‘Three to nine minutes’ per transaction may not sound like much - but it adds up.
According to CAQH 2021 Index Data, dental practices seeing 750 patients per month may be losing up to 40 hours in that month to manual and partially manual tasks related remittance advice. For the 750-patient practice in our example, that translates to a loss of around $1125 per month or more. Cumulatively, dental providers across the industry could realize up to $402 million in savings by adopting more efficient insurance billing processes that includes moving from wrangling hard copy EOBs in favor of ERAs. Many practices have struggled to fully adopt ERAs as they require managing multiple secure log-ins and often entail tedious enrollment processes.
Also, transitioning to electronic insurance payment management is a crucial step in saving time. It increases overall efficiency by bringing greater speed to the transaction and also reducing human error from the outset. Transitioning more fully to electronic claim payments (EFTs) could result in $320 million in savings for the dental industry. The healthcare industry is more aggressively adopting EFTs, appreciating the reduced costs associated with direct deposit. Paper checks for claims payments can cost an additional $4 per transaction in processing costs. However, many practices struggle to adopt direct deposit due to difficulties reconciling payments.
Zentist aims to capture unrealized savings by improving the insurance payment process. Remit AI is an automated solution that gathers and consolidates insurance payments by logging into patient insurance portals to collect EOB and ERA information – from dozens of dental payers. The software utilizes artificial intelligence to parse and organize data from multiple sources into a standardized format for easy payment posting and historical referencing.
“We have taken all the payment data coming from payers and clearinghouses and added our own standardization layer to make the posting process as straightforward as possible. With this technology, we are able to help practices post insurance payments seamlessly,”
said Jim Lesko, Vice President of Engineering at Zentist.
Dental practices and DSOs will be able to manage all insurance logins and their respective EOBs from a single dashboard. Through Remit AI, EOBs are made searchable by patient name, date of service, and other criteria while outstanding or incomplete payment information is quickly and easily identifiable. Furthermore, practices on software which Zentist has integrated with can take advantage of automated payment posting back into the practice management software. Importantly, Remit AI assures practices of improved HIPAA compliance by reducing data exposure.
To learn more or schedule a demo, visit our Remit AI page.