JPMorgan Chase acquires InstaMed, a US healthcare payments firm in a deal estimated to be worth more than $500m.
The deal represents JPMorgan Chase’s biggest acquisition since the financial crisis of 2008.
Go deeper with GlobalData
Acquiring InstaMed expands the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers. InstaMed says that its secure, centralised platform alleviates a number of challenges in the healthcare payments industry.
In particular, InstaMed focuses 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. This acquisition will give us a unique advantage in one of the fastest growing sectors,”.says Takis Georgakopoulos, global head of wholesale payments, JPMorgan Chase.
“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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataJPMorgan Chase acquires InstaMed: deal estimated at over $500m
US healthcare spend is over $3trn a year. It 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 modernise. This causes pain-points across the industry.
Specifically, InstaMed’s centralised platform connects healthcare consumers, providers and payers through a proprietary healthcare payments network. This, says InstaMed, enables 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. This combines one of the world’s preeminent financial institutions with the premier technology and talent in healthcare payments,” says Bill Marvin, co-founder and CEO of InstaMed. “
“Together, we will be able to invest in and expand the InstaMed Network. And it will accelerate our consumer reach, and deepen our commitment to innovation.”
InstaMed is separate from Haven, the healthcare JV set up last year by JPMorgan, Amazon and Berkshire Hathaway.
