Category Archives: Financial Assessments

The Need For Credit

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In today’s economic climate, the need for dental practices to extend credit to prospective patients is a necessity. With the rising cost of healthcare across the board, most patients just cannot afford to pay for their treatment in one lump sum. So they will look for a dental practice that will extend them credit to pay over time.

Unfortunately, according to a report from the Corporation for Enterprise Development, “56% of consumers have subprime credit scores. Meaning they are unable to take advantage of the best, or even average interest rates if they need to borrow money.” So where does that leave your practice? Do you blindly extend credit on faith, hoping you’ll eventually see your return?

The good news is you don’t have to with our new Patient Credit Score Services.

This innovative service provides you and your staff with the financial data needed for making in-house credit decisions. Powered by TransUnion, you’ll get a synthesized report featuring a FICO score and the healthcare-specific metrics you need to get a more complete picture of your patient’s financial situation, right at the point of service.
Here are the great ways this service is designed to help make better in-house decisions:

  • Improve financial counseling with easy to read Decision Messages, which help staff with in-office credit determinations.
  • Expedite the registration process and improve revenue recovery through self-reported data that is quickly verified.
  • Reduce fraud and identity theft through five standard alert messages, including Red Flags.
  • Review the patient’s available credit and TransUnion New Account score, which are compared against pre-set thresholds to help optimize your collections processes.
  • Improve your charity care determination process and reduce bad debt by comparing the patient’s Federal Poverty Level (FPL) % estimate, which is compared against financial aid thresholds.
  • Makes soft inquiry on a patient’s credit, which will not affect their credit score.

Patient Credit Score Services will help your practice make objective, ability-to-pay decisions and ultimately help you collect on services rendered.

Improve your financial counseling and collection with DentalXChange!

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Filed under Financial Assessments, PayConnect, Uncategorized

DentalXChange’s 2015 Year in Review with Scott Wellwood

As the year winds to a close we thought it would be fitting for our fearless leader, Scott Wellwood, to reminisce about the company’s 2015. So, without further ado:

Hi All,

2015 has been a very exciting year for us on many levels. In some respects we’ve never faced stiffer competition in the marketplace, and yet we’ve managed to continue to grow our brand and respect throughout the industry significantly over the last 12 months.

Over the past year we have worked to create two new EDI solutions, E-Credentialing and Attachment Services. I’m pleased to report that both of these products are now a reality.

Scott Wellwood, President of DentalXChange

Scott Wellwood, President of DentalXChange

E-Credentialing provides easy to use tools for online credentialing and network enrollment, as well as automated form completion. This innovative, web-based application streamlines the creation and delivery of credentialing and network enrollment forms.

DentalXChange Attachment Services enables you to transmit attachments electronically. Fully integrated with ClaimConnect, you will be alerted to which claims need attachments to help expedite claims processing.

We have updated the User Interface of ClaimConnect making it easier to use, ensuring that it remains at the forefront of the technology curve.

We have also partnered with TransUnion allowing you to run financial assessments on patients needing treatment in order to determine the viability of extending “in house” credit.

We have worked tirelessly on making each of these products “best in class” and want to thank you, our customer, for the tremendous amount of input you’ve given. We greatly appreciate the trust you put in us and hope that these new products, services and upgrades will continue to make your life easier.

We wish you a happy and prosperous 2016,

Scott Wellwood

 

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Filed under ClaimConnect, dentalxchange, E-Credentialing, Financial Assessments, Uncategorized