Effective Feb. 27, CoFi, Inc. announced that payments made via the CareCredit credit card are now able to be processed through its multi-party payments platform across the market.
Let’s start with CoFi.
Launched in 2021, the healthcare software platform features a multi-party payment platform for elective medical procedures, including in ophthalmology and optometry.
Talk about how this works.
The platform operates by enabling patients to directly pay providers of a procedure or healthcare service via a single and compliant payment event at a surgeon’s office.
In turn, providers and surgical facilities get paid upfront and receive reporting on all surgeries (including upcoming and past cases by surgeon, procedure type, lens, and laser).
How does this compare to standard elective surgery payments?
Traditional payment methods typically involve patients making multiple payments for a number of procedures at various points—leading to the potential for compliance issues for surgeons, who may collect for and remit payment to their surgical partners.
Gotcha. Give me some details on CoFi.
On the ophthalmology side:
- Surgeons set up an invoice and payment processing system
- Includes multi-party invoices and payments
- Patients receive a single invoice
- All surgeons are paid upfront
- Includes intraocular lens (IOL), femtosecond, and facilities fees when a surgeon books the patient
- Patients pay surgeons directly
- If surgery is canceled, surgeons can give patients a 100% refund with one click
Learn how the system can be used for optometrists and ambulatory surgical centers (ASCs).
Didn’t CoFi recently introduce this option?
Yes! This multiprovider financing option comes after the platform raised $3.5 million in seed funding to support its expansion in June 2023.
Notable among its investors was Synchrony Ventures, a consumer financial services company and partner of CoFi.
Go on …
Via the collaboration, Synchrony's CareCredit payment solution became fully integrated into CoFi’s platform for its 2,000+ eyecare professionals and ASCs using its network.
To note: Up until now, the CareCredit solution was only available to new CoFi and CareCredit customers as part of a beta period.
Now give me a rundown on CareCredit.
CareCredit enables patients to pay for out-of-pocket costs that are not covered by insurance, such as co-pays, deductibles, or elective procedures.
Through the platform, patients can apply and be approved (pending credit approval) for a CareCredit credit card within minutes, offering short-term, long-term, and promotional financing options.
And the benefit?
This integration allows for patients to now finance the entire cost of a procedure with CareCredit directly through a surgeon’s office—regardless of whether a provider is enrolled with CareCredit.
Per CoFi: Patients have one convenient payment event (“one swipe”) through which they make separate, distinct payments to each provider.
So how can I give this a try?
Click here to request a demo.