Covered Care
Covered Care is a Dallas-based buy now, pay later financing platform founded in 2020 that provides healthcare providers with patient lending across the full credit spectrum, originating loans from $750 to $25,000 through Medallion Bank.
- Company typePrivate
- Founded2020
- HeadquartersDallas, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Covered Care does
Covered Care, LLC is a Dallas-based healthcare point-of-sale financing platform founded in 2020 and operating as a subsidiary of Covered Holdings Inc. The company provides buy now, pay later (BNPL) financing for patients of healthcare providers, targeting practices in dentistry, cosmetic and plastic surgery, vision/optometry, hearing/audiology, chiropractic, weight loss, and other elective medical specialties. Its core product is a proprietary origination platform that delivers real-time credit decisions across the full credit spectrum — from prime borrowers to non-prime and no-credit-score individuals — and supports loan amounts of $750 to $25,000 over 3 to 72 months at APRs up to 36%. In November 2021, Covered Care launched an industry-first 0% APR financing option available to every patient regardless of credit score, with no hidden fees.
The platform is distributed through three primary channels: direct sales to healthcare providers, a self-serve in-office location portal, and direct API integration into practice management systems, with additional channel reach through a Versatile Credit technology platform partnership announced in February 2022. Underwriting and origination are executed under a partnership with Medallion Bank, Member FDIC (NMLS# 2035021). Covered Care generates revenue through merchant transaction fees and patient interest, with providers receiving next-day cash settlement after patient approval. White-label functionality allows merchants to brand the financing experience with their own logos and colors, creating workflow integration that increases switching costs over time. Capital backing includes a $100 million lending facility from Fortress Investment Group established in November 2020 and an additional $8 million equity follow-on investment in May 2022 from affiliates of Fortress and Westlake Financial, alongside an aggregate of $200 million in lending facilities from the same institutions. The company reports hundreds of new merchant locations installed each month across its target verticals.
Covered Care firmographics
Firmographics- Name
- Covered Care
- Legal name
- Covered Care, LLC
- Website
- https://coveredcare.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Covered Care is a Dallas-based buy now, pay later financing platform founded in 2020 that provides healthcare providers with patient lending across the full credit spectrum, originating loans from $750 to $25,000 through Medallion Bank.
- Ownership category
- akta.pro rank
Covered Care industry classification
Industry- Product category
- Healthcare Financing
- NAICS
- Sales Financing (52222)
- SIC
- Miscellaneous Business Credit Institution (6159), Short-Term Business Credit Institutions (6153)
- akta.pro primary industry
- Vertical-Specific BNPL (e.g., Healthcare, Travel, Home Improvement) (FSAKACAK)
- akta.pro secondary industries
- Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG), Price Transparency, Estimates & Patient Financial Clearance (HLACACAK), Medical & Healthcare Personal Loans (Unsecured Installment) (FSAKAAAF), BNPL Servicing, Billing & Collections (FSAKACAH)
Keywords
Where Covered Care is headquartered
LocationHeadquarters
- HQ city
- Dallas
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Covered Care business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Loan Origination and Transaction Fees: Covered Care generates revenue through loan origination fees and transaction-based fees charged to merchant healthcare providers. Healthcare businesses pay competitive merchant discounts to offer financing to their patients, while patients repay loans over time with interest (up to 36% APR). Loans are originated by Medallion Bank, Member FDIC.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Healthcare Financing |
| Transaction based/ take rate | Pay-as-you-go | 0% APR Financing Option |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels4 records
Covered Care product offering
Product offeringCore offering
Covered Care is a buy now, pay later (BNPL) financing platform purpose-built for healthcare providers, enabling practices to offer patients fixed-term installment loans for treatments while providers receive next-day upfront funding. The proprietary platform performs real-time credit decisions in seconds and approves patients across the full credit spectrum, from prime to non-prime to those with no credit score, with configurable loan terms from 3 to 72 months, amounts from $750 to $25,000, and APRs up to 36%. Healthcare providers access the platform via an in-office portal, text/email patient links, or direct API integration, with white-label branding options. Loans are originated by Medallion Bank, Member FDIC.
Product overview
Covered Care operates as a unified healthcare financing platform offering buy now, pay later solutions. The core product is the Covered Care Financing Platform, which enables healthcare providers to offer flexible financing to patients who may be declined by traditional credit. The platform integrates with Versatile Credit's technology and supports white label deployment for merchants wanting branded financing experiences. Providers can access the platform via in-office location portal, text/email patient communications, or direct API integration. Loan terms range from 3 to 72 months with APRs up to 36% and loan amounts from $750 to $25,000. Loans are originated by Medallion Bank, Member FDIC.
Differentiator
Problem solved
Functional benefit
Products and services
- Covered Care Financing Platform A buy now, pay later financing platform designed for healthcare providers, enabling patients to pay for treatments over time while providers receive upfront next-day funding. Supports credit-challenged patients from prime to non-prime credit levels and those with no credit history. Loans range from $750 to $25,000 with terms of 3 to 72 months and APRs up to 36%. Loans are originated by Medallion Bank, Member FDIC. The platform offers white-label branding and multi-channel origination through in-office portal, text/email, or direct API integration.
