Cedar Cares, Inc PDF

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It contains a research on Cedar Inc with respect to the funding it has received since its incorporation....

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CEDAR CARES, Inc. GEOGRAPHY SECTORCedar is a patient payment and engagement platform for hospitals, health systems, and medical groups that elevates the patient experience.It is a healthcare financial engagement platform that creates customized interactions for every patient. Using intuitive product design and advanced data science, Cedar is the only platform to facilitate patient-centric financial engagement across the care journey. It provides a smarter way for hospitals, health systems and medical groups to manage the patient payment ecosystem. Our platform delivers modern intelligence to dramatically improve billing operations and ensure a personalized billing experience for patients. Cedar basically works in the following sectors: Billing Payments Healthcare Fintech Medical Payments

PREVIOUS FUNDINGS FOR CEDAR. SERIES A Cedar raised $13 million in the series A funding. The investors include Founders Fund, Thrive Capital, Martin Ventures and SV Capital. This funding was used to set up the company after the initial testing stage.

In initial testing, providers using the Cedar platform saw an average of: ● 22 percent increase in collections; ● 33 percent reduction in A/R days; ● 62 percent increase in self-serve payments; and ● >90 percent patient satisfaction when using the Cedar platform Cedar’s platform is designed for hospitals, health systems, and medical groups. With it, providers are able to consolidate billing information across multiple caregivers while allowing a provider billing team to oversee these activities through a dashboard interface. The Series A funding will be used for implementing this platform. The platform can be implemented within 10 weeks and integrates with any EHR or practice management system, according to Cedar. Early tests of the system have demonstrated, on average, a 22 percent increase in collections, a 33 percent reduction in accounts receivable days, a 62 percent increase in self-serve payments, and a customer satisfaction rate of more than 90 percent.

SERIES B Cedar raised $36 million in it’s series B funding. The funding was led by the global investment company Kinnevik. Participants in the round include existing investors Founders Fund and Thrive Capital, as well as Lakestar, Sound Ventures, Kevin Systrom of Instagram and Nat Turner of Flatiron Health. Cedar's client base includes Montefiore Medical Center, U.S. Anesthesia Partners and Westmed Medical Group, among a number of other healthcare organizations across the country. Currently, Cedar interacts with nearly 100,000 patients nationwide on behalf of its clients, facilitating tens of thousands of billing transactions per month. Clients have seen a 35 percent increase in collections, greater than 50 percent reduction in A/R days and 95 percent patient satisfaction rate. In addition, more than 80 percent of patients pay after accessing the platform's live chat functionality. Cedar will use the funding to further invest in the next generation of its innovative platform as well as build out its existing team. Later this year, the

company plans to unveil new features and functionality that will enable healthcare organizations to further engage with patients, both prior to and after their visits.

SERIES C Cedar raised $102 million in it’s series C funding. The deal includes $77 Million in Venture Capital and $25 million from JP Morgan in Venture Debt. This round brings Cedar’s total capital raise to $157 million. Participants in the series C round included: Kaiser Permanente, angel investors Jerod Mayo, linebacker coach for the New England Patriots, and Dr. Jeff Vacirca, CEO of New York Cancer and Blood Specialists. Existing investors Kinnevik, Thrive Capital, Lakestar and Founders Fund also participated.

The new round of funding will be used to expand the company’s reach and accelerate product innovation and expansion, the company said. Cedar also announced a partnership with North Carolina-based health care system Novant Health, to provide personalized payment experiences for patients and pre-visit digital engagement.

SERIES D Cedar raised a total of $200 Million in it’s series D funding. This funding has brought the company’s valuation to a $3.2 Billion.

The $200 million investment was led by Tiger Global Management, with participation from Andreessen Horowitz, Thrive Capital and Concord Health Partners.

The company, which boasts more than $350M in total funding to date, will use the new capital to continue meeting skyrocketing demand for the exceptional, patient-centric digital health experiences provided through its platform. Existing investors Andreessen Horowitz (a16z), Thrive Capital and Concord Health Partners also participated in the round.

This funding comes at a time when meeting and exceeding consumer preferences around digital experiences is no longer optional for healthcare providers. As COVID-19 has accelerated the digital shift in healthcare, demand for Cedar’s product has increased significantly, with the company quadrupling its business throughout 2020. Since the onset of the pandemic, 40% more patients have switched providers over a poor digital experience and almost 50% wish their digital health experience was more intuitive, similar to Netflix, Amazon or Uber. Providers are looking for partners to help them deliver top-notch patient experiences and turning to platforms that prioritize the end-to-end patient journey, including the financial experience. Through thoughtful workflows and empathetic design, Cedar’s core platform delivers a modern consumer experience.

COMPETITORS The major competitors/alternatives for Cedar care will include the following companies:

1. 2. 3. 4. 5.

Patient Co. Change Healthcare Care Payment Prime Health Credit Patient Pay.

FOUNDERS Cedar care was co-founded by Florian Otto and Arel Lidow.

FLORIAN OTTO An accomplished entrepreneur and former physician, Florian now drives growth and sets overall direction across all facets of Cedar’s operations. Prior to founding Cedar, Florian was an executive at Zocdoc where he drove the commercial adoption of the platform. Florian also founded a daily deal company in Brazil (ClubeUrbano) that was eventually acquired by Groupon. After the acquisition, he became Chief Executive Officer of Groupon Brazil, growing the company to one of Groupon’s top three international markets. Florian began his business career as a strategy consultant at McKinsey & Company within their healthcare practice. Florian holds a M.D., D.D.S. and PhD from the University of Freiburg, Germany.

AREL LIDOW Arel sets the strategic and technical direction for Cedar’s product line and leads the “Makers” team, which includes engineering, product, design and data science. Prior to founding Cedar in 2016, Arel was VP of product at AppNexus where he supervised the development and launch of the company’s flagship products. He was recognized as an honorary founder and received the “Founder Award” for his contributions to the company. Arel began his career as a technology associate at Bridgewater Associates, working on trading systems for the world’s largest hedge fund. He graduated from Princeton University with a B.S.E. in electrical engineering and a certificate in finance....