Cedar is a healthcare financial technology platform aimed at transforming the patient financial experience by simplifying billing and payment processes. It leverages data science, smart product design, and personalization to improve the healthcare journey for patients, providers, and payers. Cedar's platform is designed to reduce friction in the healthcare billing process, offering a seamless experience from pre-visit to post-visit interactions.
Founded in 2016 by Florian Otto and Arel Lidow, Cedar was born out of a need to address the complexities and frustrations associated with healthcare billing. The company has rapidly grown by focusing on enhancing the patient experience and improving financial outcomes for healthcare providers. Cedar's innovative approach has attracted significant interest and investment, allowing it to expand its offerings and reach.
Cedar has raised a total of $350.81 million over six funding rounds, with its latest Series D - II round closing in December 2022. The company achieved a valuation of $3.2 billion in March 2021. Notable investors include Tiger Global Management, Andreessen Horowitz, Thrive Capital, and Concord Health Partners. This financial backing has enabled Cedar to expand its product roadmap and enhance its platform capabilities.
Cedar offers a comprehensive suite of features designed to improve the healthcare financial experience:
Advanced Personalization: Tailors the healthcare experience for patients, enhancing engagement and satisfaction.
Integrated Platform: Aligns payers and providers, reducing friction and increasing transparency in billing and administration.
Pre-Visit, During Visit, and Post-Visit Engagement: Simplifies the consumer experience across the entire healthcare journey.
Affordability Navigator: Connects patients with funding sources and self-service tools to make healthcare more affordable.
AI and Machine Learning: Utilizes AI to improve billing transparency and optimize payment plans.
In May 2021, Cedar acquired OODA Health for $425 million. This acquisition aimed to revolutionize the consumer financial experience in healthcare by integrating payer workflows and enhancing the platform's capabilities. The acquisition positions Cedar as a comprehensive solution for addressing healthcare billing challenges.
Cedar has introduced several new features, including the Affordability Navigator and AI-powered tools developed in collaboration with Google Cloud. These innovations aim to improve billing transparency and affordability, helping patients navigate the complexities of healthcare costs.
Cedar is driven by a mission to make healthcare more affordable and accessible. The company emphasizes a consumer-centric approach, focusing on data-driven solutions and personalization to enhance the patient experience. Cedar's culture is team-oriented and mission-led, fostering an environment where employees are encouraged to innovate and solve complex healthcare challenges.
Cedar serves a diverse user base, including over 35 healthcare providers across the United States, such as Yale New Haven Health and Novant Health. The platform engages with 25 million patients annually, helping them manage their healthcare finances more effectively. Cedar's community includes leading healthcare organizations that trust the platform to enhance the patient financial experience and improve operational efficiency.
