The firm made the decision “in order to adapt to current market realities, and reorganize ourselves for what we want to achieve following last year’s acquisition of OODA Health,” CEO and co-founder Florian Otto wrote in a July 7 LinkedIn post. “This move will help ensure we forge ahead sustainably on our mission.”
Founded in 2016, the company works with patients and providers to offer a personalized digital billing experience. Cedar has contracted with Yale New Haven (Conn.) Health, Winston-Salem, N.C.-based Novant Health and Hartford (Conn.) Healthcare, among other health systems.
“While several factors contributed to this difficult decision, including the current macroeconomic climate, this is not about achieving short-term cost cuts,” the company spokesperson told Becker’s. “It is still our mission to empower individuals to easily and affordably pursue the care they need.”
Cedar counts several health system executives as advisers and has raised $351 million from investors, including Thrive Capital, Tiger Global and Andreessen Horowitz. The company was valued in March 2021 at more than $3 billion.
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