CoFi provides a multiparty payment platform that allows medical practices to streamline patient billing by enabling a single payment event for multiple providers, including surgeons, facilities, and co-managing providers. This solution eliminates the confusion of separate invoices and enhances compliance by ensuring that each party collects their fees directly from the patient without handling funds due to others.
Funding
$6.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
In medical practices, patients often receive separate invoices from multiple providers (e.g., surgeons, facilities, co-managing providers) for a single procedure, leading to confusion and administrative overhead. Traditional billing processes can also create compliance challenges related to handling funds owed to other parties.
Solution
CoFi offers a multiparty payment platform designed to streamline patient billing in medical practices. The platform enables a single payment event where the patient pays all providers involved in a procedure simultaneously. Each provider (surgeon, facility, anesthesiologist, etc.) directly charges the patient and collects their fees, eliminating the need to handle funds belonging to other entities. This approach enhances compliance, reduces administrative burden, and improves the patient experience by consolidating payments into a single, transparent transaction.
Target Audience
CoFi primarily targets medical practices, ambulatory surgery centers (ASCs), and specialty providers (e.g., ophthalmologists, surgeons) seeking to streamline billing and improve patient satisfaction.
Features
- Single payment event for multiple providers, simplifying the patient billing process
- Direct payment collection by each provider, ensuring compliance and eliminating fund transfers
- Automated invoice creation with fees from multiple partners
- Integration with CareCredit for multi-provider financing options
- Reporting and analytics dashboard for tracking payments and reconciliation
- Secure and compliant payment processing adhering to healthcare industry standards