JPMorgan Chase & Co. has closed its acquisition of InstaMed, a health care payments company based in Philadelphia. InstaMed Holdings, Inc. will operate as a subsidiary of JPMorgan Chase Bank N.A.

“The healthcare payments space is poised for disruption,” said JPMorgan Chase Head of Healthcare Payments Stuart Hanson. “Together with InstaMed, we are able to design and deliver the future of health care payments to providers, payers, and consumers. Investing in a complete payment and remittance management solution reflects our commitment to the health care payments industry and to provide new, innovative offerings that make the customer experience better.”

InstaMed’s network constitutes more than 50 percent of all health care providers with millions of consumers and every type of payer in the US. InstaMed solutions are utilized by a broad range of health care clients: provider organizations of all sizes from small practices to large hospital systems, payer organizations of all types including regional and national health plans, third-party administrators and Blues plans, and healthcare consumers.

JPMorgan Chase was advised by J.P. Morgan Securities LLC as financial adviser and Wachtell, Lipton, Rosen & Katz as legal counsel. Financial Technology Partners LP and Pepper Hamilton LLP advised InstaMed, and Morgan Lewis & Bockius LLP advised InstaMed management.