Healthcare payment solution Cedar raises $13m alongside launch

Patient payment solution Cedar has closed a $13m Series A, alongside the launch of its product for the healthcare sector.

The investment saw participation from a group of investors including Founders Fund, Thrive Capital, Martin Ventures and SV Angel. This capital has been raised to support the deployment of its services.

Cedar is a payment ecosystem for the healthcare industry, helping hospitals, health systems and medical groups to avoid collection challenges and improve billing operations. The solution helps practises to consolidate billing information from a range of caregivers to build clear invoices and a personalised click-to-pay option.

Cedar advisor Joel Perlman said, “Cedar truly understands what it means to bring a patient-first approach to healthcare technology, and will allow providers to improve on the often confusing and emotional process of patient payment.

“In turn, hospitals and health systems will not only see an improvement in collections, billing operations and days in AR, but receive better patient satisfaction scores across the board.”

Earlier this week, fellow patient payment solution HealthiPASS also closed a Series A. The company picked up $7.2m in a round led by FCA Venture Partners. Capital raised from the round is going towards product expansion and increasing its presence in the US.

Last week saw another Health technology company raise some funding, with prescription savings solution Rx Savings Solutions closing an $18.4m investment led by McCarthy Capital.

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