With new pre-visit capabilities, providers will be able to empower patients about their financial responsibilities and turn price transparency into a competitive advant
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.
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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.”
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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.”
