Q: What is PayDent?
A: PayDent is a new alternative to dental insurance that offers numerous benefits to both dental care providers and patients, including:
- Eliminates all insurance hassles — there are no claims or rejections, and all procedures are covered;
- Gives dentists fair compensation for the work they perform — the equivalent of a major dental insurance company’s premier in-network plan;
- Offers patients fair pricing — 15% off the American Dental Association’s national average fees; and
- Provides patients with a dental care savings account, enabling them to accumulate funds to pay for their dental treatments.
Q: What is the purpose of PayDent?
A: The purpose of PayDent is to make dental care attainable, affordable and hassle free for everyone.
Q: What is the platform?
A: PayDent operates on any web browser, and on iOS and Android mobile devices.
Q: How does PayDent work for patients?
A: Instead of paying monthly insurance premiums, patients deposit funds — in amounts they choose — to their PayDent accounts. Patients may deposit money in lump sums or contribute a set amount each month.
The savings they build are used to pay for their dental treatments, and they may use them for any dental treatment they wish — from standard cleanings to more complex procedures like braces, implants or root canals. Funds also may be used for elective or cosmetic procedures, such as teeth whitening, which insurance usually doesn’t cover.
When patients receive service from a participating PayDent dentist, they pay a discounted rate of up to 15% less than the American Dental Association’s national average fee.
Patients who make monthly contributions to their PayDent account can adjust their contribution amounts or pause their contributions at any time, for any reason.
Q: What are the benefits of PayDent for patients?
A: PayDent makes dental care attainable, affordable and hassle-free for patients, their spouses, their children and their parents. With PayDent:
- Patients get dental treatments from participating dental care professionals at 15% less than American Dental Association national average rates, so they know they’re getting a fair price for dental treatment.
- All dental procedures are covered at 100% with service limitations and no annual limits.
- Patients’ funds are never lost at the end of the year, as they often are with many health savings programs.
- All of the patient’s money is used for their dental care; nothing is deducted for fees.
- All dental care providers are screened to ensure they meet the highest standards.
- Their funds can be shared with a spouse, children or parents.
- Dental care becomes affordable for retirees on fixed incomes, since Medicare generally does not cover dentistry.
Q: How does PayDent work for dentists?
A: When dentists treat patients through PayDent, they are paid at rates that are 80% of the American Dental Association’s national average fee.
When the dentist prescribes treatment, the PayDent app immediately verifies the funds available in the patient’s PayDent account to pay for treatment.
Immediately upon completing treatment, the dentist uses the PayDent app to request payment be transferred electronically from the patient’s PayDent account to the dental practice’s account. Dentists are reimbursed for their services at 80% of the ADA national average fee — which is more than dentists generally would receive based on in-network pricing through insurance. Specialized dental practices can bill patients directly for the difference between their fee and the 80% of the ADA pricing that PayDent pays.
PayDent works on an app that is iOS and Android compatible, so dentists do not need to install new software or implement a new payment system to work with PayDent. PayDent transfers funds directly to the dental practice’s account via an electronic payment system.
Q: What are the benefits of PayDent to dental care providers?
A: PayDent eliminates all insurance hassles — there are no rejected insurance claims, service limitations or insurance provisions, and there’s no need to have complex financial discussions with patients. It also financially benefits dentist offices because it enables dentists to immediately request payment for services rendered and provide dental care without getting third-party approval or submitting narratives.
Other benefits to dental care providers include that it:
- Exclusively enables dental care providers and their patients to determine treatments, without input from third parties, so dental care providers can recommend the best possible treatment and not the least expensive alternate treatment.
- Informs dental care providers immediately and prior to treatment if sufficient funds are available in patient’s account to cover the cost of the treatment.
- Pays dental care providers in full when they render services; payments from insurance can take months.
- Covers every dental procedure, including elective, cosmetic, preventive, specialty and preferred procedures.
- Includes patient profiles with helpful insights into patients and their special needs.
In addition, PayDent does not conflict with other plans that dental care providers might accept in their offices. It is primarily designed for patients who don’t have insurance, although patients with insurance can use PayDent and might find it to be a better value!
Q: Does PayDent cover specialty and elective dental treatments, including cosmetic dentistry and orthodontics?
A: Yes. PayDent covers all dental services, including elective, cosmetic, preventive, specialty and preferred procedures. PayDent does not dictate which services are covered; it covers all dental services that the dental care provider deems appropriate.
Q: How does PayDent determine the pricing?
A: The American Dental Association regularly publishes a survey of the fees charged by U.S. dentists for more than 250 common dental procedures, along with the national averages for those fees. Dentists who have signed up for PayDent will be paid 80% of the national average for their services. Specialized dental practices can bill patients directly for the difference between their fee and the 80% of the ADA pricing that PayDent pays.
Q: Can patients use PayDent if they have dental insurance?
A: Yes. If patients already have dental insurance, they can use their PayDent funds to pay for treatments (or portions of a bill) that insurance doesn’t cover, as well as copays and deductibles.
Q: How much does PayDent cost? Do patients or dentists pay any annual or membership fees?
A: There are no annual or membership fees, either for patients or dentists.
Q: How does PayDent make money?
A: PayDent keeps the 5% difference between the amount patients pay for their treatments (a 15% discount from the American Dental Association’s national average fee) and the amount that PayDent reimburses dentists for those treatments (a 20% discount from the ADA national average fee).
Q: How long has PayDent been in development?
A: Since September 2019.
Q: Where did the idea for PayDent come from?
A: Dr. Kevin Patterson, a Chicago-area dentist with 34 years of experience, saw firsthand that the existing model for paying for dental work just didn’t make sense anymore, so he set out to develop something new that better served consumers and dental practices alike. He envisioned a new model — one that would make high-quality dental care attainable, affordable and hassle free for everyone, especially working-class consumers. In addition, knowing the challenges of running a dental practice, he wanted the new model to make life easier for dental care providers by eliminating paperwork, doing away with rejected insurance claims and service limitations, and ensuring practices would be paid — and paid fairly — for their work.
Q: When will PayDent be available?
A: PayDent is available and fully operational now.
Q: Who is on PayDent’s advisory team?
A: Experienced dentists and advisers with expertise in business, data analytics and insurance are on PayDent’s advisory team.
Q: What is PayDent’s ownership?
A: PayDent is privately held.
Q: How is PayDent funded?
A: PayDent is privately funded.
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