U.S. Bank is partnering with DentalOne Partners to provide a billing and payment tool that will help DentalOne reduce costs and improve efficiency.
The Payment Consolidator has been used successfully in the medical field and has been tailored for the unique needs of the dental community, and this is the first time a tool like this is being used in the dental industry, according to the organizations.
Payment Consolidator is designed to increase accounts receivable efficiency, improve cash flow, and minimize operational costs, explained Ann Smith, senior vice president for U.S. Bank Global Treasury Management.
It is designed to allow providers to automatically reconcile remittances to the original claim and payment, including denials, creating a tool for providers to research patients' billing questions. The tool works with the provider's existing system to automate traditional manual payment processes between providers and payers, reducing errors.
Paper processing of remittances in the dental industry can be time-consuming and labor-intensive for a dental practitioner, since it's 80% paper-based, resulting in inefficient processing and reporting, according to Andy McBryde, vice president of Revenue Cycle Operations for DentalOne Partners. Payment Consolidator converts the paper remittances into electronically postable records.
