By fostering alignment between providers and payers, the company will provide the only holistic solution to the challenges consumers face when paying for healthcare.
Cedar, an innovative healthcare financial technology platform, announced it has closed its acquisition of OODA Health, a healthcare technology company focused on improving the healthcare administrative experience with payers and providers, for $425 million. Through this acquisition, Cedar will be the only complete healthcare financial technology solution, addressing the full set of challenges consumers face when paying for care by bringing payers and providers onto one platform.
“We are thrilled to welcome the OODA team and clients to Cedar, and are excited about the unique opportunity we have to fix many of the root cause problems which lead to poor consumer financial experiences and administrative waste in healthcare.” said Florian Otto, CEO and co-founder of Cedar. “With insights from both payers and providers, we will be able to empower consumers to easily and affordably pursue the care they need.”
The company will focus on bringing more transparency and assurance to the consumer financial experience in healthcare, broadening its product roadmap to prioritize features that are powered by integrations with providers and payers, as well as automation use cases that advance the consumer financial experience and healthcare affordability.
“Over the past year, we have witnessed the digital transformation of healthcare in response to the COVID-19 pandemic, but healthcare administration and billing is still a huge pain point for consumers,” said Seth Cohen, President of Cedar and former co-CEO and co-founder of OODA Health. “We are honored to be joining forces with Cedar to build the most comprehensive technology and services platform for providers and payers, in order to deliver the best possible consumer financial experience in healthcare.”
With the acquisition of OODA Health, Cedar now partners with more than 50 payer and provider organizations, solidifying the company’s position to lead the market as the most comprehensive healthcare financial technology platform.
Cedar’s mission is to empower us all to easily and affordably pursue the care we need. As the only complete solution to address all of the challenges consumers face when paying for healthcare, Cedar enables a better and more transparent financial experience. To learn more, visit www.cedar.com.
PR & Communications Manager