Cedar, a newly formed patient financial management company, launched a billing platform for hospitals and medical practices.
The platform allows providers to consolidate billing information into one online invoice and gives patients click-to-pay payment plan options. It also includes patient customer relationship management and financial dashboards.
Overall, the platform aims to help providers increase collections, reduce accounts receivable days, increase self-serve payments and boost patient satisfaction.
"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," Florian Otto, co-founder and CEO of Cedar, said via news release. "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."
Along with the new platform announcement, Cedar also revealed it received $13 million in Series A funding from investors including Founders Fund, Thrive Capital, Martin Ventures and SV Angel.