BuoyFi provides a personalized payment platform that utilizes a financial calculator to help users create manageable payment plans for medical debt, achieving an average bill reduction of over 75%. The service addresses the overwhelming burden of medical debt by enabling users to understand their financial capabilities and negotiate reasonable payment options with healthcare providers.
Funding
Funding not disclosed
Founders
Product
Problem
Millions of Americans struggle with overwhelming medical debt, leading to financial instability and stress. Many individuals lack a clear understanding of their ability to pay and the options available for managing their medical bills. This often results in delayed payments, damaged credit scores, and further financial hardship.
Solution
BuoyFi provides a personalized payment platform designed to alleviate the burden of medical debt. The platform utilizes a financial calculator that analyzes a user's medical bill information and income to create a manageable payment plan, offering options for single settlements or monthly payments. By securely syncing with user accounts, BuoyFi determines affordable payment amounts and identifies potential eligibility for bill reduction or forgiveness. The platform also offers resources and support, including access to patient advocates, to help users navigate the medical billing process and negotiate with healthcare providers or collection agencies.
Target Audience
BuoyFi primarily targets individuals and families struggling with medical debt who need assistance understanding their payment options and negotiating with healthcare providers.
Features
- **BuoyFi Calculator:** Generates personalized payment plans based on income and medical debt, suggesting affordable settlement or monthly payment options.
- **Secure Account Syncing:** Uses trusted technology to securely connect with payroll, banking, and billing accounts for accurate income verification.
- **Bill Reduction Assessment:** Determines eligibility for medical bill reduction or forgiveness programs.
- **Negotiation Support:** Provides tips and resources for negotiating with healthcare providers and collection agencies.
- **Patient Advocates:** Offers access to concierge support for guidance on settlement and payment plan options.
- **Savings Program:** Facilitates saving for future medical expenses through a "round-up" feature on everyday purchases.
- **Bill Payment:** Provides a centralized platform for managing and paying medical bills.
- **Cash Back Rewards:** Enables users to earn cash back on everyday purchases, which can be used to pay down debt or save for future expenses.