What You Should Know:
– Sanford Health, the largest rural health system in the United States and Cedar, the leading patient financial experience platform for healthcare providers announced a significant partnership.
– The collaboration will see Sanford Health, which serves over 2.4 million patients, leverage Cedar’s innovative technology to deliver a simpler, more transparent payment experience across its extensive network. The strategic initiative underscores a growing recognition of the importance of financial well-being as an integral component of overall patient care, particularly within rural communities.
Introducing Cedar Pay to Enhance Financial Clarity
Sanford Health will implement Cedar Pay, a platform designed to differentiate the payment experience by integrating critical information directly into medical bills. This includes features like real-time health savings account (HSA) data, creating a consumer-grade financial experience that aims to be understandable and trustworthy for patients.
Key innovative features of the Cedar Pay platform include:
- Personalized Outreach: Rapid experimentation capabilities to tailor outreach strategies and maximize patient engagement.
- Empathetic Communication: Utilizing plain-language messaging to reduce patient stress and improve comprehension of billing information.
- Seamless HSA Integration: Incorporating health savings account information to enable more informed financial decisions by patients.
- Flexible Payment Options: Offering personalized payment plan recommendations tailored to each patient’s unique financial situation.
Dual Benefits: Empowering Patients, Strengthening Providers
The collaboration is anticipated to yield dual benefits: fostering increased patient loyalty through a positive financial experience, while simultaneously improving the financial performance of the health system. By making medical bills easier to understand and manage, Cedar and Sanford Health aim to reduce friction in the payment process.
