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.
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.