PHILADELPHIA, PA (October 22, 2009) – InstaMed announced today that it has processed over five billion dollars in healthcare payments since its inception five years ago. Just one year ago, the company surpassed the one billion dollar mark. In the last five years, InstaMed has established itself as a pioneer and leader in the emerging healthcare payments market segment, creating innovative solutions to simplify the healthcare payment process. By combining the functions of a healthcare clearinghouse and a payment processor, InstaMed delivers one source and one end to end process for healthcare payments, which include eligibility, patient responsibility estimation, claim submission, remittance, payer payments and patient payments.
Through its channel partner network, InstaMed currently delivers solutions to over 27,000 active users in all fifty states, a number that has grown by 150% in the past year. In this same time period, the company’s healthcare payments volume has increased by 400%.
“In the past five years, we’ve made it easier for patients and payers to pay, and for healthcare providers of all sizes to get paid. We are also beginning to see the rapid growth of electronic payer to provider payments within our payer market segment – a market that represents over one trillion dollars a year in volume,” stated Bill Marvin, President and CEO of InstaMed. “I am pleased with the company’s ability to scale at such a rapid pace, while setting industry leading service levels and quality standards in support of our partners and customers that include fifty of the largest healthcare entities in the country. Our growth and performance is a combination of great solutions, great people, great channel partners and strong support from our board.”