The dental space is fast becoming a hub of innovation as Venture Capitalists and other like-minded individuals seek to improve outcomes and the patient/practitioner experience.
Just as other industries are undergoing the “digital transformation,” so, too, is the oral health industry. Although it’s uncommon, these days you can find a digital forward practice.
Just ask Dr. Jeremy N. Krell, Managing Partner of Revere Partners, the first independent Venture Fund for oral health. “There’s a great deal of excitement and opportunity in dentistry as startups and investors respond to the growing demand for speed, ease and transparency. Digitization delivers on all fronts.”
Consider insurtech. Not a new concept as insurtech dates back to 2010 when Berlin-based
Friendsurance first embraced technology in the insurance space, today, several startups are taking insurance technology to unprecedented levels.
For example, Simplifeye provides software technology that helps streamline practice workflow and revenue cycle management—from a secure payment portal and automated, customizable payment plans in an HIPAA-compliant fashion, to soft credit checks, text and email invoices, and an easy-to-use dashboard to view payments across the practice.
AirPay by Smylen, a front-office payment solution, provides a streamlined check-in/check-out process for the dental front office. AirPay automates insurance verification, calculates out-of-pocket responsibility, and offers digital payment systems. Business Insider called it “a real game changer for dental.”
Zuub’s automated real-time dental insurance verification software verifies insurance eligibility and full benefits in real-time under five seconds with a click of a button. No extra work or double entry is required, thanks to full integration support with Dentrix, Eaglesoft® and Open Dental practice management software.
Tuuthfairy provides dental insurance eligibility and benefits data to enhance revenue cycle efficiency. In addition, it empowers transparent and better payment experience through the accurate calculation of cost, and a dashboard which highlights utilization of insurances at patient and procedural levels.
As for claims processing, Zentist puts dental insurance billing on “autopilot.” As the only dental billing insurance platform, Zentist leverages machine learning algorithms and robotic process automation to optimize the insurance revenue cycle management (RCM) process for emerging dental service organizations (DSOs) and dental practices.
Lastly, Choice Payment Systems and Walnut facilitate financing for both patient and practice. Aptly named Choice Payment Systems, Choice provides patients with several ways to finance treatment, providing up to 100% approval rates with a single, simple application via its intuitive lending platform. Its omnichannel marketplace lending solution, coupled with a proprietary interest-sharing payment loan product, empowers clients, merchants and providers, to serve more customers and patients.
Walnut believes that no one should be denied healthcare/dental care. With that in mind, the company helps cover patient dental/medical bills and splits the bill into small installments, regardless of credit score. Walnut handles the paperwork and compliance. Patients have the option to make payments directly through the practice’s existing billing software or through the Walnut app on a mobile device.
“Clearly, the dental industry is undergoing a transformation for the better, due to digitization, innovation and visionaries who foresee a better way to practice. It’s an exciting time for insurtech and the oral health space,” adds Dr. Krell.
To learn more about Revere Partners, contact jeremy@reverepartnersvc.com.
