Think back to your previous medical experience. After leaving the hospital for weeks or months, you will receive a complicated medical bill with various numeric codes and cost details. You need to spend a lot of energy and time to check whether each charge is correct. . Medical bills have become an area of ​​urgent need for this industry. Arterial Network found that as a financial management platform for patients and healthcare providers, Cedar combines machine learning with data science to provide an effective solution for doctors to improve their billing operations and ensure patient personalized billing experience. Financial + medical open payment new model The value of the entire US healthcare revenue market is currently estimated at $50 billion and is likely to grow to $90 billion over the next four years. The income cycle of medical bills is important but often overlooked. In the income of medical service providers, patients accounted for 35% of the total, second only to Medicare and Medicaid. In order to create a better system to manage medical bills, Florian Otto and Arel Lidow founded Cedar, a digital health platform in New York in April 2016, to simplify patient bill payment, increase patient engagement and optimize medical institutions. service. Florian Otto was a maxillofacial surgeon and later worked as a consultant at McKinsey & Company. Prior to founding Cedar, he was the deputy general manager of sales at Zocdoc. Arel Lidow was the deputy general manager of product management at AppNexus. For Cedar, they have three goals: to personalize the patient's payment experience, to provide patients with a more convenient and efficient payment platform, and to provide a consumer relationship management system for medical institutions. Referring to entrepreneurial ideas, Cedar's CEO and co-founder Florian Otto talked about his fiancee's medical experience at Manhattan Hospital. After receiving a two-hour emergency, she received three different medical bills. One of them is still in an unpaid state. He believes that if a top hospital in Manhattan has such old billing technology, then the entire medical industry must have problems. Florian Otto's previous experience as a doctor and at Zocdoc also affected the company's development trajectory. He mentioned that patient satisfaction is now more important than before, especially considering the emergence of an online booking platform like Zocdoc. The changes that Florian Otto felt at Zocdoc helped him realize that the trends in consumer preferences in the healthcare industry and the improvement of the patient's experience would have a win-win outcome for both patients and doctors. Florian Otto believes that Cedar differs in that it analyzes millions of internal and external data points, rather than a single data point, such as credit scores, to gain insight into how to communicate with patients to ensure optimal results. For example, we can help doctors analyze whether a patient will reply to a message about a bill by phone, text message, email or letter, and then establish a contact to complete the fastest payment process. Patients can simplify the payment process with Cedar Cedar's financial management platform, through collaboration with healthcare organizations, helps them organize unpaid bills for patients. When the patient pays for the medical bill, he or she can choose to agree to receive the notification from Cedar, and Cedar will send the bill to the patient on behalf of the medical service provider. Simple and clear bills – integrate complex billing details into online invoices without any downloads and apps. Personalized communication—Use data to analyze patients and communicate in the way they most likely respond—mobile, email or letter. A variety of payment methods—not just checks or credit cards, but custom payment options. Timely help – quickly respond to patient questions and streamline the payment process with real-time communication. (Source: Cedar's official website) Medical institutions can improve services through Cedar In addition, the platform has a customer relationship management (CRM) system for healthcare organizations. Through this system, medical institutions can manage patient participation, view patient's previous bills, monitor patients' financial behavior, and track important indicators such as collection rate, collection cost and time. Optimize all interactions with patients by providing recommendations based on data analysis. The Cedar platform can also be connected to any Electronic Health Record (EHR) or Business Management System (PMS). Customized financial operations interface – pay close attention to patient engagement, satisfaction and real-time collection results. "White Label" solution - build your brand with the Cedar platform to prevent any potential patient confusion. Management of patient relationships—Tracking and communicating with all patients can better optimize service. (Source: Cedar's official website) In the field of medical bill payment in the United States, there has long been a Simplee called "Paypal in the medical field." Simplee is a US medical field payment services software company founded in 2010. Unlike Cedar, Simplee has launched a number of products, including financial management apps for consumer tracking of medical expenses, SimeleePAY for medical institutions, and B2B payment and patient loyalty service platforms. The Simplee Financial Software Payment Platform consists of three core products: Simplee Estimate, Simplee Wallet and Simplee Banking. Simplee estimates enable healthcare providers to build trust with customers from the very beginning; intelligent and coordinated communication through the Simplee wallet allows users to understand their amounts and reasons, and the self-bill payment platform makes users more convenient Medical bill payment; Simplee Banking