Vancouver’s ConnectionPoint has raised USD $1.5 million for the launch of CoCoPay, the first community-centric healthcare payment solution that tackles the issue of quality care affordability.
ConnectionPoint’s mission is to help causes, corporations, and community members work together to fund impactful projects.
Best known for their FundRazr platform for nonprofits, ConnectionPoint has raised more than $250 million through 200k+ campaigns in over 100 countries.
Every year, millions of Americans face financial hardship because of medical costs. Total out-of-pocket expenses in America have doubled in the past ten years to reach $410 billion per year. Both factors contribute to an unmanageable financial burden that leads to bankruptcy, stress, and lower quality of life.
Crowdfunding for healthcare costs is nothing new for Americans. Almost 30% of all crowdfunding projects in the US are created for medical-related issues. However, providers are currently left out of the process, which creates friction, inefficiency, and donor hesitancy.
CoCoPay helps healthcare providers mitigate this by enabling a patient’s community of friends and family to contribute toward the cost of the medical bill. Healthcare providers simply add CoCoPay as a supported payment option and all funds raised from the community are paid directly to them for full accountability.
By involving the healthcare provider directly in the process, CoCoPay resolves these issues.
“With deductibles going up and many essential treatments not even covered by insurance, more people are struggling to pay for the care they need and possibly even forgoing it completely,” says David Barach, President of ConnectionPoint Systems.
“Healthcare providers can use CoCoPay to turn the care they provide into the most meaningful gift that friends and family can give to their loved ones – health, well-being, and quality of life.”
Healthcare providers already see the impact of CoCoPay on the payment collection process and their interactions with patients.
CTOAM, a Canada-based precision cancer medicine and personalized cancer care service that specializes in getting clients rapid access to the best possible cancer treatment available for their form of cancer. One of their patients recently raised $20,000 from his community to fund treatment for an aggressive form of Lymphoma.
With this new seed round of funding, ConnectionPoint will accelerate the rollout of CoCoPay to healthcare providers, revenue cycle management companies, and hospital networks so more patients can start using this alternative payment option for paying the cost of their treatment.
As an American who just moved to Vancouver, this is super exciting and much needed. The healthcare industry down south is a complex web with layers and layers that make improvements super challenging to execute. Creative solutions like this are necessary to start making a difference, not in 30 years, but now.
Well done!