金融管理平台Cedar完成3600万美元B轮融资 - 互联网金融门户 未央网

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金融管理平台Cedar完成3600万美元B轮融资

账单应该是简洁明了的,但不幸的是,情况并非如此,特别是在处理医疗账单的时候。这就是Cedar目前正利用其以消费者为中心的科技,而创造一个清晰并且易于理解的收费清单,并使医疗账单个性化的原因。通过广泛的数据分析,它能够帮助医生了解哪种沟通方式(电话、短信、电子邮件)能够最有效的联系病人。医疗收益市场的创新是无穷的,而且这个市场体量将从500亿美元增加到900亿美元。

AlleyWatch与首席执行官兼联合创始人Florian Otto进行对话,讨论这一令人印象深刻的增长和最近一轮使两轮融资总额达到4900万美元的投资回合。

你的投资者是谁,融资金额是多少?

这是我们B轮融资,我们筹集到了3600万美元。这轮投资主要由Kinnevik领投,现有投资者Founders Fund和Thrive Capital以及Lakestar、Sound Ventures、Instagram的首席执行官Kevin Systrom和Flatiron Health的创始人Nat Turner参投。

跟我们讲讲Cedar。

回想上一次去医院的经历,你可能会在几周甚至几个月后收到一份多页的账单。这份账单可能相当复杂,有相当多的数字代码,而且不是一份清晰、逐项的收费清单。在Cedar,我们正努力为病人和医生修复这种体验。我们的平台将数据科学和以消费者为中心的科技结合起来,以缓解信息收集难题,改善医生计费操作的同时,确保病人有个性化的计费体验。

Cedar有何不同?

为了保证得到最佳的回应,我们分析了数百万的数据点,以了解我们如何与病人沟通和接触。例如,我们可以帮助医生理解病人是否最有可能通过电话、短信或者电子邮件回复关于他们账单的信息,然后通过可能获得最快付款的渠道发送通信信息。

Cedar针对的市场是什么?这一市场的规模又有多大?

如果你看一下整个医疗收益市场,可以看到巨大的机会——目前,这个市场估值500亿美元,而且预计在未来四年增长到900亿美元。在Cedar,我们尤其着眼于病人责任的部分,或者是病人看病后直接产生的费用。我们这一解决方案的需求主要是由于病人对当前医疗账单体验的不满意和个人支付医疗账单责任增加所产生。

你们的商业模式是什么?

我们与医院和医疗团体客户合作,以一种简单且非侵扰性的方式来帮助他们收集未付的病人账单。在病人挂号看病时,他们就可以选择是否同意接收Cedar发送的,以一种白色标签来代表信息提供者的通知。我们收取的费用是性能驱动型的,并且与病人和提供者满意度一致。

是什么激发了这一商业点?

我的未婚妻在曼哈顿医院的急诊室短暂问诊之后,有过一段糟糕的账单经历。看病短短两个小时却产生了三份令人费解的账单。其中一份账单甚至变成了收藏品。我想,如果曼哈顿一家一流的医院都只是拥有如此陈旧的计费系统,那么整个行业必将崩溃。

自我们上次对话后,业务产生了怎样的变化?

我们继续保持令人激动的快速增长!我们的客户群包括蒙特法沃医疗中心、美国麻醉合作伙伴、和威斯特医疗集团,以及全国各地的许多其他医疗机构。今天,我们代表我们的客户与全国近10万名患者进行互动,每月为数以万计的账单交易提供便利。

融资的过程是怎样的?

总的来说,这是一个有趣且最终有利的过程。与投资者交流,理解他们对于我们业务的挑战和提出新想法的整个过程,有利于我们更清楚地了解自己的公司。我们寻找那些对我们的业务拥有极大热情的投资者,而并不纯粹是出于收益。对于我们来说,重要的是找到一个拥有相似愿景的长期投资者,并且他们也希望能够建立一个有影响力的业务。

在融资的过程中,你面临最大的挑战是什么?

Cedar在很多投资者不熟悉的医疗系统里扮演了相当特殊的角色。我们是一个年轻的公司,所以我们并没有十年的数据可供分享。因此,对于市场、规模、挑战和机遇方面的教育是很重要的。

是什么因素促使你的投资者签下了支票?

我们的投资者明白,消费者和医疗体系之间的沟通已经中断。每个人在某个时候都收到过一份令人困惑和痛苦的账单。然而最终让我们的投资者感到兴奋的是看到我们的产品解决方案,听取病人的反馈,与我们的医院客户交谈,以及会见我们的团队。

你能给那些在纽约没有新资本注入的公司提供些建议吗?

那些有清晰的产品市场和能利用额外资金加速增长的企业应该考虑融资。然而,在纽约有许多令人惊叹的企业不需要外部资金。这些公司需要严格管理现金流,争强好胜,有时为了盈利而牺牲增长(例如要求客户提前付款)。在Cedar,我们不会改变我们对于融资斗志昂扬的企业家的心态。但是,大规模的融资足以让我们押下一个长期的赌注——要最终改善患者和医疗服务提供者的满意度。

你认为公司近期的发展方向是什么?

