Payformance Expands Claim Settlement Solution Into Dental Industry

JACKSONVILLE, Fla., Jan. 8 /PRNewswire/ -- Payformance(R) Corporation, the nation's leading provider of Electronic Funds Transfer (EFT) and Electronic Remittance Advice (ERA) services, today announced that the company will begin offering claim settlement services to the dental industry.

PaySpan(R) Health, the company's claim settlement solution, not only moves claims payment from paper to EFT but seamlessly links each payment to an ERA, giving dental insurance plans and their providers an effective means to reduce costs, errors and administrative burden.

"We are thrilled to bring the dental community a product that has the potential to save hundreds of millions of dollars a year for the industry," said Dwayne L. McAfee, President and CEO of Payformance Corporation. "Dental providers and payers now have access to a proven product to settle claims electronically, saving time and money in the process."

Payformance currently works with 11 major healthcare insurance plans that serve more than 14 million members and the company settled more than 140 million claims through the PaySpan Health service in 2007. With tremendous success in healthcare, Payformance is confident that dental payers and providers will experience similar benefits to those enjoyed by current healthcare customers.

Payformance healthcare customers are saving between $0.23 and $0.42 per claim, resulting from reduced infrastructure management overhead, provider service expenses and printing and postage costs. Healthcare providers that access the service for free have experienced even more significant savings than healthcare payers -- as much as $2.94 per claim settled electronically.

For a payer previously settling 25 million claims via paper, the potential annual savings are between $5.8 and $10.5 million, and up to $73.5 million in potential annual savings for their provider community.

About Payformance Health

Payformance is the industry's most innovative provider of Electronic Funds Transfer and Electronic Remittance Advice solutions. Its flagship product, PaySpan Health, builds on the company's more than 20 years of experience in developing payment solutions to meet the needs of healthcare organizations and corporations. By automating the last phase of the healthcare claims process -- payment and remittance -- PaySpan Health optimizes funds transfer and remittance delivery and brings the promise of HIPAA administrative simplification to reality. Learn more at http://www.payformancehealth.com.