Florian Otto

It’s estimated that physicians leave $125B on the table annually due to poor billing practices. These losses ultimately make healthcare more expensive for the entire industry and all its participants. A number of companies have emerged to focus on revenue cycle management to track the financial status of a patient visit. Cedar focuses on the patient experience with its patient engagement and financial technology platform that simplifies the entire patient financial journey associated with healthcare visits. Used by healthcare systems, hospitals, and practice groups, the company’s flagship product, Cedar Pay, brings a personalized experience that gives patients a transparent understanding of all the financial ramifications of each and every healthcare interaction and ultimately improves collections for the providers. With the pandemic accelerating adoption of digital health solutions, Cedar quadrupled the size of its business in 2020 alone. AlleyWatch caught up with CEO and Cofounder Dr. Florian Otto to learn more about how Cedar facilitates the digital shift in healthcare for both patients and providers, the company’s impressive traction since raising its Series C in June, future strategic growth plans, and the latest funding round from investors that include Tiger Global Management, a16z, Thrive Capital, and Concor Health Partners. This funding comes at a $3.2B valuation (4x the valuation in June) and also makes Cedar NYC’s newest unicorn.