Dentists and patients now have a new insurance option, developed by a dentist, that offers a variety of benefits for both.
PayDent helps consumers afford dental care while eliminating insurance hassles for dentists, according to a press release. It was co-founded by Chicago-area dentist Dr. Kevin Patterson, who has 34 years of practice experience, and successful entrepreneur and engineer Steve Valentor.
PayDent is designed to replace low-value dental plans with a tool that helps patients build funds to pay for dental care. It also streamlines the process so dentists get paid faster. Unlike traditional insurance, PayDent covers any type of dental treatment, including routine, elective, specialty and cosmetic procedures. And dentists can determine the best treatment option without preapprovals.
There are also no upfront costs or annual fees for patients or dentists, service limitations or waiting periods. Patients don’t have to worry about credit card interest, lost contributions and monthly premiums. Unused benefits are never lost.
Instead of paying monthly insurance premiums, after joining for free, patients deposit money to their PayDent accounts, building savings they can use to pay for any treatment. Patients determine how much they contribute and when, and can pay for dental services from their PayDent account at rates that are 15% less than the national average cost based on the ADA’s fee survey.
Patients who already have insurance can use the money to pay for treatments or portions of bills that insurance doesn’t cover, as well as copays and deductibles.
After joining PayDent for free, dentists can use the iOS and Android compatible app to verify funds are available in a patient’s account. After treatment, dentists request payment to be transferred from the patient’s account via ACH to their account. Dentists receive payment for services at 80% of the ADA’s published fee survey. Specialized dental practices can bill patients directly for the difference between their fee and the 80% of the ADA pricing that PayDent pays.
Using PayDent also eliminates or significantly reduces insurance paperwork, rejected insurance claims and service limitations.
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