CoFi, Inc., a provider of an innovative, multi-provider payment software platform for eye care practices, announced today that patient payments with the CareCredit credit card, a Synchrony solution, can now be processed through CoFi’s multi-party payments platform. This market-wide availability follows a successful beta period involving joint CoFi and CareCredit customers.
“We’ve been using CoFi for over two years for patient payments by card and check to our practices and the surgery center. CoFi makes the process so much simpler because the patient knows exactly what they’re going to owe, not only to the surgeon but also to the facility,” said Kathy Erickson, CEO of Wilmington Eye in Wilmington, North Carolina. “We are thrilled that CoFi has extended this capability to the instances in which the patient wishes to pay with CareCredit.”
With CareCredit integrated into CoFi patients can now finance the entire cost of a procedure with CareCredit* – including the surgeon’s fees and those of their surgical partners – such as the ambulatory surgery center (ASC) and/or co-managing provider – right through the surgeon’s office. Funds are distributed compliantly to each provider, and there is no requirement that the surgical partners are enrolled with CareCredit.
*Subject to credit approval.
CoFi’s initial focus has been in the ophthalmic space, where elective surgeries, such as premium cataract and LASIK procedures, often involve multiple providers—e.g., the surgeon, ASC, and co-managing optometrist. Patients traditionally have made multiple payments to different providers at different points in time, or surgeons have risked compliance issues by collecting for and remitting payment to their surgical partners. With CoFi, patients have one convenient payment event (“one swipe”) through which they make separate, distinct payments to each provider. More than 4,500 eye surgeons, optometrists, ASCs, and anesthesia providers use CoFi today.
“We are pleased to bring this solution to the physicians and ASCs using the CoFi platform,” said Sean Hanlon, CoFi’s founder and CEO. “Integrating CareCredit financing with CoFi’s multi-party payments platform brings real value with respect to efficiency, compliance, and the patient experience to every party involved in the procedure.”
About CoFi
CoFi, Inc., provides an innovative, multi-party payment platform for elective medical procedures. Using CoFi, patients directly pay each provider involved in a procedure or healthcare service through a single, convenient payment event. Our software enables providers and surgical facilities to offer a premium payment experience to their premium patients. CoFi has seen growing market adoption in ophthalmology, where the platform delivers critical payment compliance and work-flow advantages to surgeons, co-managing optometrists, and ambulatory surgery centers for premium cataract and LASIK procedures. Learn more at www.cofimd.com.
Contact:
Silvana Guerci-Lena