Yesterday morning Cedar, maker of an intelligent patient billing platform, announced a whopping $102 million Series C funding round led by Andreessen Horowitz.
WHAT THEY DO
The company focuses on helping to guide patients through their medical bills and payments. It starts with its platform, Cedar Pay, which can engage patients before a medical visit and help make the billing more transparent.
The service is able to integrate with EHRs. It can incorporate information from HAS and FSA banks. It uses an algorithm that aims to provide patients with custom content that will help meet their needs and find the most relevant information. The startup also handles administrative issues.
WHAT IT’S FOR
The company said the new funds will be put towards expanding its overall offerings.
“The next phase of Cedar’s vision will be to evolve from a patient financial engagement solution to a comprehensive healthcare consumer engagement platform,” Florian Otto, CEO and cofounder of Cedars, said in a blog announcing the new funding. “While dealing with a medical situation will never be on anyone’s list of favorite activities, we do have an exceptional opportunity to raise the bar for patients – and ensure that all elements of a patient’s journey live up to the highest standards of best-in-class medical care.”
THE LARGER TREND
It’s no secret that medical billing can be confusing. Now a slew of startups are seeking to help with tech. Cleveland-based MedPilot, a patient financial engagement platform, scored $1.5 million in February to help grow its product-development line. Additionally, in April a digital medical-payment company, dubbed PatientPay, scored $6.15 million, also to grow its product line.