InstaMed Inc., a healthcare payment processing company with offices in Newport Beach and Philadelphia, said it has raised $6 million in equity financing.
New investors Osage Partners of Bala Cynwyd, Pa., and Ashby Point Capital of Arnold, Md., joined existing investors in the funding. InstaMed’s investors include a unit of Minneapolis-based U.S. Bancorp and the NJTC Venture Fund of Mount Laurel, N.J.
InstaMed said in a release that it will use the funding to enhance its strategy and boost adoption of its products. InstaMed processes payments for more than 700 hospitals and clinics. It also works with billing services, insurers and other healthcare payers.
Chris Seib, the company’s chief technical officer and cofounder, works out of InstaMed’s Newport Beach office. Seib and Bill Marvin, its chief executive, started InstaMed in 2004; both are former executives in the healthcare and life science practice of consulting firm Accenture Ltd.
