Houston-based Memorial Hermann Health System, which comprises 17 hospitals, has become a strategic investor in Cedar, a digital health billing startup valued at $3.2 billion.
Cedar said it aims to transform the patient financial experience by empowering individuals to easily and affordably pursue the care they need. Its digital portfolio is designed to facilitate financial interactions throughout the patient journey, from appointment confirmation and price estimates pre-service to final payment post-service.
"Our organization's goals very much align with Cedar's in that we also aim to make healthcare more affordable and accessible while providing a highly personalized and compassionate patient experience, Alec King, Memorial Hermann executive vice president and CFO, said in a Dec. 19 news release. "That's one of the many reasons we made the strategic decision to invest in Cedar."
In November, Cedar launched Payer Intelligence Layer, which consolidates payer and provider data into a single source of information for consumers managing medical bills.
"Without a connected, consumer-first approach, medical billing often leads to confusion and frustration for patients at best, and an inability to pay medical debt at worst," said Florian Otto, MD, PhD, Cedar CEO and co-founder. "Our goal is to provide a patient experience that is convenient and clear, leading to significantly better outcomes for providers, payers and the people we all serve. We are pleased to welcome Memorial Hermann as an investor in this important work."