Notably, in a joint survey conducted in 2019 by Survata, a market research company, and Cedar, a healthcare firm, almost 41 percent of healthcare consumers reported that they would switch to a provider who offered a better digital experience, with millennials four times as likely to switch. However, keeping up with the rapidly changing pace of healthcare technologies and patient expectations is no easy task for healthcare providers. They need a reliable technology partner to help them set up modern, easy-to-use tools to engage directly with patients in terms of administration, billing, and payment. Driven by this understanding, the healthcare firm—Cedar— developed a healthcare financial engagement platform that creates customized interactions for every patient. Using intuitive product design and advanced data science, Cedar has the only platform to facilitate patient-centric financial engagement across the care journey. “Our platform reduces the friction in communication and engagement between the consumer and the healthcare system leading to better financial outcomes and patient satisfaction,” comments Florian Otto, co-founder and CEO of Cedar.
As Otto highlights, the Cedar platform stands on three crucial pillars. The first pillar is the embodiment of the motto “simplicity that encourages engagement.” At Cedar, the connection between patient-centric design and business results remains the core philosophy. Owing to the company’s mobile-first design approach and intuitive UI, consumers can easily verify their invoices and make the necessary payment. ‘Micro-segmentation’ or the second pillar of the Cedar platform enables healthcare providers to offer personalized billing experiences.
It allows clients to segment their consumers based on their preferences and provide the most relevant services. Finally, the ease of implementation serves as the third pillar for the Cedar platform. Its ability to integrate with different EMR systems, internal data, census data, and engagement data makes the payment of medical bills a seamless experience. Cedar also provides real-time analytics on the financial metrics most important to health systems, giving new levels of insight and visibility to providers.
Our platform reduces the friction of communication and engagement between the consumer and the healthcare system leading to better financial outcomes and patient satisfaction
The Cedar platform personalizes patient communication and reduces friction in the payment process. For example, if a patient clicks on the payment link, then reviews and authenticates the bill but does not checkout, the care provider can extend its support to the patient by further explaining the invoice or, in certain instances, showing them financing options. Cedar has also added the functionality of tracking a bill that, similar to FedEx’s “track your package” feature, lets patients know where they are in a payment cycle. And despite being an intuitive platform, patients can also leverage live chat functionality to resolve their additional queries, if necessary. “It is more than just sending the bill. Our platform enhances the end-to-end financial experience,” enthuses Otto.
Having already given hospitals, health systems, and medical groups a smarter way to manage the patient payment ecosystem, Cedar is now widening its capabilities further and building more partnerships. Simultaneously, the company has moved into front-end functionalities of the medical billing and administrative process. Average client results include a 30 percent increase in collections with a 95 percent patient satisfaction rate.