CoFi Announces Market-Wide Availability of its Multi-Provider Financing Solution with CareCredit

CoFi announced that patient payments with the CareCredit credit card 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 2 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,” Kathy Erickson, CEO of Wilmington Eye in Wilmington, North Carolina, said in a company news release. “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, according to CoFi.

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 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.”