Cedar

What Cedar does

Cedar is a healthcare financial technology company founded in 2016 and headquartered in New York City that operates a unified patient financial experience platform for hospitals, health systems, and physician groups across the United States. Its product suite centers on four core modules — Cedar Pay for end-to-end patient payments, Cedar Cover for benefits and Medicaid/financial-assistance enrollment, Cedar Support for AI-augmented patient service, and Kora AI, an autonomous HIPAA-compliant voice agent built with Twilio — all orchestrated by Cedar Intelligence, a proprietary decision engine that analyzes 80+ patient attributes drawn from 1.5 billion patient interactions and $10 billion in processed payments to personalize outreach, payment plans, and resolution paths.

Underlying capabilities include predictive analytics, generative AI (Bill Navigator), agent assistance (Agent Copilot), autonomous outbound calling (Kora Outbound), and NLP-driven bill summaries, with native integrations into Epic, Cerner, and athenahealth EHRs alongside payments infrastructure from Stripe, Plaid, and Apple Pay. The company operates a multi-layered security architecture with HIPAA and PCI-DSS compliance.

Cedar monetizes through a hybrid model combining enterprise subscription contracts for the platform (Cedar Pay, Cover, Support, and Kora), transaction-based fees on $13.6B of processed patient payments, premium add-ons for advanced AI capabilities, and managed-services economics on Medicaid enrollment outcomes. Distribution is direct enterprise sales to revenue cycle and finance leaders at provider organizations, supplemented by EHR marketplace channels. The company has raised approximately $419M+ in venture capital across multiple rounds including a $200M Series D led by Tiger Global Management at a $3.2B valuation in January 2026, and serves 35+ healthcare providers reaching 50M+ patients.

Name

Cedar

Legal name

Cedar Cares, Inc.

Website

https://cedar.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Cedar is a New York–based healthcare financial technology company that provides an AI-powered unified patient billing, payments, coverage, and support platform for hospitals, health systems, and physician groups across the United States, processing $13.6 billion in patient payments for 35+ providers.

Ownership category

akta.pro rank

Product category

Healthcare Revenue Cycle Management Software

NAICS

Computer Systems Design and Related Services (54151), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Loan Servicing Platforms (Billing, Statements, Customer Self-Service) (FSAGAHAH)

akta.pro secondary industries

Care Navigation, Referral & Digital Front Door Platforms (HLALABAH), Utilization Management, Appropriateness Criteria & Prior Authorization CDS (HLACAGAM)

Keywords

• Patient payment platform
• Healthcare revenue cycle
• Medical billing software
• Patient financial experience
• Healthcare payment processing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations

Revenue model

1. Healthcare Payment Processing: Cedar earns fees for processing patient payments through its platform. Providers use Cedar Pay for end-to-end patient payment collection including credit cards, ACH, Apple Pay, and Stripe Link. The platform handles the full payment lifecycle from billing to collection.
2. Patient Financial Engagement Platform: Subscription-based access to Cedar's full platform including Cedar Pay, Cedar Cover, Cedar Support, and Kora AI. Providers pay for the integrated suite of patient billing, coverage, and AI-powered support tools.
3. AI-Powered Add-On Capabilities: Additional fees for advanced AI capabilities including Cedar Intelligence, Agent Copilot, Kora Outbound, and Bill Navigator. These are premium features that extend the core platform with generative and predictive AI.
4. Medicaid Enrollment Automation: Cedar Cover provides automated Medicaid and financial assistance enrollment services, helping providers capture revenue from uninsured and underinsured patients that would otherwise become bad debt.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Cedar provides a unified patient financial experience platform for hospitals, health systems, and medical groups, combining end-to-end billing, payments, coverage/financial assistance, and AI-powered patient support. The platform leverages Cedar Intelligence, an AI decision engine trained on 1.5 billion patient interactions, to personalize billing journeys and optimize collections for healthcare providers.

Product overview

Cedar is a unified patient financial experience platform that combines billing, payments, coverage, and support into one intelligent system. The platform consists of four core products: Cedar Pay (end-to-end patient payments), Cedar Cover (benefits and financial assistance), Cedar Support (AI-powered customer support), and Kora AI (autonomous voice agent). These products are powered by Cedar Intelligence, an AI decision engine that analyzes over 80 patient attributes from 1.5 billion interactions to personalize engagement and optimize outcomes. The platform integrates with Stripe for payments, Plaid for HSA/FSA balance checks, and Twilio for conversational AI capabilities. Cedar serves 50+ million patients nationwide across 35+ healthcare providers, processing $13.6 billion in patient payments.

