SAN FRANCISCO, Oct 05, 2021 (GLOBE NEWSWIRE) – Retrace, the leader in oral health innovation and the authority on dental quality measurements, today announced the launch of its network in real time for oral health providers, payers and patients to deliver value-based payments and care. A first for the $ 156.4 billion In the US dental market, Retrace’s revolutionary network connects providers and payers to streamline the entire dental patient experience from start to finish, while providing the right incentives to get providers paid immediately.
The solution comes after a turbulent year with the COVID-19 pandemic where providers and practice owners have seen up to 95% decrease in patient volume, forcing some payers to reimburse premiums. To make matters worse, practice owners suffer from costly overheads while dealing with huge administrative inefficiencies, long claims processing times, uncertainties and inconsistent recoveries. These challenges prevent payers and providers from improving patient satisfaction and practice growth in an industry that is constantly held back by patient fear and unease.
The Retrace platform leverages AI and infrastructure specifically designed for oral health to deliver the following key benefits:
- Instant payments based on value: Retrace helps providers get paid instantly after a patient’s treatment is complete, as opposed to the average 14 to 180 days it used to take. The network helps plans achieve self-adjudication rates of up to 98%, backed by guaranteed business performance, regardless of legacy systems, industry-wide. Payors who take advantage of the Retrace solution are able to optimize payment integrity while providing an enjoyable member experience. This enables payers to deliver a better customer journey and reduce administrative and customer service issues, including call center resources.
- Supplier quality assessments and procedures: Retrace enables the first and only evidence-based, metrics-based quality assessment to help payers meet the increased focus on quality, ensuring members have access to the highest quality care. high quality and that payers are able to effectively reward quality results. By focusing on the delivery of individualized care and precision treatments, rather than a model of care delivery through utilization management, Retrace enables healthier oral health outcomes and outcomes. more affordable care.
- Interoperability: The complex world of dental administration has historically been plagued by a lack of proper connectivity to the right sources of data, exacerbating the overhead costs of dental practice, while leaving patients and the employers who pay for care in l ‘ignoring. Retrace quickly and transparently guides providers and payers through a complex system of traditionally disparate workflows to ensure the right treatment is delivered at the right time with the right incentive structures to deliver optimal health outcomes that are rooted in evidence-based practices.
- Administrative efficiency: Retrace’s vendor solution offers intelligent automation capabilities that take the guesswork out of hands-on operations and purchasing by connecting the front office to the back office. This helps dental practices be more efficient and reduce the administrative burden that is typically required to provide a positive patient experience. As a result, providers can more easily grow their business while focusing on optimal patient care with the right incentive structures.
- Transparency: Dental plans are faced with the volume of incomplete claims that require significant resources from payers for review. This has led to a lack of transparency for patients, who do not have an easy way to confirm what insurance coverage they have, what treatments offered by providers are covered and to what extent, and what their payment obligations are. for the different treatments. Retrace enables providers, payers and patients to quickly understand and align with covered procedures, scope of coverage, and patient insurance and payment assistance.
“As we see innovations in the healthcare and insurance industries, the current US healthcare infrastructure is not equipped to handle real-time connectivity or support AI technologies in their entirety. We built our AI from scratch with the right infrastructure to drive providers in an easy way to deliver high quality, evidence-based care to help patients, ”said Dr Ali Sadat, CEO and Founder of Retrace . “We are proud of our team and grateful to our partners, world-class investors, industry-leading advisors, mentors and University partners at the University of California at San Francisco, for the opportunity to develop the best ways measure the quality standards that deliver the best results for providers, payers and patients.
The Retrace network currently connects to over 200 external network connections and is accessible by invitation and referral only to all 200,000+ national oral health providers. Providers can request to register and, upon recommendation, grant access. Payors can enroll and access the network through the Retrace website at www.retrace.ai.
Founded in 2016, Retrace is the first and only quality-based network enabling real-time connectivity between payers, providers and patients to enable instant payments based on quality metrics. Retrace’s network and intelligent automation solutions streamline the complexity of dental administration for payers, providers and patients, with scalable end-to-end services powered by AI technologies to deliver healthcare high quality, simple and predictable. Retrace investors include Intel Capital and SoftBank Ventures Asia.
Retrace is a privately held company headquartered in San Francisco, California. To learn more, visit www.retrace.ai.
Lauren Burge, Karbo Communications for Retrace