Cedar, an online service that aims to help patients pay their medical bills online, has announced that it has raised an additional $200 million in funding, bringing the total amount it has raised to $350 million. The current round of funding values the company at $3.2 billion.
The company said will spend the money it just raised on scaling its value “for both patients and healthcare providers, in line with significantly heightened demand.” The platform has added 21 new healthcare providers in the past 14 months, allowing access to 5.5 million more patients. More than 300,000 patients a day are using the platform, according to a published report.
Cedar offers its healthcare customers the ability to provide medical bills that are more easily understood and is focused on making the healthcare financial process more like what consumers have come to expect from other online experiences, such as shopping.
Providers who are using the platform have seen a 30% increase in patient payments and helps nearly 75% of patients avoid having debts placed into collections by providing clarity about bills and information about payment plans and other affordability options.
Cedar plans on expanding into more of the patient consumer lifecycle, including offering services to prepare patients for visits, such as appointment reminders and collecting insurance information.
“Now more than ever, patients deserve a healthcare experience that prioritizes their needs, and yet there are still so many problems on the financial side, which negatively impact their medical journey,” said Florian Otto, Cedar’s founder, in a published report. “Our mission has always been to enable exceptional patient experiences and transform healthcare. With this funding, we are in a position to further extend our footprint, help relieve financial burdens for patients and continue innovating to respond to ongoing shifts in the healthcare industry.”