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InstaMed raises $6 Million in financing
By siliconindia
Philadelphia: InstaMed, the healthcare payments network and platform, has raised $6 million in growth equity financing. The financing was led by existing InstaMed investors.
Osage Partners, a Bala Cynwyd Pennsylvania-based venture capital firm, has joined existing InstaMed investors in the financing. Ashby Point Capital of Arnold Maryland also participated in the round.
InstaMed delivers payment processing and healthcare clearinghouse functions on its proprietary integrated platform and network, with a mission to simplify the healthcare payment process for healthcare providers, payers, banks and patients. InstaMed is headquartered in Philadelphia, Pennsylvania and has technical operations in Newport Beach, California.
InstaMed has commercialized its solutions among a diverse group of channel partners that include software vendors, billing services, healthcare payers and financial institutions. All of the company's technologies and operations are owned and built from the ground up to integrate healthcare and payment processing, enrollment, boarding, implementation, servicing, compliance and regulatory requirements. InstaMed is the first and only organization to be PCI Level One Service Provider certified by Visa and MasterCard as a payment processor and fully accredited by EHNAC as a healthcare clearinghouse.
"We believe InstaMed offers a unique investment opportunity as an exciting company in a high growth sector," said Nate Lentz, Managing Partner of Osage Partners. "The company is emerging as the leader in the market for integrated healthcare and financial processing and is well positioned to capitalize on the growing market opportunity presented by the increase in consumer healthcare payments."
"InstaMed has built a unique payment processing infrastructure for healthcare and has demonstrated that its channel partner strategy and business model work with financial networks, banks and other payment related entities. We believe this will be a powerful technology and new business model for healthcare," said Bill Westervelt, General Partner of Ashby Point Capital. Bill Westervelt co-founded First Annapolis Consulting in 1991 and is a leading expert in the payment systems industry with over 30 years of operating and advisory experience in all facets of the payments industry.
