Early Successes, Provider Customer Additions Drive Growth for Cedar
Strong Q1 sets the tone for 2018; expansions planned across customer base, team, capabilities and more
NEW YORK - Following Cedar’s entry into the health technology market late last year, the company has already made measurable progress towards helping its provider customers reinvent revenue cycle operations and deliver a consumer-centric billing process. Fueled by industry demands to improve the patient experience, Cedar has added several provider customers to its growing roster and anticipates a steady stream of new clients to come on board through the end of the year. Its quick growth has prompted Cedar to add key roles in engineering, business development and client service, and expand its philanthropic efforts in 2018 and beyond.
Cedar works with hospitals, health systems and medical groups across the US. Its ability to optimize all patient interactions in the revenue cycle has helped its customers significantly improve collection rates and increase operating margins by more than four and a half percent.
Transforming the patient billing experience
With multiple practice locations in New York’s Hudson Valley and lower Catskill region, Cedar customer Crystal Run Healthcare (Crystal Run) is one of the fastest growing multi-specialty group practices in the US with more than 400 physicians in nearly 50 medical specialties. It’s also a physician-led accountable care organization (ACO) and member of Montefiore Health System. Crystal Run partnered with Cedar after vetting technology solutions providers to help the group improve patient satisfaction and the accounts receivable component of its revenue cycle operations.
In just four months, Cedar transformed Crystal Run’s patient billing experience by:
- Increasing the practice’s percentage of collections
- Decreasing collections time to an average of 25 days
- Achieving a 95 percent patient satisfaction score
- Significantly reducing operating costs
“Cedar’s recognition of the integral role patients play in providers’ ability to meet operational and financial goals was especially appealing,” said Sue Gillies, Vice President of Revenue Cycle Management, Crystal Run. “Cedar has helped us find efficiencies in our patient billing process, largely due to its platform’s short iteration cycle and ability to quickly incorporate feedback. They’re now the only post-visit revenue cycle vendor we work with, a change that’s allowed us to streamline operations. We’re confident our continued partnership will enable us to achieve financial success while meeting our commitment to best serve our patients.”
Continued growth planned for remainder of 2018
In addition to expanding its team of professionals and broadening the scope of its work with existing customers, Cedar is focused on continually growing its customer base to support organizations beyond provider groups. This includes plans to work with additional academic medical centers and national staffing agencies. It’s also committed to increasing sophistication of its machine learning capabilities specific to communication and payment options.
“Our rapid growth is a testament to our unique, patient-first approach to the patient billing experience,” said Florian Otto, co-founder and CEO of Cedar. “We’re enthusiastic about all we’ve accomplished to-date and optimistic about our ability to continue to positively impact the consumer experience in healthcare.”
Lastly, the company today announced the launch of Cedar Cares, its new community-focused philanthropic program. The first initiative of Cedar Cares will support the Colorado Rehabilitation Services Volunteer Partnership (RSVP) Clinic, which provides outpatient rehabilitation services to children and adults with brain, stroke, spinal cord and amputation injuries. Cedar has given $100,000 to the clinic. It’s also donating time and operational resources to boost the Colorado-based organization’s mission of providing outstanding rehabilitative care that maximizes independence, wellness and community participation for uninsured individuals with catastrophic injuries.
Cedar 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. To elevate your patient experience, visit cedar.com.