So last year, J.P. Morgan surveyed the healthcare landscape for ways to ramp up investment, according to Takis Georgakopoulos, the bank's head of wholesale payments. The decision was based on the vast size and complexity of the market: U.S. healthcare spending, pegged at $3.5 trillion in 2017, is projected to reach"One of my favorite stats is approximately 90 percent of all health providers still use paper billing," Georgakopoulos said in an interview.
An illustration: Instead of filling out paper forms at a hospital reception desk and later paying by paper check, a consumer can enter information via an InstaMed app and pay with a credit-card, and information flows between doctors, payers and users seamlessly. With this acquisition, J.P. Morgan will integrate itself into the technological underpinning of the labyrinthine U.S. healthcare system in a way that's unusual for a bank.
"The idea is, you take their platform and our payments expertise and you bring it together as one package to our customers," Georgakopoulos said.While InstaMed has lofty aspirations of improving users' experiences and bringing down costs in American healthcare, the effort is completely separate from, the joint venture formed last year by J.P. Morgan, Amazon and Berkshire Hathaway. That effort is a non-profit charged with reducing costs for the companies' 1.2 million employees.
jpmorgan first we bail you out, then give you permanent tax breaks and you figure out another way to rip off consumers while your employres can't even afford daycare.
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