As published in Nashville Post, December 12, 2018
Martin Ventures has invested in a New York company looking to improve patient billing and collections.
Nashville-based Martin Ventures put its money to work alongside Founders Fund and SV Angel out of San Francisco and New York-based Thrive Capital. Combined, the firms have invested $13 million in two-year-old Cedar’s Series A round.
Cedar founders Florian Otto and Arel Lidow are casting a wide data net to try to both increase hospitals’ and doctors offices’ collections from patients and make the consumer billing experience better.
“We study everything from a patient’s billing history, to their level of engagement with previous communications and general payer and demographic information,” Otto said in a statement. “Putting all of these signals together, our platform provides data-driven recommendations for providers to optimize all interactions with patients.”
Cedar’s platform, which can be tied into electronic health records and practice management software, can consolidate billing information from several providers and give patients a clearer overview of their bills and payment options. The system also gives caregivers customer relationship management and financial dashboards and in tests has, among other things, produced a 22 percent increase in collections and a 33 percent drop in accounts receivable days.
Investing in Cedar dovetails with some other companies in Martin Ventures’ portfolio. The firm has in recent years backed local growth and marketing play Trilliant Health (the product of the merger between Clariture and Aegis Health) as well as blockchain development consortium Hashed Health.