CoFi

CoFi, Inc. operates as a specialized fintech firm targeting the healthcare sector, specifically the niche of elective medical procedures. Established in 2019 by co-founder and CEO Sean Hanlon, the Boston-based company has developed a multi-party payment platform to address complexities in billing for surgeries involving multiple service providers. Hanlon brings over two decades of healthcare industry experience, with a focus on building and delivering software and services for medical practices over the last ten years.

The company's core business revolves around a software-as-a-service (SaaS) platform that simplifies the payment process for patients and providers. In elective procedures, such as ophthalmology surgeries like LASIK or premium cataract surgery, a patient often receives separate bills from the surgeon, the ambulatory surgery center (ASC), and a co-managing optometrist. CoFi's platform consolidates these disparate charges into a single, transparent transaction for the patient, which is typically processed at the surgeon's office. Despite the single payment event for the patient, the platform ensures each provider compliantly charges and collects their specific fee directly, eliminating the need for one provider to collect funds on behalf of another. This model is designed to mitigate compliance risks associated with fund handling and remittance between separate medical entities.

CoFi has gained significant traction within the ophthalmology market, with thousands of surgeons, optometrists, and ASCs using the platform. The company generates revenue through its software service and has established strategic partnerships to enhance its offering. A key integration with CareCredit, a subsidiary of Synchrony, allows patients to finance their procedures through the CoFi platform. This collaboration followed a $3.5 million Series A funding round in May 2023, led by Las Olas Venture Capital and including Synchrony, which brought CoFi's total funding to $5.5 million. The capital is aimed at expanding the company's market presence and further developing its product.

Keywords: healthcare payments, medical billing software, patient payment solutions, elective procedures, ophthalmology payments, co-management payments, ambulatory surgery center billing, fintech, health-tech, surgical payment platform, multi-party payments, medical practice software, LASIK financing, cataract surgery payments, patient financial experience, revenue cycle management, healthcare compliance, provider collaboration, Synchrony, CareCredit