JPMorgan Chase snapped up Philadelphia-based healthcare payments tech firm InstaMed for over $500 million:
in January 2018, we know its overarching goal is to slash healthcare costs for their 1.2 million collective employees — and this latest acquisition could shed a bit more light on the JV's plans for the future.InstaMed is disentangling the notoriously knotty healthcare payments system — and JPMorgan plans to integrate its payments expertise into the mix.connects
providers, payers, and consumers on a single platform, mitigating the high costs and headaches that contracting with multiple payment vendors spawns. And the company's ramped up its stash of offerings aimed at enhancing convenience: It equips users with a digital patient portal, a digital wallet, and transparent billing.
It's also zeroed in on reducing paper transactions, which could be a lucrative move given that 85% of providers rely on manual and paper-based transactions for collections, while over 70% of consumers would prefer e-statements from providers,And automating claims-related business transactions could save providers and health plans more than $11 billion annually.
Haven's founders are pioneering independent healthcare ventures. This deal is the latest example demonstrating that JPMorgan, Amazon, and Berkshire Hathaway are buckling down on healthcare projects — and that Haven could pull from these companies' already-existing products and solutions.
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