James Grover, President of Vyne Dental, addresses the friction and inefficiencies in the dental healthcare system to facilitate payments and improve patient outcomes. The dental care environment is fragmented and lacks coordination between patients, dentists, and payers. Vyne Dental works with dental practices to streamline the revenue cycle management process, improve patient communication, and ensure timely and accurate payments.
James explains, "We sit at the commerce crossroads between patients, practices, and payers, basically helping patients to pay, helping payers to pay, and helping practices to get paid for the services that they’re rendering."
"Then in the payer space, they’re trying to avoid fraud. They also have certain places where there are plans that approve certain things but don’t allow for others, and they need to do their work. Unfortunately, there’s a tremendous amount of waste between all three constituents. That waste results in higher prices for patients and less business success for both practices and payers."
"So you have a patient who gets services and the practice is pretty much programmed to get that payment when the patient comes back in the next time. Why? Because they want their insurance to pay for it. For practices to get paid, that patient has to come back in. Well, there’s a huge problem. The ADA says that only about 41% of new patient visits result in the patient returning. And so, about six in ten new patients don’t return to the practice, and there is only about 85% retention of existing patients."
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