ConnectionPoint Systems Raises Seed Round to Help Healthcare Providers Increase Access to Quality Care and Save Millions of Americans from Bankruptcy
Vancouver, Canada, March 10, 2022 --(PR.com)-- ConnectionPoint Systems Inc, the premier platform for collaborative funding, has raised USD$1.5M for the launch of CoCoPay, the first community-centric healthcare payment solution that tackles the issue of quality care affordability.
Every year, around 137 Million Americans face financial hardship because of medical costs. Total out-of-pocket expenses in America have doubled in the past ten years to reach $410B per year. Both factors contribute to an unmanageable financial burden that leads to bankruptcy, stress, and lower quality of life.
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 add CoCoPay as a supported payment option and all funds raised from the community are paid directly to them for full accountability.
“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. Their patient recently raised $20,000 from his community to fund treatment for an aggressive form of Lymphoma. One of the contributing factors to success was the supporters’ certainty that funds would immediately flow to CTOAM and be used towards the treatment.
“Our precision oncology treatment is so advanced that insurance still won’t cover it. But we get results. It pains us when we come across a patient we know we can help, but who can’t cover the cost of the treatment. We’re in the business of saving lives and CoCoPay has given us a way to save more of them,” says Michelle Morand, Co-Founder of CTOAM and Precision Cancer Care Advocacy Specialist.
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. Common challenges of using crowdfunding for medical costs include money transfer and allocation issues, misrepresentation of treatment or diagnosis data, non-designated use of funds and more. By involving the healthcare provider directly in the process, CoCoPay resolves all of these issues.
With this new seed round of investments, 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.
About ConnectionPoint:
ConnectionPoint is the premier platform for collaborative funding. Our mission is to help causes, corporations, and community members work together to fund impactful projects. Through our brands, FundRazr for nonprofits, CoCoPay for healthcare payments, and CrowdFundr for creatives and entrepreneurs, we have raised more than $250M through 200k+ campaigns in over 100 countries. ConnectionPoint has won numerous recognitions, including BCIC New Ventures’ Social Innovation Prize, BC Tech Association’s Technology Impact Award for Most Promising Startup, and the Vancouver Economic Commission’s Award of Excellence for Business Innovation Technology.
Every year, around 137 Million Americans face financial hardship because of medical costs. Total out-of-pocket expenses in America have doubled in the past ten years to reach $410B per year. Both factors contribute to an unmanageable financial burden that leads to bankruptcy, stress, and lower quality of life.
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 add CoCoPay as a supported payment option and all funds raised from the community are paid directly to them for full accountability.
“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. Their patient recently raised $20,000 from his community to fund treatment for an aggressive form of Lymphoma. One of the contributing factors to success was the supporters’ certainty that funds would immediately flow to CTOAM and be used towards the treatment.
“Our precision oncology treatment is so advanced that insurance still won’t cover it. But we get results. It pains us when we come across a patient we know we can help, but who can’t cover the cost of the treatment. We’re in the business of saving lives and CoCoPay has given us a way to save more of them,” says Michelle Morand, Co-Founder of CTOAM and Precision Cancer Care Advocacy Specialist.
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. Common challenges of using crowdfunding for medical costs include money transfer and allocation issues, misrepresentation of treatment or diagnosis data, non-designated use of funds and more. By involving the healthcare provider directly in the process, CoCoPay resolves all of these issues.
With this new seed round of investments, 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.
About ConnectionPoint:
ConnectionPoint is the premier platform for collaborative funding. Our mission is to help causes, corporations, and community members work together to fund impactful projects. Through our brands, FundRazr for nonprofits, CoCoPay for healthcare payments, and CrowdFundr for creatives and entrepreneurs, we have raised more than $250M through 200k+ campaigns in over 100 countries. ConnectionPoint has won numerous recognitions, including BCIC New Ventures’ Social Innovation Prize, BC Tech Association’s Technology Impact Award for Most Promising Startup, and the Vancouver Economic Commission’s Award of Excellence for Business Innovation Technology.
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Mira Soullen
+1-236-788-7502
+1-236-788-7502
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