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Dental Plans Finding Value in EnrollHub
Several of the nation’s leading dental plans are enabling dentists to sign up for electronic payments with multiple payers at one time. The plans are participating in EnrollHub® to simplify the process for electronic funds transfer (EFT) and electronic remittance advice (ERA) enrollment, removing a longstanding barrier to broad use of electronic payments among dentists and other healthcare providers.
Together these plans represent over 30% of the dental insurance marketplace, as measured by dental premiums. Dental market adoption of EFT is an important step towards increasing use of electronic business transactions that reduce healthcare administrative costs.
Available at no cost to all providers, EnrollHub eliminates the need to complete redundant forms for each dental and health plan, saving administrative time and costs. Previously, participation in EFT and ERA required separate enrollment with each individual payer. While not all participating plans offer ERA enrollment through EnrollHub, all are using the solution for EFT enrollment.
More than 30 plans are currently participating in EnrollHub, including five plans that offer dental coverage, along with more than 206,000 individual providers.
According to the 2014 CAQH Index report, the U.S. healthcare system could save approximately $2.3 billion annually by expanding the use of electronic payments and remittance advice. Most of that amount - $2.2 billion - would accrue directly to providers. On average, it costs a healthcare practice four times as much to handle a claim payment manually as those processed electronically.
To participate in EnrollHub, dentists simply enter their practice information, then select the dental plans with which they wish to enroll. As an added security measure, CAQH validates this information and verifies by phone that the user is authorized to submit EFT enrollments on behalf of a practice. Only then is information sent directly to the plans selected. Healthcare providers may make changes to their account at any time; updates are shared automatically with the designated plans.
Participating health and dental plans also benefit by reducing their own costly manual processes. Plans may use the solution independently or integrate it with their current EFT and ERA tools to achieve broader adoption of electronic payments.
For more information, visit enrollhub.org.