Healthcare payments and transactions are an often-overlooked area of digital transformation in the medical field. Cedar, however, is looking to change that with its innovative financial engagement platform for patients and providers.
The need for Cedar Pay became apparent during the onset of the COVID-19 pandemic when 40% more patients began switching providers as a result of unsatisfactory digital experiences. Cedar Pay closes the gaps between paperwork, apps, and patient portals and streamlines provider-to-consumer engagement.
CEO and Co-Founder Dr. Florian Otto compared Cedar Pay to other companies that utilized one technology platform for enterprise functions and another for customer engagement. He said, “Cedar is that consumer facing technology layer in healthcare, analogous to what electronic health record systems are to clinicians and providers’ staff.”
Now, Cedar has recently announced it has raised $200 million in a Series D financing round. This round was led by Tiger Global Management along with Andreessen Horowitz, Thrive Capital, and Concorde Health Partners. It will be used to further its efforts on Cedar’s flagship product Cedar Pay, a platform designed to involve patients in the financial aspects of healthcare interactions.
Cedar Pay is used by healthcare systems, hospitals, and practice groups and will use its new round of funding to increase patient engagement use cases, provide pre-visit price transparency, and to create better experiences for both patients and providers. The company uses electronic health records along with data science in order to personalize the patient journey.
As a result of the pandemic and the widespread adaptation to online services, Cedar quadrupled its value from June at $3.2 billion. Cedar currently works with 300,000 patients daily and over 35 healthcare providers to resolve the struggles previously associated with health care billing. Now, Cedar boasts a sustaining 88% patient satisfaction score through its technological and creative design in the end-to-end patient journey.
Cedar Pay has addressed the need to streamline health care billing and improve price transparency, allowing patients to make better medical decisions. With this new funding, Cedar will continue to work toward building a modern platform for an elevated patient financial experience.