Anyone who has used eBay before understands the ease of PayPal. But for the medical industry, where costs come with a long list of variables–whether or not a patient has insurance or if there is a deductible–the simplicity of PayPal is even more desirable. Philadelphia-based InstaMed allows doctors and health care centers the ability to turn any computing device into a payment terminal, able to calculate the copay and deductible for a complete check-out. The technology now operates in over 7,500 health centers, representing all 50 states. This week, InstaMed announced receipt of $6 million in new capital growth funding, bringing total investment to $22 million.
“We allow health systems to get rid of all the hard terminals you would typically see at a retail store or pizza shop where they swipe your card,” says InstaMed CEO Bill Marvin. “What’s unique about InstaMed is we are one integrated platform for handling everything that has to do with money in health care.”
With the new funding, coming from existing investors including Bala Cynwyd’s Osage Partners, InstaMed will continue to expand market share, launching new marketing campaigns, and aggressively expanding business development. But as a relatively young company, Marvin is keeping an eye on quality, looking to update technology systems. By keeping their message and technology strong, Marvin’s team hopes to make InstaMed as common as Tylenol in American hospitals.
“As a business that was really just an idea six years ago, we implemented our first hospital only three years ago,” says Marvin. “We have experienced tremendous growth in the last three years and we are at the point where the existing data centers and technology infrastructure that we built needs to be upgraded and taken to the next level.”
Source: Bill Marvin, InstaMed
Writer: John Steele
For more of Greater Philadelphia’s latest and greatest, sign up here to receive Flying Kite every week for free in your inbox.