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Most Dental Plans already understand the benefits of paying claims electronically, rather than mailing paper checks. Electronic payments:
But there is a catch. Dental Plans can’t take advantage of these benefits until they can convince dental offices to choose electronic payments over traditional checks. This “adoption dilemma” presents a surprisingly stubborn challenge—as Plans struggle to overcome ingrained processes, long-standing (and often outdated) payment preferences, limited technology, and other barriers that slow or prevent widespread electronic payment adoption.
Recognizing an opportunity
One large national dental plan provider with more than $100M in annual revenue spent years struggling with these electronic payment adoption challenges. They fully recognized the potential advantages and cost savings of replacing checks with electronic payments.
Breaking the gridlock with VPay
To break through this stubborn adoption gridlock, the Plan turned to VPay, which offered them a proven, guaranteed approach for boosting their electronic payment adoption rates with their total payment solution.
Experiencing fast, dramatic results
The Plan signed an agreement with VPay in September of 2015, and in early January of 2016, VPay began processing all of their non-par (out of network) payments.
Almost immediately, more than 60% of their printed check payments converted to VCard electronic payments – and an additional 1.5% converted to EFT payments.
Based on these impressive results, the carrier quickly expanded the program to include its par (in network) providers—and saw similar increases in e-payment conversion rates. Today, VPay processes more than 600,000 payments a year for the organization. More than 60% of those payments are now VCard or EFT transactions and remain consistent.
This rapid shift to electronic payments is saving the company more than $690,000 a year in check printing, mailing, banking, and treasury fees.
In addition, the Plan has tapped into all the other advantages of a VPay Total Payment solution—from providing dentists with faster, more secure payment options to world-class support, a single system of record for all financial, claim and delivery data, easy implementation and integration with existing systems, and much more.