U.S. Bank, InstaMed Announce Strategic Partnership For Healthcare Payments
U.S. Bank has announced it has made an equity investment in InstaMed, a real-time gateway and processor of healthcare and payment transactions. The two companies say they have been working together in a strategic partnership for nearly a year, and have already processed tens of millions of dollars on the InstaMed Platform for various hospitals, healthcare providers, billing services, vendors and payers.
InstaMed Platform is the industry’s first integrated processing platform built with the capability to process healthcare and payment transactions in both real-time and batch modes. The platform’s capabilities include merchant acquiring, provider and patient portals, gateway services, bankcard and electronic check processing, patient financing and comprehensive healthcare clearinghouse functions.“InstaMed’s skills and deep knowledge of healthcare, combined with their robust and innovative platform are an excellent complement to U.S. Bank’s broad payment capabilities and our focus on healthcare payments. This relationship creates new opportunities to streamline the payment process and create significant value for providers and payers,” said Pam Joseph, vice chair of payment services for U.S. Bancorp, parent company of U.S. Bank.
Bill Marvin, president of InstaMed stated, “We are excited about the opportunity to drive new capabilities and innovations for healthcare and payment transactions in partnership with U.S. Bank. The fact that U.S. Bank is a premier player in the payments industry will enable us to quickly leverage the InstaMed Platform to transform the healthcare payment process.”
U.S. Bank’s equity investment was part of InstaMed’s third round of funding, which included participation from InstaMed’s existing investors, including NJTC Venture Fund and a private equity group based in Newport Beach, Calif.
Stumble It!
Add your comment... (note that all comments are reviewed before they're published)