Cedar, a provider of technology focused on fostering smooth financial interactions between healthcare providers and patients, announced $102 million in new enterprise capital funding and a brand new enterprise relationship with a supplier community on Monday (June 22).
New York Metropolis-based Cedar mentioned Andreessen Horowitz led the $102 million Collection C funding spherical. Along with $77 million in enterprise capital from the Menlo Park, Calif.-based enterprise capital agency, the spherical additionally contains $25 million in enterprise debt from J.P. Morgan, Cedar mentioned.
The most recent spherical brings Cedar’s complete capital raised sum to $157 million, the corporate mentioned. The corporate has about 120 staff and was based in 2016, a spokeswoman mentioned in an interview.
Cedar additionally introduced what it known as an “innovation partnership” with Novant Well being.
Winston, N.C.-based Novant is a nonprofit community consisting of greater than 1,500 physicians and 15 medical facilities in North Carolina, Virginia and South Carolina, in line with its 2018 audited monetary statements.
“The COVID-19 pandemic has put a highlight on lots of the inefficiencies and archaic processes throughout our present healthcare system which has, in flip, pushed a rise within the adoption of platforms like Cedar’s amongst healthcare suppliers,” Florian Otto, CEO and co-founder of Cedar, mentioned in a ready assertion. “Via this spherical of funding and our new partnership with Novant Well being, Cedar’s affected person engagement and cost expertise platform will be capable of provide an improved expertise for extra sufferers with simplified and personalised digital engagement methods and cost help choices. We’re more than happy with this robust present of help from our traders and companions, and look ahead to additional enhancing our platform for sufferers and suppliers.”
Scott Kupor, Andreessen Horowitz managing companion and now a member of Cedar’s board of administrators, mentioned in a blog post on the enterprise capital agency’s website that firms like Cedar are wanted as a result of the medical billing course of “is needlessly difficult, irritating, costly, fraught with delays, unhelpful in managing total medical care prices and a hindrance to everybody concerned: sufferers, well being techniques, and insurance coverage firms.”
“Cedar brings a patient-centric and platform-enabled answer to this downside,” he added.
Kupor mentioned Cedar not solely helps make clear billing however is creating instruments “to arm sufferers pre-procedure with the data and self-service they should keep away from the sticker-shock when the medical invoice arrives many weeks post-procedure.”
Andreessen Horowitz and J.P. Morgan had been joined within the newest funding spherical in Cedar by Kaiser Permanente and angel traders together with Jerod Mayo, linebacker coach for the New England Patriots and Dr. Jeff Vacirca, CEO of New York Most cancers & Blood Specialists, Kinnevik, Thrive Capital, Lakestar and Founders Fund, Cedar mentioned in its announcement.
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