Memorial Hermann Health System Joins Investors From Cedar's Series D Funding Round
The health system joins the company's list of strategic investors, underscoring the value of a consumer-first healthcare experience.
NEW YORK & HOUSTON, December 19, 2022 (Newswire.com) - Cedar, an enterprise healthcare engagement platform that improves the end-to-end consumer financial journey, today announced that Memorial Hermann Health System, a nonprofit, award-winning health system committed to creating healthier Houston communities, has joined the company's growing list of strategic investors.
"Without a connected, consumer-first approach, medical billing often leads to confusion and frustration for patients at best, and an inability to pay medical debt at worst," said Florian Otto, CEO and Co-founder of Cedar. "Our goal is to provide a patient experience that is convenient and clear, leading to significantly better outcomes for providers, payers and the people we all serve. We are pleased to welcome Memorial Hermann as an investor in this important work."
Cedar is on a mission to empower individuals to easily and affordably pursue the care they need, transforming the patient financial experience through a unique end-to-end solution. The Cedar Suite delivers a consistent and unified experience across the patient journey, from appointment confirmation and price estimates pre-service to final payment post-service. And with the launch of the Payer Intelligence Layer in November, Cedar's platform consolidates payer and provider data into a single source of information for consumers managing medical bills.
"Our organization's goals very much align with Cedar's in that we also aim to make healthcare more affordable and accessible while providing a highly personalized and compassionate patient experience. That's one of the many reasons we made the strategic decision to invest in Cedar," said Alec King, Executive Vice President and Chief Financial Officer for Memorial Hermann.
"We recognize that the healthcare industry has much room for improvement in the areas of consumer-friendly digital platforms, access and affordability. As part of our strategic investment efforts, we want to support the work of innovative companies who are accomplishing these key objectives," said Feby Abraham, Executive Vice President and Chief Strategy Officer for Memorial Hermann.
To learn more about Cedar's innovative platform, visit https://www.cedar.com/.
Cedar is committed to improving the healthcare billing experience for all. With an innovative platform that connects providers and payers, Cedar empowers healthcare consumers with an optimized journey—all powered by data science and interactive design. For Cedar clients, this leads to improved financial outcomes, more efficient operations and greater consumer loyalty. To learn more about why leading U.S. healthcare organizations trust Cedar to manage the end-to-end consumer experience from pre-registration to post-visit billing, visit www.cedar.com and join us on LinkedIn, Twitter, Facebook and YouTube.
About Memorial Hermann Health System
Charting a better future. A future that's built upon the HEALTH of our community. This is the driving force for Memorial Hermann, redefining healthcare for the individuals and many diverse populations we serve. Our 6,700 affiliated physicians and more than 30,000 employees practice the highest standards of safe, evidence-based, quality care to provide a personalized and outcome-oriented experience across our more than 260 care delivery sites. As one of the largest not-for-profit health systems in Southeast Texas, Memorial Hermann has an award-winning and nationally acclaimed Accountable Care Organization, 17* hospitals and numerous specialty programs and services conveniently located throughout the Greater Houston area. Memorial Hermann-Texas Medical Center is one of the nation's busiest Level I trauma centers and serves as the primary teaching hospital for McGovern Medical School at UTHealth Houston. For more than 115 years, our focus has been the best interest of our community, contributing nearly $500 million annually through school-based health centers and other community benefit programs. Now and for generations to come, the health of our community will be at the center of what we do - charting a better future for all.
*Memorial Hermann Health System owns and operates 14 hospitals and has joint ventures with three other hospital facilities, including Memorial Hermann Surgical Hospital First Colony, Memorial Hermann Surgical Hospital Kingwood and Memorial Hermann Rehabilitation Hospital-Katy.