JPMorgan Chase has completed the purchase of US-based healthcare payments firm InstaMed.
The deal was announced in May this year.
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By GlobalDataMedia sources pegged the deal at over $500m, even though JPMorgan did not divulge the financial terms.
The deal is said to be the bank’s biggest acquisition since its purchase of Bear Stearns and the assets of Washington Mutual in 2008.
InstaMed co-founder and CEO Bill Marvin said: “The two organisations share a passion for healthcare.
“There are tremendous opportunities to leverage InstaMed’s industry expertise, experience, and technology in healthcare payments with JPMorgan Chase’s scale and resources.”
InstaMed has now become a subsidiary of JPMorgan Chase Bank, N.A.
The solutions of InstaMed serve provider organisations including small practices and large hospitals, payer organisations, and healthcare consumers.
JPMorgan head of healthcare payments Stuart Hanson said: “Together with InstaMed, we are able to design and deliver the future of healthcare payments to providers, payers, and consumers.
“Investing in a complete payment and remittance management solution reflects our commitment to the healthcare payments industry and to provide new, innovative offerings that make the customer experience better.”
Several high-profile deals in the payments space were executed this year.
In January, Fiserv announced the acquisition of First Data in a $22bn deal.
This was followed by FIS’ takeover of Worldpay for $43bn, and the acquisition of TSYS by Global Payments for $21.5bn.
