JACKSONVILLE, Florida--Payformance Corporation, a provider of Electronic Funds Transfer and Electronic Remittance Advice services, has announced that it will begin offering claim settlement services to the dental industry.
PaySpan Health, the company's claim settlement solution, not only moves claims payment from paper to EFT but links each payment to an ERA. This gives dental insurance plans and their providers an effective means to reduce costs, errors and administrative burden.
"We are thrilled to bring the dental community a product that has the potential to save hundreds of millions of dollars a year for the industry," said Dwayne L. McAfee, president and CEO of Payformance Corporation. "Dental providers and payers now have access to a proven product to settle claims electronically, saving time and money in the process."
Payformance currently works with 11 major health-care insurance plans that serve more than 14 million members and the company settled more than 140 million claims through the PaySpan Health service in 2007. With success in health care, Payformance is confident that dental payers and providers will experience similar benefits to those enjoyed by current health-care customers.
Payformance health-care customers save between $0.23 and $0.42 per claim, resulting from reduced infrastructure management overhead, provider service expenses and printing and postage costs. Health-care providers that access the service for free have experienced even more significant savings than health-care payers--as much as $2.94 per claim settled electronically.
For a payer previously settling 25 million claims via paper, the potential annual savings are between $5.8 and $10.5 million, and up to $73.5 million in potential annual savings for their provider community.
Learn more at Payformance Corporation.
