JACKSONVILLE, Fla., Jan. 8 Payformance(R) Corporation, thenation's leading provider of Electronic Funds Transfer (EFT) and ElectronicRemittance Advice (ERA) services, today announced that the company will beginoffering claim settlement services to the dental industry.
PaySpan(R) Health, the company's claim settlement solution, not only movesclaims payment from paper to EFT but seamlessly links each payment to an ERA,giving dental insurance plans and their providers an effective means to reducecosts, errors and administrative burden.
"We are thrilled to bring the dental community a product that has thepotential to save hundreds of millions of dollars a year for the industry,"said Dwayne L. McAfee, President and CEO of Payformance Corporation. "Dentalproviders and payers now have access to a proven product to settle claimselectronically, saving time and money in the process."
Payformance currently works with 11 major healthcare insurance plans thatserve more than 14 million members and the company settled more than 140million claims through the PaySpan Health service in 2007. With tremendoussuccess in healthcare, Payformance is confident that dental payers andproviders will experience similar benefits to those enjoyed by currenthealthcare customers.
Payformance healthcare customers are saving between $0.23 and $0.42 perclaim, resulting from reduced infrastructure management overhead, providerservice expenses and printing and postage costs. Healthcare providers thataccess the service for free have experienced even more significant savingsthan healthcare payers -- as much as $2.94 per claim settled electronically.
For a payer previously settling 25 million claims via paper, the potentialannual savings are between $5.8 and $10.5 million, and up to $73.5 million inpotential annual savings for their provider community.
About Payformance Health
Payformance is the industry's most innovative provider of Electronic FundsTransfer and Electronic Remittance Advice solutions. Its flagship product,PaySpan Health, builds on the company's more than 20 years of experience indeveloping payment solutions to meet the needs of healthcare organizations andcorporations. By automating the last phase of the healthcare claimsprocess -- payment and remittance -- PaySpan Health optimizes funds transferand remittance delivery and brings the promise of HIPAA administrativesimplification to reality. Learn more at http://www.payformancehealth.com.
SOURCE Payformance Corporation