Cedar, a NYC-based provider of a smart payment solution for health providers and patients, raised $13m in Series A funding.
Backers included Founders Fund, Thrive Capital, Martin Ventures and SV Angel.
The company intends to use the funds to expand operations.
Led by Florian Otto, co-founder and CEO, Cedar provides a platform that powers solutions for hospitals, health systems and medical groups, delivers modern intelligence to alleviate collections challenges, improve billing operations and ensure a personalized billing experience for patients.
Cedar offers a comprehensive view of the overall patient payment ecosystem, leveraging millions of internal and external data points to inform the communication method, messaging and payment options that an individual patient may see. These are optimized over time via machine learning algorithms to continually ensure the best possible response from patients.
Through the Cedar platform, providers can consolidate billing information across multiple caregivers while delivering clear invoices detailing exactly what patients owe, with personalized click-to-pay options. In parallel, provider billing teams can keep track of all activities via a patient CRM and financial dashboards.
The solution can be integrated with any electronic health record (EHR) or practice management system (PMS), and implemented in ten weeks or less.