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CoFi Expands Payment Solutions with CareCredit Collaboration

CoFi Expands Payment Solutions with CareCredit Collaboration

February 28, 2024

CoFi, Inc., a leading provider of innovative payment software platforms for eye care practices, announced the market-wide availability of its multi-provider financing solution in collaboration with CareCredit, a Synchrony solution. The announcement marks a significant milestone in CoFi's mission to streamline payment processes in the healthcare industry.

Following a successful beta period involving joint CoFi and CareCredit customers, the integration allows patient payments with the CareCredit credit card to be seamlessly processed through CoFi's multi-party payments platform. Kathy Erickson, CEO of Wilmington Eye in Wilmington, North Carolina, expressed her satisfaction with CoFi's services, stating, "We've been using CoFi for over two years for patient payments... CoFi makes the process so much simpler because the patient knows exactly what they're going to owe." Erickson added her excitement about CoFi extending this capability to include payments through CareCredit.

With CareCredit now integrated into CoFi's platform, patients can finance the entire cost of a procedure, including surgeon's fees and those of surgical partners such as ambulatory surgery centers (ASCs) and co-managing providers. Funds are distributed compliantly to each provider, eliminating the need for surgical partners to be enrolled with CareCredit. This integration addresses the complexities involved in elective surgeries, particularly in the ophthalmic space, where multiple providers are often involved.

CoFi's CEO, Sean Hanlon, emphasized the significance of this integration, stating, "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." The platform's streamlined approach ensures that patients have a convenient payment experience, making separate, distinct payments to each provider in a single transaction.

More than 4,500 eye surgeons, optometrists, ASCs, and anesthesia providers are currently benefiting from CoFi's platform, highlighting its widespread adoption within the healthcare community. The collaboration between CoFi and CareCredit reflects a shared commitment to enhancing patient financing solutions and improving the overall healthcare experience.

The market-wide availability of CoFi's multi-provider financing solution with CareCredit signals a new era of efficiency and convenience in patient payments within the healthcare industry, promising to simplify processes for both providers and patients alike.