The enterprise healthcare engagement platform that improves the end-to-end consumer financial journey Cedar has announced the launch of Cedar Pre, a new solution that delivers a seamless and comprehensive experience to consumers preparing for care. Through Cedar’s expanded suite for patient engagement, providers can simplify and personalize patient experiences along the end-to-end healthcare journey, providing unprecedented access and affordability from pre-registration and intake through final payment.
Why does it matter?
The need for pre-visit offerings is strong because the current experience is choppy and with a one-size-fits-all approach. As a result, both patients and providers suffer the consequences. Nearly one-third of people (32%) want a better understanding of what they owe before a procedure or visit, according to Cedar’s 2021 Healthcare Consumer Experience Study. Yet, of the patients who have tried to obtain out-of-pocket costs ahead of receiving care, 40% said that the information was difficult to find or even inaccurate. If providers cannot effectively engage consumers and clearly communicate their financial responsibility early in the billing cycle, the chances of missed payments increase, which impacts both parties.
Through consumer-centric design and personalization, Cedar Pre delivers the critical information patients and providers need to take the right actions before care and avoid billing-related surprises. By simplifying financial, administrative and clinical touchpoints prior to service, Cedar Pre lets providers focus on improving outcomes. This ultimately enhances patient access to affordable, high-quality care and easy-to-navigate, personalized workflows, so they can concentrate on their well-being.
According to Peterson-KFF, millions of medical visits result in surprise bills every year. Additionally, Cedar’s 2021 Healthcare Consumer Experience Study reported 15% of consumers would not be able to pay out-of-pocket for an unexpected healthcare cost, and 26% have left a negative review about a healthcare provider because of unexpected costs or a frustrating billing process. These data points reflect a greater demand for price transparency in healthcare and, in turn, clearer expectations around administrative and financial experiences.
Cedar Pre is part of the Cedar Suite, an end-to-end solution that brings together payer data and provider communications into one purpose-built platform. As a leading healthcare company, Cedar is committed to bringing a modern consumer experience to everyone’s healthcare journey, eliminating the systemic friction, confusion and frustration impacting healthcare today.
On the record
“The healthcare financial burden for consumers has skyrocketed over the last decade, and consumers are shouldering more of the cost for care than ever before. At the same time, the disjointed nature of the current pre-visit experience causes confusion and frustration for all parties,” said Florian Otto, CEO and co-founder of Cedar. “The fear and stress associated with medical bills can act as a deterrent for patients to get the care they need, especially when the process is cumbersome. With Cedar Pre, we are proud to offer concierge-style guidance that helps patients access the quality care and user-friendly information they deserve. By fostering more transparency as early in the process as possible, patients are able to make informed decisions, enhancing their experience with their provider and improving health outcomes.”
“As we’ve piloted the solution, we’ve seen 92% patient satisfaction ratings and a 55-second average check-in time for repeat visitors,” said Arel Lidow, co-chief maker and co-founder of Cedar. “We’re pleased with these early metrics and look forward to scaling the solution for all. Over the coming years, we expect pre-visit to evolve into the backbone of the patient experience, and we will continue working closely with leading healthcare providers to build solutions that address both their needs and the needs of their patients.”
Over the past year, Cedar has experienced significant growth, and is leading the industry as the most comprehensive healthcare financial technology platform by reimagining the consumer experience. In addition to a $200M Series D funding round in 2021, led by Tiger Global Management, Cedar also acquired OODA Health to power its broadened product roadmap. Cedar now works with more than 55 payer and provider clients, including AnMed Health, Advanced Dermatology and Cosmetic Surgery and CentraCare, who are all deploying Cedar Pre.