Expands innovative patient and practice management capabilities to assist providers in delivering more to patients Laughs
FREMONT, CA: OrthoFi, an innovative program and technology-enabled service platform for the orthodontic specialty business, has acquired Comprehensive Finance Inc. (CFI), a fast-growing fintech firm delivering flexible finance solutions for healthcare clinics. The combined organizations will take advantage of one other's strengths to create innovative solutions that will enable specialized health practices to thrive while providing excellent care. Both firms will be known for their brands and can be overseen by their respective management teams.
Healthcare providers such as dentists, plastic surgeons, ophthalmologists, audiologists, and other healthcare experts can use CFI's payment systems. Combining with OrthoFi will assist CFI's commercial and product capabilities and maintain CFI's aim to make cosmetic and restorative dental operations more accessible and affordable for its largest client segment, the dentistry sector.
"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 firms will help CFI achieve its goal of providing a superior alternative to existing third-party financing options for dental practices, backed by OrthoFi, market-leading practice growth, and financial management technology leader.
"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."
Since getting a growth investment from prominent technology private equity firm Accel-KKR in April 2019, OrthoFi has been on an upward growth trend. OrthoBanc, a trusted name in orthodontic patient financial management for over twenty years, was recently acquired.