InstaMed raises $14M from investors
Sub12 InstaMed, a Center City company that sells health-care payments services, said it raised $14 million in capital from investors to expand its network.
InstaMed, a Center City company that sells health-care payments services, said it raised $14 million in capital from investors to expand its network.
Since its founding in 2004, InstaMed has raised $35 million, Bill Marvin, the company's co-founder, chairman and chief executive. The company said that 90 percent of previous investors, including Osage Partners in Bala Cynwyd, participated in the latest round. InstaMed's system, developed by its software group in Newport Beach, Calif., combines the eligibility and claims processes of traditional health-care clearing houses with payment processing, Marvin said.
He said that in March the company processed $2 billion in claims. Local hospital clients include Einstein and Chester County Hospital, Marvin said.
– Harold Brubaker