What You Should Know:
– Cedar launches Cedar Pre to deliver seamless and comprehensive healthcare experiences to consumers preparing for care.
– By leveraging Cedar’s expanded patient engagement suite, providers can empower patients with unprecedented access and affordability from pre-registration and intake through final payment.
Cedar, a New York City-based healthcare financial technology platform built for today’s consumers, today announced the launch of Cedar Pre, an enterprise-grade solution delivering a seamless and comprehensive experience to consumers preparing for care. Through consumer-centric design and personalized experiences, Cedar Pre delivers the critical information patients and providers need to take the right actions before care and avoid billing-related surprises.
Accelerate collections, reduce no-shows and drive efficiency all at once
The need for pre-visit offerings is strong, but the current experience is choppy and with a one-size-fits all approach – with both patients and providers suffering the consequences. Nearly one-third of people (32%) want a better understanding of what they owe before a procedure or visit, according to Cedar’s 2021 Healthcare Consumer Experience Study. Yet, of the patients who have tried to obtain out-of-pocket costs ahead of receiving care, 40% said that information was difficult to find or even inaccurate. If providers cannot effectively engage and clearly communicate patient financial responsibility with consumers early in the billing cycle, the chances of missed payments increase, which impacts both parties.
Through consumer-centric design and personalized experiences, Cedar Pre delivers the critical information patients and providers need to take the right actions before care and avoid billing-related surprises. By simplifying financial, administrative, and clinical touchpoints prior to service and personalizing patient interactions, Cedar Pre lets providers focus on improving outcomes while enhancing patient access to affordable, high-quality care and easy-to-navigate, personalized workflows, so they can concentrate on their well-being.
According to Peterson-KFF, millions of medical visits result in surprise bills every year. Additionally, Cedar’s 2021 Healthcare Consumer Experience Study reported 15% of consumers would not be able to pay out-of-pocket for an unexpected healthcare cost and that 26% have left a negative review about a healthcare provider because of unexpected costs or a frustrating billing process. These data reflect a continued consumer sentiment demanding greater price transparency in healthcare and in turn, setting new expectations around administrative and financial experiences.
“At Cedar, we know the financial experience is critical to driving meaningful engagement and better outcomes. As we’ve piloted the solution, we’ve seen 92% patient satisfaction ratings and a 55-second average check-in time for repeat visitors,” said Arel Lidow, co-chief maker and co-founder of Cedar. “We’re pleased with these early metrics and look forward to scaling the solution for all. Over the coming years, we expect pre-visit to evolve into the backbone of the patient experience, and will continue working closely with leading healthcare providers to understand and provide solutions that address both their needs and the needs of their patients.”