Revenue Cycle Management: Cedar Health, Simplee, Waystar
Cedar Health is an early-stage venture company. Flywire acquired the company Simplee in February 2020. Waystar has acquired 7 companies to date.
- In December 2017, Cedar announced the launch of its smart payment solution for patients and providers. The new solution was the company's entry into the health technology space, built to manage the entire payment ecosystem for patients.
- At the time of its launch, initial testers of the platform recorded an increase in collections by 22% and an increase in self-serve payments by 62%.
- Cedar is yet to issue any IPOs, as it is still an early-stage venture.
- The company has not made any acquisitions either.
- Some major customers of Cedar are U.S. Dermatology Partners, Maimonides Medical Center, and TeamHealth.
- Simplee announced the development of a personalized billing solution for patients, in partnership with Cerner.
- The company announced the new solution in September 2019.
- The new solution is a fusion of both company's existing solutions and will enable healthcare organizations to provide support, for the payment and understanding of medical bills to patients.
- On February 13, 2020, Simplee was acquired by the company Flywire.
- Major customers of Simplee include Advent Health, Bon Secours, Northern Arizona Healthcare, and OSF Healthcare.
- Waystar reportedly contemplated issuing an IPO in the past but hasn't gone through with it.
- In February 2020, Waystar announced the launch of an artificial intelligence platform called Hubble.
- The platform was built to "automate revenue cycle processes" that would enable health providers to collect payments more effectively and faster.
- Waystar was acquired by EQT for $2.7 billion, on July 29, 2019.
- The company has acquired a total of 7 organizations including, Navicure, ZirMed, Connance, ORCS Transaction Services, Paro Decision Support, and Digitize.AI. Its latest acquisition of the company Recondo was finalized on December 4, 2019.
- Some company's major clients are Advocate, MBMS, Piedmont Healthcare, East Tennessee Children's Hospital, and Halifax Health.
To identify the IPO and acquisition information for the companies listed above, we started by searching the press/news page on their website for any official press release. Once we realized that the company website did not have any information on IPOs or acquisitions, we proceeded to check through the business information website Crunchbase. In the case that Crunchbase did not return any results, we expanded our research to industry and non-industry news websites such as Fierce Healthcare, Tech Radar (for tech company news including health technology), and Business Insider, for any news coverage with information on IPOs or acquisitions for the companies. After employing the research pathways highlighted above, our research revealed that the company Cedar is an early-stage venture, and has not released any IPO. The company has not been acquired by or acquired any company. The other two companies Simplee and Waystar, have also not launched any IPOs.