As one of its base services, members will be able to open a current account with MediCoop CFI. The aim of this account is not to substitute a member’s existing personal transactional bank account, but rather to progress into becoming the operational account of choice for member practices. Due to the high barrier to entry in this service category, a phased introduction of functionalities is planned (initially including EFTs only and progressing to a fully- fledged online operated transactional account). In line with members’ mentalities towards placing routine savings with MediCoop CFI, the use of the MediCoop CFI current account for routine transactions will organically grow as members’ confidence in the CFI and it’s systems grows.
MediCoop CFI will enter into service level agreements with various practice management and medical bureau service providers. Their payment systems will interface with MediCoop CFI’s systems in order to facilitate the use of MediCoop CFI current accounts for practices under their administration. MediCoop CFI will outsource certain services (billing support; medical aid collection services; pre-funding of certain classes of debtors – i.e. debt factoring – and various other practice management related services) to these service providers who already have established client bases.
*Terms & Conditions apply.