This episode features Dr. Florian Otto, CEO and Co-Founder at Cedar. Here, he expands on what led him to co-found his company Cedar, a financial technology platform that aligns payers & providers in order to improve consumers’ financial experience. He also shares advice for entrepreneurs & health system leaders, discusses the importance of price transparency, and more.
Summary
Cedar CEO Dr. Florian Otto on Aligning Payers and Providers for Better Financial Experience
What Led Dr. Florian Otto to Co-Found Cedar?
Dr. Florian Otto, CEO and Co-Founder at Cedar, got started in 2016 after his wife had a bad billing experience. He wanted to provide a digital experience that met modern expectations such as mobile-friendliness, timeliness, personalization and transparency. Cedar is a financial technology platform that aligns payers and providers to improve consumers’ financial experience.
Why Price Transparency is Important
Price transparency is becoming increasingly important as out-of-pocket costs become more substantial, and consumers are now voting with their feet if they don't get it. Cedar has launched their Payer Intelligence Layer that provides a single point of contact for patients by integrating the bills from providers with explanations of benefits from payers on a line item basis. This way, patients can easily understand the cost of their healthcare services, which ultimately improves their financial experience.
Advice for Entrepreneurs and Health System Leaders
Dr. Otto advises founders to focus on creating something with a measurable ROI, such as increasing revenue, reducing cost, or increasing customer satisfaction. For healthcare system leaders, he advises being transparent and communicative with their staff and community. He also recommends shifting from crisis management to strategic planning for the future.
The Bottom Line
Cedar's financial technology platform is working towards better aligning payers and providers for a better financial experience for consumers. By focusing on price transparency and providing a digital experience that meets modern expectations, Cedar is revolutionizing the healthcare industry. Founders and healthcare system leaders can learn a lot from Dr. Otto's advice on creating measurable ROI and shifting from crisis management to strategic planning.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 11/08/2022 and can be listened here.
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