Cedar to Acquire OODA Health to Revolutionize Consumer Financial Healthcare Experience
Cedar, a healthcare financial technology platform, today announced it has entered into a definitive agreement to acquire OODA Health, a healthcare technology company focused on improving the healthcare administrative experience with payers and providers, for $425 million. By bringing together providers and payers onto one healthcare financial technology platform, Cedar can address the full set of challenges consumers face when paying for healthcare.
This acquisition comes at a time when consumer-friendly, digital-first experiences have become a hallmark of the healthcare experience, especially given healthcare consumers are getting more exposure to the billing process, and their financial burden has skyrocketed in recent years. The COVID-19 pandemic has shown how technology can transform healthcare, yet healthcare billing and administration is still a huge pain point for consumers — 84 per cent of U.S. adults are worried about paying their medical bills in the next year, and one in 10 consumers simply won’t pay their bill if they don’t understand the administrative process. Ultimately, the provider and payer billing process remains fragmented with consumers often caught in the middle, leading to high costs, confusion and potentially delayed care. With Cedar’s category leadership in the provider space combined with OODA Health’s payer-integrated offering, the company is uniquely positioned to solve many of the problems that often lead to poor consumer financial experiences and administrative waste in healthcare.