JPMorgan Chase and InstaMed will now offer healthcare providers, payers and consumers an end-to-end healthcare payments solution
JPMorgan Chase shows growing interest in healthcare payments. Source: shutterstock.com
JPMorgan Chase & Co announced its plan to acquire InstaMed, a leading US 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 a particular focus on eliminating paper, improving the consumer financial experience, and reducing costs to collect payments.
US 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.
