Overview
InstaMed, a J.P. Morgan company, powers a better healthcare payments experience on one platform that connects consumers, providers and payers for every healthcare payment transaction. InstaMed’s patented, private cloud-based technology securely transforms healthcare payments by driving electronic transactions, processing payments and moving healthcare data seamlessly, and improving consumer satisfaction. Consumers, providers and payers benefit from InstaMed’s exclusive focus on healthcare, integration into any healthcare IT system, robust analytics and proven scale.
The InstaMed Story
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2004
InstaMed Founded
With the introduction of the HSA, Bill Marvin and Chris Seib anticipated an increase in out-of-pocket healthcare costs for consumers and founded InstaMed to deliver a more efficient way to manage payments between payers, providers and consumers.
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2005
A Focus on Security and Compliance
The increase in consumer payments introduced an unprecedented level of security and compliance scope for the healthcare industry. InstaMed processed the first payment transaction certified for PCI Level One compliance.
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2006
Healthcare Certification
InstaMed cleared its first HIPAA audit and received EHNAC accreditation.
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2007
Certified with Visa and Mastercard
InstaMed became certified with Visa and Mastercard and was securely processing healthcare and payment transactions for more than 100 hospital and clinic locations.
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2009
CAQH Certification
InstaMed became certified for CAQH CORE Phase I and Phase II
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2012
Growth Milestones
InstaMed became the first company to achieve EHNAC Healthcare and Financial accreditations. $51 billion in healthcare payments processed.
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2013
Removing Friction in Healthcare Payments
The InstaMed Member Payments solution is launched, simplifying the healthcare payments experience for members nationwide
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2015
Apple Pay
InstaMed introduced Apple Pay capabilities to the healthcare market
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2016
PCI validated P2PE v2.0
InstaMed became the first in healthcare to achieve PCI P2PE v2.0 validation
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2018
The InstaMed App
InstaMed launched the conusmer app, enabling consumers to simply and conveniently manage all their healthcare payments in a smartphone app
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2019
A New Chapter
PMorgan Chase & Co. announced its acquisition of InstaMed on July 24, 2019. InstaMed is now a wholly-owned subsidiary of JPMorgan Chase Bank, N.A., with the capability to continue growing the InstaMed Network and deepening the commitment to innovation in healthcare payments.
A Word From Our Founders…
When Chris Seib and I founded InstaMed in 2004, we set out to simplify healthcare payments for all stakeholders. This mission is more relevant today than ever before. Our passion has never been stronger, and we share this passion with our team of 330 healthcare payments experts. In the ever-changing landscape of healthcare payments, our goals remain simple and clear: to make money move seamlessly; to deliver an excellent consumer experience; to keep all data safe; and to simplify the end-to-end healthcare payments process. The InstaMed Network thrives on collaboration with providers, payers, consumers and healthcare IT vendors to relentlessly innovate in the healthcare payments space and ultimately lift up the entire healthcare economy.
– Bill Marvin, President and CEO