|JPMorgan Chase and InstaMed will now offer healthcare providers, payers and consumers an end-to-end healthcare payments solution
JPMorgan Chase & Co. recently announced its plan to acquire InstaMed, a leading U.S. healthcare technology company that specializes in healthcare payments, for $500 million. The acquisition will expand the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers.
“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 total 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.
As always, ADVOCATE will keep you up to date on this and all issues impacting radiology as they become available.
Kirk Reinitz, CPA