InstaMed’s Stellar Growth Fueled by Surging Patient Payments
InstaMed, a Philadelphia tech company that handles payments for the health-care industry, is expecting to post $58 million in revenues this year, a 27 percent increase over 2017.
Founded in chief executive Bill Marvin’s condo on Washington Square, InstaMed recently expanded its headquarters at 18th Street and JFK Boulevard to include a third floor. The larger space includes a new 3,200-square-foot “Collaboration Center” that InstaMed will use “to engage the entrepreneurial community,” said Marvin. One of the first events to be held there will be a Philly New Tech Meetup: Defeating Cancer with Data on Sept. 27.
For three years, InstaMed has seen phenomenal growth. Revenue has accelerated from $31 million in 2015 but the company isn’t planning to go public any time soon.
“We might start to consider that if we had revenues of $100 plus million, But we’re very happy being private and having great capital partners who are patient and not driven by quarter-to-quarter business,” Marvin said.
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