DENVER and GRAPEVINE,
Texas, May
28, 2021 /PRNewswire/ -- Comprehensive Finance Inc.
(CFI), a fast-growing fintech company offering flexible financial
solutions for healthcare practices, today announced that it has
been acquired by OrthoFi, an innovative software and
technology-enabled service platform for the orthodontic specialty
industry. The combined businesses will leverage the strengths
in both companies to deliver impactful solutions that help
specialist health practices grow while delivering outstanding care.
Both companies will continue to be known by their respective brands
and led by their respective leadership teams.
CFI offers payment solutions for healthcare providers including
dentists, plastic surgeons, ophthalmologists, audiologists, and
other healthcare specialists. For CFI's largest customer segment,
the dental industry, combining with OrthoFi will help boost CFI's
commercial and product capabilities and continue CFI's mission to
make cosmetic and restorative dental procedures more accessible and
affordable.
"There is a tremendous opportunity to help elective healthcare
providers transform their practices with digital workflows and
service solutions so that they can treat more patients, manage
their businesses more efficiently, and consistently realize
significant year-over-year growth," said Dave Ternan, Chief Executive Officer of
OrthoFi. "In fact, hundreds of orthodontic practices across
the country turn to OrthoFi to do exactly that, and with CFI, we
are excited to expand the scope of our mission to the dental space.
OrthoFi and CFI share a common vision of leveraging technology to
start more smiles. By staying true to our respective industries'
needs, we can leverage each other's strengths to help more
providers optimize their practices and deliver outstanding
care."
The combined businesses will support CFI's goal to offer dental
practices a better alternative than current third-party financing
products, backed by a market-leading practice growth and financial
management technology leader, OrthoFi.
"When I founded CFI in 2011, I was driven by one core belief:
that simplifying the payment process helps all patients get access
to the high-quality care they deserve," said Dr. Bruce Baird, founder and board chairman of CFI.
"Broadening that belief to include the use of technology to provide
outstanding patient experience and run healthy, efficient practices
is a natural extension of delivering outstanding care. Joining
forces with OrthoFi makes so much sense – ultimately we can help
our providers do more of what they are most passionate about: focus
on their patients' wellness and deliver accessible, affordable
quality care."
"I am excited about our future together with OrthoFi," said
Michael D. Brown, CEO of CFI. "Our
shared mission-led culture and strategic product vision will give
our customers a far better alternative than what's currently
available, especially in third-party financing. At the end of the
day, we want to help make cosmetic and elective restorative dental
procedures more accessible and affordable to individuals and
families across the country. With OrthoFi, we will be able to scale
up to do that."
This transaction is part of an upward growth trajectory for
OrthoFi since receiving a growth investment in April 2019 from leading technology private equity
firm, Accel-KKR. Recent company milestones include the acquisition
of OrthoBanc, the trusted name in orthodontic patient financial
management for over twenty years, as well as being named to Inc.
5000 List of Fastest Growing Private Companies in America for
the third consecutive year.
About OrthoFi:
OrthoFi is an innovative, tech-enabled solution that helps
Orthodontists start more patients and give them more time to
provide great quality care. With the recent acquisition of
OrthoBanc, OrthoFi is now the US orthodontic industry leader in
practice financial management, working with over 2,000 practices in
the US. Collectively with OrthoBanc, OrthoFi has helped over 3.2
million patients access quality, affordable Orthodontic care. Our
combination of cutting-edge Patient Acquisition software and robust
Revenue Cycle Management solutions helps practices grow by over 13%
YOY and manages patient and insurance billing and collections with
exceptional collection results that exceed industry standards. The
company has about 300 employees, with offices in Denver CO and Chattanooga TN. For more information, visit
OrthoFi.com.
About Comprehensive Finance, Inc. (CFI):
Comprehensive Finance, Inc. (CFI) is a financial technology
company offering payment solutions for dentists and other
healthcare providers including plastic surgeons, ophthalmologists,
audiologists and other specialists. CFI offers customized payment
plans for all through its Compassionate Finance™ brand, increasing
the likelihood of payment while also empowering providers to focus
on care. CFI's Abella™ solution harnesses mobile technology to
remove the costly burden of collecting receivables through a unique
and adaptable cloud-based platform offering patients a wide variety
of tailored payment arrangements. CFI is built on a core belief
that simplifying the payment process helps all patients get access
to the high-quality care they deserve. CFI's human approach to
patient payments has established the company among the
fastest-growing patient financing solutions providers in the
industry. For more information, visit cfico.com.
Press contact:
Oliver Gelles
OrthoFi Inc.
(714)797-3350
Oliver.Gelles@OrthoFi.com
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SOURCE OrthoFi