Cedar today announced its entry into the health technology market with a smarter way to manage the patient payment ecosystem The Cedar platform which powers solutions for hospitals health systems and medical groups delivers modern intelligence to alleviate collections challenges dramatically improve billing operations and ensure an elevated personalized billing experience for patients
In support of Cedar’s efforts the company has raised 13 million in Series A funding from investors including Founders Fund Thrive Capital Martin Ventures and SV Angel
Patient collections are a critical yet often overlooked component of the revenue cycle With patient payments now accounting for 35 percent of provider revenue the third largest source behind only Medicare and Medicaid)1 it is clear that a better system is needed — which inspired Cedar’s founders Florian Otto and Arel Lidow to form the company
At Cedar we study everything from a patient’s billing history to their level of engagement with previous communications and general payer and demographic information Putting all of these signals together our platform provides data-driven recommendations for providers to optimize all interactions with patients said Florian Otto co-founder and CEO of Cedar We are excited to work with innovative consumer-centric healthcare providers that see patient billing as an opportunity to vastly improve the patient experience and their own operations ”
A Data-Driven Payment Solution for Hospitals and Medical Groups
Today the majority of revenue cycle offerings look at one or two transactional aspects of patient billing Cedar instead offers a comprehensive view of the overall patient payment ecosystem leveraging millions of internal and external data points to inform the communication method messaging and payment options that an individual patient may see These are optimized over time via machine learning algorithms to continually ensure the best possible response from patients
The consumer experience in healthcare lags behind nearly every other industry — this is painfully obvious when you look at the current patient billing process said Kareem Zaki Thrive Capital We see Cedar doing much more than providing a Band-Aid solution to this problem They’re approaching the patient billing experience from a completely different viewpoint than other vendors and creating a new standard for revenue cycle operations ”
Through the Cedar platform providers can consolidate billing information across multiple caregivers while delivering clear invoices detailing exactly what patients owe with personalized click-to-pay options In parallel provider billing teams can keep track of all activities via a powerful patient CRM and financial dashboards The Cedar platform can be integrated with any electronic health record EHR or practice management system PMS and implemented in ten weeks or less
In initial testing providers using the Cedar platform saw an average of
22 percent increase in collections
33 percent reduction in A/R days
62 percent increase in self-serve payments and
gt;90 percent patient satisfaction when using the Cedar platform
With patient payments being a critical component of the revenue cycle it is necessary that hospitals and health systems provide patients with the best possible experience said Joel Perlman advisor to Cedar and former EVP/CFO Montefiore Health System New York Cedar truly understands what it means to bring a patient-first approach to healthcare technology and will allow providers to improve on the often confusing and emotional process of patient payment In turn hospitals and health systems will not only see an improvement in collections billing operations and days in AR but receive better patient satisfaction scores across the board ”
About Cedar
Cedar provides a smarter way for hospitals health systems and medical groups to manage the patient payment ecosystem Our platform delivers modern intelligence to dramatically improve billing operations and ensure a personalized billing experience for patients To elevate your patient experience visit cedar com
Please note that this piece of work originally appeared in English at https://www.vcnewsdaily.com/Cedar/venture-funding.php. As Investocracy aims to bring global startup news and updates in both English and Japanese to you, it’s important that we attribute original source to you. If you have any questions/concerns please write to us at contact@investocracy.co
