InstaMed Raises $5.5 MillionThursday, September 8, 2011
InstaMed Inc., a private company that processes out-of-pocket healthcare payments from offices in Newport Beach and Philadelphia, recently raised $5.5 million in a round of private equity funding.
InstaMed declined comment on how it plans to use the money or the identity of the investors.
InstaMed processes payments for healthcare services through a network that connects providers, insurers and patients. Its clients include more than 200,000 healthcare providers across the country.
The company started operations in 2005 and now employs about 80 workers.
It doesn’t disclose its sales or earnings.
With the new funding, InstaMed has raised some $27.5 million through a mix of debt and equity.
It’s most recent prior round of funding came in September 2010, when it raised $6 million to bolster its data center’s infrastructure and operations and to develop new business.
InstaMed’s prior investors have included include members of what the company describes as a private equity group that’s based in Newport Beach and is made up of members of eight wealthy Southern California families. Among other prior investors are the U.S. Bank National Association, a wholly owned subsidiary of Minneapolis-based U.S. Bancorp.; Osage Partners in Bala Cynwyd, Penn.; Ashby Point Capital of Arnold, Md.; the NJTC Venture Fund in Mount Laurel, N.J.
See the Business Journal’s issue of Sept. 12 for more details.