NEW YORK and CHICAGO and LOUISVILLE, Ky., Aug. 27, 2020 /PRNewswire/ -- Cedar, a pioneering patient engagement and payment technology platform, and Waystar, a leading provider of revenue cycle technology for the healthcare industry, today announced a strategic partnership to implement pricing estimates and payment options, as well as eligibility verification, into Cedar's pre-visit offering. Waystar's technology will allow providers to proactively reach out to patients with personalized price estimates through Cedar's omni-channel patient engagement platform.
60% of healthcare consumers have requested expected out-of-pocket costs pre-visit, yet 51% of those who requested it were not able to get the information easily and accurately. Given the Centers for Medicare & Medicaid Services' price transparency rule set to take effect on January 1, 2021, hospitals and healthcare systems will need to provide consumers with more transparent healthcare pricing data. With this new solution from Cedar and Waystar, providers will be well-positioned to comply with price transparency, while also fostering patient trust and loyalty.
"At Cedar, we are committed to working with providers to facilitate a patient-centric healthcare experience, and the price transparency rule represents a paradigm shift in how consumers will seek healthcare, said Cedar Co-Founder and Chief Executive Officer Florian Otto. "There is a profound opportunity here for providers to engage more patients in more meaningful ways and enable price understanding. With Waystar's award-winning technology and expertise, they were the clear choice to help facilitate this process."
Cedar's patient engagement platform offers a seamless, intuitive user experience and enables customized outreach, messaging and bill resolution to patients based on a variety of unique factors and preferences. Waystar's cloud-based technology simplifies and unifies healthcare payments across the revenue cycle. The solutions Cedar is leveraging tap into multiple data sources and use AI to check insurance eligibility and generate automated, accurate patient estimates.
"With price transparency both in high demand from patients and subject to the upcoming mandate, Waystar is proud to partner with Cedar to help providers meet this need," said Waystar Chief Executive Officer Matt Hawkins. "Both companies are driven by a mission to transform healthcare. Together, we can empower providers to confidently discuss costs up front and offer convenient payment options, ultimately creating a more positive and informed experience for patients."
Cedar's pre-visit price estimates and payment options will be available beginning in early 2021.
Recently named the most innovative healthcare tech company of 2020, according to a KLAS survey of 300 healthcare executives, Cedar is a healthcare financial engagement platform for hospitals, health systems and medical groups that clarifies and simplifies the financial experience for patients, improving bill resolution and payment outcomes for providers. Using intuitive design and advanced data science, Cedar facilitates patient-centric financial engagement across the care journey. To learn more, visit www.cedar.com.
Waystar provides next-generation, cloud-based technology that simplifies and unifies healthcare payments. The Waystar platform removes friction in payment processes, streamlines workflows and improves financials for providers in every care setting. Waystar products have won Best in KLAS® or Category Leader every year since 2010 and earned multiple #1 rankings from Black Book™ surveys since 2012. The Waystar platform supports more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans. For more information, visit waystar.com or follow @Waystar on Twitter.