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After raising $13M, Cedar launches provider, patient billing platform — 5 insights

After closing a $13 million Series A funding round, Cedar launched The Cedar platform which promises to improve billing operations while providing patients with a personalized billing experience.

Here's what you should know:

1. Founders Fund, Thrive Capital, Martin Ventures and SV Angel led the investment round.

2. Cedar's platform provides a "comprehensive view of the overall patient payment ecosystem." Providers can use the system to consolidate information across multiple caregivers, while delivering invoices that detail what each patient owes.

3. Similarly, provider billing teams can keep track of all activities through patient CRM and financial dashboards.

4. Cedar claims its system can be integrated into an EHR in 10 weeks at most.

5. Through initial testing, Cedar claims to have increased collections by 22 percent, decreased accounts receivable days by 33 percent, increased self-serve payments by 62 percent and touted patient satisfaction rates above 90 percent.

More articles on coding, billing and collections:
Improving ASC upfront collections: 8 steps in effective patient financial counseling
Creating a competitive edge at your facility: The patient experience
Elkhart Clinic goes in-network with Anthem's Medicare Advantage HMO: 4 key notes

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