InstaMed Communications is a privately-held, venture capital backed software company that specializes in healthcare billing and payment processing. By centralizing all medical payments of clients and their patients onto InstaMed's cloud Payment Network, InstaMed is able to significantly reduce payment processing time, costs, and rejection rate for its clients. Founded in 2004 by Bill Marvin and Chris Seib, InstaMed Communications is headquartered in Philadelphia, Pennsylvania.
Overview & Corporate Organization
|Company Tags:||PE Backed|
|Fiscal Year End:||12/31|
|1YR Revenue Growth Rate:||View %|
|1YR Employee Growth Rate:||View %|
PrivCo Industries (Sector > Industry > Sub-Industry)
|Healthcare > Health Care Providers & Related Medical Services > Managed Health Care Plans|
|Healthcare > Health Care Providers & Related Medical Services > Medical Billing Services|
|Services > Payment Processing Services > Electronic Payment Services|
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Competitors & Comparables
|Healthcare Payment Solutions|
Charts, Financials, and Statistics (Table Format)
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|*||InstaMed Communications fiscal year end: 12/31|
Charts, Financials, and Statistics (Graphs)
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Detailed Business Description: InstaMed Communications
InstaMed Communications, LLC was founded in 2004 by Bill Marvin and Chris Seib with funding by Ben Franklin Technology Partners. The company was envisioned to provide a completely digitized payment network for medical institutions, payers, and patients. The technology was especially built to reduce processing time and fees, significantly cut down bad debt and incompatibilities with medicare, and providing delivery assurance to payers and patients.
Incidentally, during InstaMed's first full year of commercialization in 2008, recession and call for healthcare reform shook the foundation of the medical payment market. Payment responsibilities begun to shift away from contracted payers (medicare providers) to patients themselves. While payers generally had a secure and certified channel to pay clinics with fairly low rates of administrative costs, payments from clients themselves usually were accompanied with high administrative costs and chance for bad debt (which only rose… Continue Reading →