Payformance Corporation, an electronic funds transfer (EFT) and electronic remittance advice (ERA) service provider, recently announced that it will extend its services to include the dental industry.
Insurance providers that subscribe to the service will be able to offer dentists electronic claim settlement through PaySpan Health -- Payformance's claim settlement solution -- at no extra cost. Taking paper out of the equation will help reduce cost, errors, and administrative burden.
In the healthcare realm, Payformance works with 11 insurance plans that serve more than 14 million members nationwide. "For a payer previously settling 25 million claims via paper, the potential annual savings are between $5.8 and $10.5 million," claims a press release by Payformance. The company did not disclose the names of these insurance plans.
"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 in a press release. "Dental providers and payers now have access to a proven product to settle claims electronically, saving time and money in the process."