Differentiator

Problem solved

Functional benefit

Brands

• Kora: AI-powered voice agent for patient billing support and call center automation.
• Kora AI
• Cedar Intelligence
• Cedar Pay
• Cedar Cover
• Cedar Support

Products and services

• Cedar Pay

Quantifiable outcome

• 22% year 1 increase in patient collection rate across all Cedar clients
• +9 more outcomes

Named customers17 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability10 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core and significant.

• TwiliocoreTechnology or Integration · 29 April 2025Strategic technology partnership for Kora AI voice agent development. Twilio's ConversationRelay service enables Cedar to deliver empathetic, HIPAA-compliant AI voice support for patient billing calls. Kora operates 24/7 and can resolve billing inquiries on the first interaction.
• athenahealth (athenaOne)coreTechnology or IntegrationIntegration partnership enabling Cedar's patient financial experience platform to work with athenahealth's EHR and practice management systems. Practices adopting Cedar through athenaOne see 3x ROI and 87% patient satisfaction with results in 8 weeks.
• EpiccoreTechnology or IntegrationIntegration partnership with Epic's EHR systems enabling Cedar's patient financial platform to work within Epic's healthcare IT environment used by major health systems.
• CernercoreTechnology or IntegrationIntegration partnership with Cerner's EHR systems enabling Cedar's patient financial platform to operate within Cerner's healthcare IT infrastructure.
• Fortuna HealthsignificantStrategic or Co-development PartnerMedicaid enrollment partner that reviews and submits applications within 24 hours. This partnership helped one Cedar client approve nearly 300 patients for Medicaid/CHIP, recovering up to $1.7 million in annual revenue that would otherwise be written off.

Scale indicators21 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Notable: Notable is a healthcare automation and patient engagement platform that uses AI to streamline patient intake, scheduling, billing, and outreach for providers. It is a direct competitor in intelligent, AI-driven patient financial workflows, particularly for health systems looking to automate revenue cycle touchpoints.
• Luma Health: Luma Health provides a patient engagement platform for scheduling, reminders, intake, and communication across health systems and clinics. It competes with Cedar on the patient-facing engagement and outreach layer, though Cedar is more focused on the financial/billing end of the journey.
• Phreesia: Phreesia is a patient intake, engagement, and payment platform used by health systems, physician groups, and specialty practices. It overlaps directly with Cedar on patient check-in, eligibility, and digital payments, targeting the same provider revenue cycle and patient experience buyer.
• Waystar: Waystar is a leading healthcare revenue cycle management platform covering patient access, billing, and payments for hospitals and physician groups. It is the most direct end-to-end RCM peer to Cedar, competing for the same CFO and revenue cycle buyer with overlapping patient billing and payment functionality.

Broad incumbents

• R1 RCM: R1 RCM is one of the largest US healthcare revenue cycle management companies, serving large health systems with end-to-end RCM services plus technology. It is a broad incumbent competitor that overlaps with Cedar's billing, payments, and patient engagement capabilities at the enterprise health-system level.
• Experian Health: Experian Health is the healthcare arm of Experian, offering patient access, identity, billing, and payment solutions to providers. It competes with Cedar across patient financial experience and identity-driven billing workflows, leveraging a much larger parent data and analytics footprint.

Emerging players

• Akasa: Akasa is an AI-native revenue cycle automation company for hospitals and health systems, applying generative and agentic AI to billing, coding, and claims workflows. It is an emerging competitor to Cedar's AI billing stack (Cedar Intelligence, Kora), targeting similar automation-driven margin improvement narratives.
• Collectly: Collectly is a patient billing and collections platform for medical practices and groups, focused on digital statements, text-to-pay, and AI-driven outreach. It is an emerging niche competitor in patient billing, particularly for physician groups that overlap with Cedar's clinician services segment.
• Kyruus: Kyruus is a patient access platform focused on provider search, scheduling, and intake for health systems and payers. It is an emerging adjacent competitor where patient engagement and digital front-door capabilities overlap with Cedar's positioning as the digital front door for financial experience.

Others

• Flywire: Flywire is a global payments platform with a healthcare vertical that processes large patient and cross-border payments for providers, payers, and health systems. It is an adjacent payments infrastructure peer rather than a direct end-to-end patient engagement competitor, but overlaps on healthcare payment processing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CedarNY
• LinkedInlinkedin.com/company/cedar-inc.
• Facebookfacebook.com/CedarNY

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds6 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cedar