Cedar pays $425 million to buy insurance fintech platform
Cedar pays $425 million to buy insurance fintech platform
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Healthcare fintech provider Cedar paid $425 million to acquire insurance fintech OODA Health on Thursday, in another example of single-point technology startups coming together to expand their reach.
The New York City-based Cedar provides a direct-to-consumer platform that providers can use to translate to consumers how much they will be billed after a visit, and create custom payment plans based on individuals' credit history. OODA Health, meanwhile, offers the same service to insurer members. The combined company will use insights gained from both providers' and payers' perspective to build additional products to help insured patients the financial responsibility related to their benefits, navigate "administrative resolution" processes, automate prior authorization and more going forward, Cedar CEO Florian Otto said.