Cedar's Vision for Affordable Healthcare: A Year in Review and Path Forward

Cedar, recognized as the leading financial experience platform in the healthcare industry, has recently published its detailed report titled "Our Year in Review and Vision Ahead: Cedar's Journey to Solving Healthcare's Affordability Crisis." This report highlights the company's strategic evolution and its unwavering commitment to improving healthcare affordability for patients across the United States.

In the report, Cedar emphasizes its transformation from merely a platform for patient engagement, billing, and collections to a comprehensive solution focused on affordability. As healthcare costs continue to rise significantly, Cedar acknowledges the urgent need to make healthcare accessible to all patients. CEO Florian Otto states, “We started with a simple belief that paying medical bills should be as easy as an online purchase. However, the skyrocketing cost of care is hindering many patients from accessing the services they need.”

Key Milestones in Cedar's 2024 Journey

The report outlines several significant milestones that Cedar has achieved in its mission to transform healthcare payment systems:

New Affordability Pathways

Cedar's intelligent matching engine has proven instrumental in discovering new funding sources and affordability pathways that patients often overlook. The platform facilitates applications for Medicaid enrollment across all 50 state agencies and direct access to provider charity care programs. Collaborating with HSA providers, such as HealthEquity, Cedar empowers patients by enhancing clarity and accessibility regarding their funds and accounts.

Investing in Automation

Cedar recognizes the potential of automation to enhance efficiency in patient support. At the 2024 HLTH Conference, they unveiled Cedar Support, a feature that integrates AI-enabled voice agents, chat options, and a help center powered by Large Language Models (LLMs). This blend of advanced technology and empathetic service aims to revolutionize patient support, thus reducing call volumes by an estimated 30%.

Introducing PFX Benchmarks

One of the challenges faced by healthcare providers is evaluating their financial experience for patients. Cedar introduced the PFX Benchmarks to provide an objective measure of this experience, breaking away from traditional metrics that focused solely on collections. This innovative approach assesses the financial and emotional impact of patient interactions, allowing providers to fine-tune their strategies based on concrete data. Since its launch at the 2024 HFMA Annual Conference, Cedar has conducted assessments for 42 providers, helping them recognize their strengths and areas for improvement.

Looking Ahead: Cedar's Plans for 2025

Cedar is poised to expand its efforts in 2025 by investing in new affordability pathways, which include considerations for ACA coverage and Medicare Advantage supplemental benefits. Furthermore, the company is set to enhance its AI-driven patient support solutions to ensure that financial accessibility does not hinder patients’ health and well-being.

Cedar’s visionary approach underscores its dedication to bridging the gap between patients and affordable healthcare solutions. As a pioneer in integrating financial experience in healthcare, Cedar's efforts are vital in shaping a more sustainable healthcare landscape that prioritizes patients' needs.

To read the full report, visit Cedar's official website where you can find valuable resources and information about their initiatives over the past year.