Quantifiable outcome
- Decisions in seconds with high approval rates enabling next-day funding to providers
- +3 more outcomes
Companies that use Covered Care
Customer profileNamed customers1 record
Segments10 records
Ideal customer profiles1 record
Covered Care technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
Covered Care partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Versatile Credit Inc.coreVersatile Credit announced the integration and deployment of Covered Care into their consumer financing technology platform in February 2022. This partnership expands Versatile's network of lenders in the healthcare vertical and enables eligible medical and dental practices to include Covered Care as part of their comprehensive financing offerings to patients.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
Covered Care competitors and assessment
Company assessmentDirect peers
- PatientFi: PatientFi provides patient financing specifically for elective procedures including cosmetic surgery, dentistry, fertility, and dermatology. Its vertical-specific healthcare BNPL approach closely mirrors Covered Care's go-to-market and target verticals.
- Sunbit: Sunbit is a BNPL financing platform focused on automotive, healthcare, dental, and optical verticals. It offers similar multi-channel origination and serves subprime-friendly credit tiers, directly overlapping with Covered Care's provider base and patient credit philosophy.
- Alphaeon Credit: Alphaeon Credit provides patient financing for elective healthcare procedures including dentistry, ophthalmology, and cosmetic surgery. It targets the same subprime-friendly patient base and elective-provider verticals as Covered Care.
- Wisetack: Wisetack offers consumer financing for healthcare, automotive, and home services with a software-led distribution model. It targets similar SMB practice customers with embedded financing at checkout, competing directly with Covered Care's API and white-label offerings.
- CareCredit (Synchrony Financial): CareCredit is the dominant dedicated healthcare financing credit card in the US, serving dental, vision, cosmetic, veterinary, and other healthcare providers. It is Covered Care's most direct competitor with significantly deeper capital and merchant penetration, but offers a credit-card model rather than a true BNPL structure.
Broad incumbents
- Affirm: Affirm is a publicly-traded BNPL leader that has been expanding into healthcare, automotive, and home improvement verticals. It offers broader brand recognition and capital than Covered Care, but a less healthcare-specialized product.
- Klarna: Klarna is a global BNPL incumbent with significant US presence, beginning to pursue healthcare partnerships. Its scale and brand pose a competitive threat as it moves further into vertical-specific point-of-sale lending.
Emerging players
- Enhance Health: Enhance Health is a healthcare financing company focused on elective procedures, partnering with providers to offer patients monthly payment options. It is a smaller, more focused emerging player in the same healthcare BNPL space.
- Medmo: Medmo is a healthcare financing platform connecting patients with imaging and procedure financing options. While narrower in vertical focus, it represents the broader trend of digital-first patient financing solutions targeting elective and out-of-pocket healthcare costs.
- Future Family: Future Family offers subscription-based financing for fertility treatments, an adjacent healthcare elective vertical. It represents the kind of vertical-specific BNPL entrant that could either partner with or compete against Covered Care.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Covered Care social profiles
Digital presenceCovered Care compliance and trust
Trust signalCompliance1 record
Covered Care financial estimates
Financial estimateRevenue estimate
Valuation estimate
Covered Care leadership team
Management profileNumber of profiles
Profiles7 records
Covered Care funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Covered Care M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Covered Care
What does Covered Care do?
Covered Care is a buy now, pay later (BNPL) financing platform purpose-built for healthcare providers, enabling practices to offer patients fixed-term installment loans for treatments while providers receive next-day upfront funding. The proprietary platform performs real-time credit decisions in seconds and approves patients across the full credit spectrum, from prime to non-prime to those with no credit score, with configurable loan terms from 3 to 72 months, amounts from $750 to $25,000, and APRs up to 36%. Healthcare providers access the platform via an in-office portal, text/email patient links, or direct API integration, with white-label branding options. Loans are originated by Medallion Bank, Member FDIC.
Is Covered Care a public or private company?
Covered Care is a private company. It is classified as venture growth investor backed and is currently operating.
When was Covered Care founded?
Covered Care was founded in 2020. It employs 11 to 50 people.
Where is Covered Care based?
Covered Care is headquartered in Dallas, United States, in the North America region.
How does Covered Care make money?
One revenue line is on record: loan Origination and Transaction Fees.
Who are Covered Care's main competitors?
Direct peers on record are PatientFi, Sunbit, Alphaeon Credit, Wisetack and CareCredit (Synchrony Financial). Broad incumbents are Affirm and Klarna. Emerging players are Enhance Health, Medmo and Future Family.
Does Covered Care have an API?
No public API is recorded for Covered Care.
What industry is Covered Care in?
Covered Care's product category is Healthcare Financing. Its primary akta.pro industry code is FSAKACAK, Vertical-Specific BNPL (e.g., Healthcare, Travel, Home Improvement), with a secondary code of BPAMAFAG, Buy Now, Pay Later (BNPL) Platforms. Its NAICS code is 52222 and its SIC code is 6159.