provides users with more friendly financial options, provides cash to users, and reduces the financial burden on both users and healthcare providers. Constant innovation, steady development In December 2017, Cedar received $13 million in Series A financing, and well-known investment institutions including Founders Fund, SV Angel, Martin Ventures and Thrive Capital participated in the financing. In the initial test, medical service providers using the Cedar platform achieved significant results, including an average 22% increase in the collection rate, a 33% reduction in accounts receivable turnover days, a 62% increase in self-service payments, and satisfaction with patients using the Cedar platform. More than 90%. After completing the A round of financing, Cedar's primary goal is to increase the consumer's range of services, while further building a business scope and expanding the professional team. In January 2018, as a leader in medical privacy and security, BluePrint Healthcare IT announced that Cedar meets the standards of the Health Information Trust Alliance Common Security Framework (HITRUST CSF). This demonstrates that Cedar's application meets key medical requirements and effectively protects personal information. The Cedar platform based on Amazon Cloud Services (AWS) has received the information security certification of the Health Information Trust Alliance. In March 2018, Cedar launched Cedar Cares' service, a new community-based charity project. Cedar Cares' first initiative is to support the Colorado Rehabilitation Services Volunteer Partnership (RSVP) Clinic, an outpatient rehabilitation service for children and adults with brain disease, spinal cord disease, stroke and amputation. Cedar donated $100,000 to the clinic. In addition, it helps a medical organization in Colorado improve the independence, economics, and community involvement of its rehabilitation services, allowing the organization to better serve uninsured people with major illnesses. In June 2018, Cedar completed a $36 million Series B round of financing, and global investment agency Kinnevik led the financing. Other participants include Founders Fund, Thrive Capital, Lakestar, Sound Ventures, Instagram founder Kevin Systrom, and Nat Turner from Flatiron Health. Cedar plans to use the financing to further build the next generation of innovation platforms and current teams, and to introduce new features and functions in the second half of this year to enable medical institutions to communicate further with patients before and after medical treatment. Significant results, the future can be expected Cedar has been with Montefiore Medical Center, U. S. Medical institutions such as Anesthesia Partners and Westmed Medical Group have established a partnership to establish a transparent data platform for hospital financial management, providing patients with convenient payment options through modern and intelligent communication methods. On behalf of its clients, Cedar has established contacts with nearly 100,000 patients across the country to help them complete tens of thousands of monthly medical bill payments. Through this platform, these medical institutions have increased their collection rate by 35%, the accounts receivable turnover days by 50%, customer satisfaction by 95%, and self-service payments by 60%. One of Cedar's partners, Crystal Run Healthcare (Crystal Run), is one of the fastest growing multi-disciplinary joint practice platforms in the United States, with more than 400 physicians in nearly 50 medical specialties. It is also a member of the responsible medical organization (ACO) and the Montefiore Health System led by doctors. Through its partnership with Cedar, Crystal Run increases customer satisfaction and the receivables ratio in the revenue cycle. Within four months, Cedar helped improve the clinical bill payment service for Crystal Run patients. The actual collection rate increased, the collection time was shortened to an average of 25 days, customer satisfaction reached 95%, and operating costs were significantly reduced. Sue Gillies, deputy general manager of Crystal Run's revenue cycle management, said Cedar has helped us improve efficiency in patient billing services, largely because of the short period of the platform and the ability to receive feedback quickly. Cedar is now our only partner in the post-medical income cycle service, and this change allows us to streamline operations. We are confident that through continuous cooperation, we can better serve our patients while achieving financial goals. Kareem Zaki from Thrive Capital believes that after understanding the current process of paying medical bills for patients, it is clear that the consumer experience in the medical field is almost behind every other field. We found that Cedar is not just about providing a stopgap measure, they look at patients' billing issues from a completely different perspective, setting new standards for revenue cycle management. Cedar's consultant, Joel Perlman, former executive vice president and chief financial officer of Montefiore Health System in New York, believes that patient payments are an important part of the income cycle and that hospitals and healthcare systems need to provide the best services to patients. Cedar understands what patients in the medical technology sector really mean, and will allow providers to improve the most confusing and emotional aspects of the patient's payment process. Correspondingly, hospitals and medical systems will not only see improvements in billing, billing operations and accounts receivable turnover days, but patient satisfaction will also increase overall. Veterinary Soluble Powder,Veterinary Water Soluble Powder,Veterinary Drug Soluble Powder,Veterinary Medicine Soluble Powder NANYANG CHENGPENG PHARMACEUTICAL CO.,LTD , https://www.chppharm.com
