MINNEAPOLIS & PHILADELPHIA--(BUSINESS WIRE)--May 1, 2007--U.S.
Bank has made an equity investment in InstaMed, a real-time gateway
and processor of healthcare and payment transactions. The two
companies have been working together in a strategic partnership for
nearly a year, and have already processed tens of millions of dollars
on the InstaMed Platform for various hospitals, healthcare providers,
billing services, vendors and payers.
InstaMed Platform is the industry's first integrated processing
platform built with the capability to process healthcare and payment
transactions in both real-time and batch modes. The platform's
capabilities include merchant acquiring, provider and patient portals,
gateway services, bankcard and electronic check processing, patient
financing and comprehensive healthcare clearinghouse functions.
As the responsibility for the cost of healthcare increasingly
shifts to consumers through increased co-payments and the growth of
consumer directed healthcare, providers of healthcare services need a
solution that provides complete payment assurance by combining robust
payment processing capabilities with real-time administrative
healthcare information. U.S. Bank and InstaMed are well-positioned to
help providers of healthcare services improve collections and reduce
"InstaMed's skills and deep knowledge of healthcare, combined with
their robust and innovative platform are an excellent complement to
U.S. Bank's broad payment capabilities and our focus on healthcare
payments. This relationship creates new opportunities to streamline
the payment process and create significant value for providers and
payers," said Pam Joseph, vice chair of payment services for U.S.
Bancorp, parent company of U.S. Bank.
Bill Marvin, president of InstaMed stated, "We are excited about
the opportunity to drive new capabilities and innovations for
healthcare and payment transactions in partnership with U.S. Bank. The
fact that U.S. Bank is a premier player in the payments industry will
enable us to quickly leverage the InstaMed Platform to transform the
healthcare payment process."
U.S. Bank's equity investment was part of InstaMed's third round
of funding, which included participation from InstaMed's existing
investors, including NJTC Venture Fund and a private equity group
based in Newport Beach, Calif.
InstaMed is a real-time gateway and processor of healthcare and
payment transactions utilizing the patent pending InstaMed Platform.
InstaMed's mission is to transform the healthcare payment process for
Healthcare Providers, Payers, Banks and Patients so their payment
experience is simple, convenient, reliable and secure. InstaMed is
registered with Visa and MasterCard as an ISO/MSP/PSP of U.S. Bank.
InstaMed is Payment Card Industry Level One certified and fully
accredited by the Electronic Healthcare Network Accreditation
Commission. Visit InstaMed on the web at www.instamed.com.
U.S. Bancorp (NYSE: USB), with $221 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,498 banking offices and 4,837
ATMs, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
CONTACT: U.S. Bank Media Relations
Teri Charest, 612-303-0732
InstaMed Public Relations
Jillian Longpre, 215-789-3685
SOURCE: U.S. Bank