Introduction to Cedar
Millions of patients default on their out of pocket liability after a hospital visit, affecting credit score and causing their accounts to go into collections.
In many cases the problem is not the patient's ability to pay, but rather systemic issues in the billing process such as lack of cost transparency, high rate of errors, and outdated payment methods. In 2015, an estimated $50 billion of out-of-pocket payments went un-collected. With the growing popularity of high deductible health plans, this number is estimated to grow to $200 billion by 2019.
Cedar will fix this problem by using modern means of communication, smart consumer segmentation and a new technology interface. This will increase recovery rates and elevate the patients' financial experience.
Cedar provides a smarter way for hospitals, health systems and medical groups to manage the patient payment ecosystem. The Cedar platform looks through millions of internal and external data points – versus a single data source like a credit score – to constantly optimize revenue cycle activities and better predict patient engagement.
Patients today expect modern communications and multiple ways to pay. The platform helps you deliver a top-notch billing and communications experience to drive better engagement.
Cedar, a NYC-based provider of a smart payment solution for health providers and patients, raised $13m in Series A funding. Backers included Founders Fund, Thrive Capital, Martin Ventures and SV Angel. The company intends to use the funds to expand operations.
Led by Florian Otto, co-founder and CEO, Cedar provides a platform that powers solutions for hospitals, health systems and medical groups, delivers modern intelligence to alleviate collections challenges, improve billing operations and ensure a personalized billing experience for patients.
Cedar 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.
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.
Source : http://www.finsmes.com/2017/12/cedar-raises-13m-in-series-a-funding.html
Source : https://www.cedar.com/