我们仍在继续招聘!你可以在Cedar网站或者其他职业招聘网站上查看所有开放的职位。我们非常兴奋的是,我们还计划在今年秋天推出平台新的特性和功能。

Understanding bills should be simple and straightforward but unfortunately, that is not always the case, especially when dealing with medical bills. That is why Cedar is personalizing the medical billing experience with its consumer-centric technology that creates a clear list of itemized charges that’s easy to comprehend. Through its extensive data analysis, it helps physicians understand what method of communication (phone call, text, email) are most effective to contact a patient with respect to a bill. The opportunity for innovation in healthcare revenue cycle market is endless, and this market is poised to grow from $50B to $90B.

AlleyWatch spoke with CEO and cofounder Florian Otto to learn about its impressive growth and recent funding round, which brings the total funding amount to $49M over two rounds.

Who were your investors and how much did you raise?

This was our Series B and we raised $36M. The round was led by Kinnevik with participation by existing investors Founders Fund and Thrive Capital, as well as Lakestar, Sound Ventures, Kevin Systrom of Instagram and Nat Turner of Flatiron Health.

Tell us about Cedar.

If you think back to the last time you visited the hospital, you probably received a multi-page bill several weeks or even months after the visit. The bill was likely very complicated, with lots of numerical codes instead of one clear, itemized list of charges. At Cedar, we’re trying to fix this experience for both patients and physicians. Our platform combines data science and consumer-centric technology to alleviate collections challenges and improve billing operations for physicians and ensure a personalized billing experience for patients.

How is Cedar different?

We analyze millions of data points to inform how we communicate with and engage patients, in order to ensure an optimal response. For example, we can help physicians understand whether a patient is most likely to respond to a message about their bill received via phone call, text, email or paper mail, then send communication through the channel likely to derive the quickest payment.

What market does Cedar attack and how big is it?

If you look at the overall healthcare revenue cycle market, there is significant opportunity – right now, it’s an estimated $50B market and expected to grow to $90B in the next four years. At Cedar, we’re focused specifically on the patient responsibility segment, or the amount collected directly from patients following their visit. The need for our solution is driven by the combination of patient dissatisfaction with the current medical billing experience, and a growing responsibility for individuals to pay for their healthcare.

What is the business model?

We work with our hospital and medical group customers to help them collect outstanding patient bills, in a way that’s simple and non-intrusive for patients. Upon checking in for their visit, patients are given the option to consent to receive notifications from Cedar, which is white-labeled on behalf of the provider. Our fees are performance-driven and aligned with patient and provider satisfaction.

What inspired the business?

My fiancé had a terrible billing experience after a short ER visit in Manhattan hospital. The two-hour visit resulted in three separate bills that were very difficult to understand. One of the bills ended up going into collections. I thought, if a first-tier hospital in Manhattan has such an antiquated billing technology, the entire industry must be broken.

How has the business changed since we last spoke?

We’re continuing to grow rapidly, which is exciting! Our client base includes Montefiore Medical Center, U.S. Anesthesia Partners, and Westmed Medical Group, among a number of other healthcare organizations across the country. Today, we’re interacting with nearly 100,000 patients nationwide on behalf of our clients, facilitating tens of thousands of billing transactions per month.

What was the funding process like?

Overall it was a very interesting and ultimately helpful process. Talking to investors and understanding their thorough process as they challenged our business and brought up new ideas helped us gain an even clearer view of our company. We looked for investors that were passionate about our business and not purely financially motivated. It was important for us to partner with long-term investors that had a similar vision of building an impactful business.

What are the biggest challenges that you faced while raising capital?

Cedar plays in a pretty specific segment of the healthcare system that many investors were not familiar with. We are a young company so we didn’t have 10 years’ worth of data to share. So, education on the market, size, challenges, and opportunities was important.

What factors about your business led your investors to write the check?

Our investors understood that the communication between the consumer and the healthcare system is broken. Everybody at some point has received a bill that was confusing and painful to pay. What ultimately got our investors excited was seeing our product solution, hearing feedback from patients, talking to our hospital clients and meeting our team.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

Businesses that have a clear product-market fit and opportunity to accelerate growth with additional capital should consider fundraising. However, there are many amazing businesses in New York that don’t need external funding. Those companies need to manage their cash-flow tightly, be scrappy and sometimes need to sacrifice growth for profitability (e.g. by asking customers to pay upfront). At Cedar, we will not change our scrappy, entrepreneurial mindset with the financing. But, the large capital raise will enable us to do long-term bets on product to ultimately improve the results for patients and healthcare providers.

Where do you see the company going now over the near term?

We’re continuing to hire! You can check out all open roles at cedar.com/careers. We’re also planning to launch new platform features and functionality this Fall that we’re very excited about.


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