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
InstaMed powers a better healthcare payments experience on one platform that connects consumers, providers and payers for every healthcare payment transaction. InstaMed’s patented, private cloud-based technology securely transforms healthcare payments by driving electronic transactions, moving money and healthcare data seamlessly and improving consumer satisfaction. Everyone benefits from InstaMed’s exclusive focus on healthcare, integration into any healthcare IT system, robust analytics and proven scale. For more information, visit www.instamed.com.
* Source: CMS.gov NHE Fact Sheet