Care.fi, a company that specializes in providing financing solutions for healthcare facilities, has recently closed its funding round at $2.6 million (approximately 21 crore rupees). It includes $2 million in debt capital from Trifecta Capital and $0.6 million from UC Inclusive Credit. The company intends to use these funds to increase its sales, geographical coverage, quality of services offered, and human resources.
Operations and Accelerates Growth
Care.fi, founded in 2021 by Sidak Singh and Vikrant Agarwal, works within the healthcare industry, finance, and commerce. It is designed to serve as a response to the financial disparities within the sphere of healthcare services. Care.fi provides unique leasing solutions for hospitals, doctors, and allied suppliers. It increases the efficiency of operations and acts as an enabler by ensuring that healthcare professionals and institutions have easier access to capital.
The financial solutions of over 50 hospitals are provided by this Gurugram-based company. It has treated over 2000 patients through its services. undefined fi has also observed a spectacular 4x rise in total disbursals as the value stands at $48 million (approximately Rs 400 crore).
NBFC License and Industry Landscape
In the two years of its operation, Care.fi has availed NBFC or Non-Banking Financial Company Certification thus proving its compliance with legal requisites of lending. In the healthcare fintech sector, it contends with other players in the market, such as CarePay, SaveIn, and Bajaj Finserv Health.
Vision and Mission of Care.fi
The vision of Care.fi is to fill the financial gaps in the healthcare chain, to improve the financial standing of healthcare providers and suppliers, hospitals, allied suppliers, and the healthcare map, and to improve efficiency in the delivery of healthcare.
The mission of Care.fi is to provide optimal solutions in terms of financing for managing the operations of healthcare professionals, to partner with hospitals and clinics for better healthcare management and patient care, and to create a positive change by identifying the major financial issues in the sector of healthcare. Care.fi has the objective of changing the ways through which healthcare is financed, to ensure better and more sustainable access to quality care.
Image Source: Financial Express
Care.fi assesses creditworthiness in the healthcare sector
Care.fi examines credit risks in the healthcare industry using big data analysis techniques and domain expertise. They review the financial standing of hospitals, clinics, and healthcare providers. This involves revenue, expenditure, and mode of undertaking payments. Care.fi also measures the performance and solvency of healthcare institutions. Providers with stable and long-term practices are seen in a positive light.
Depending on the source of financing, guarantees in the form of medical equipment or property ownership could be used to determine credit worthiness of the enterprise. They use knowledge of the healthcare industry to assess its risks and potential returns. They take into account patient throughput, treatments delivered, and revenues. Repayment Capacity by evaluating the ability of the borrower to pay back the loans or credit is pivotal.
Conclusion
In the ever-growing and dynamic healthcare industry, Care.fi becomes more important when this happens. They help to close financial gaps and support healthcare providers in their work as it increases the effectiveness and efficiency of the healthcare system. After receiving its funding recently, Care.fi is well-positioned to realize a positive impact in this dynamic industry.
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