What is Zentist?
Zentist leverages robotic process automation (RPA) and machine learning to simplify and automate insurance billing for dental practices. Its software minimizes human error, maximizes insurance payout, provides advanced analytics on revenue, and improves the patient-provider relationship.
The current industry landscape
Dental practices are losing an estimated $2.1 billion due to legacy billing systems. Additionally, the industry is experiencing aggressive consolidation which generates unprecedented pressures for Revenue Cycle Management scaling.
Dental insurance claim processing is unique in the healthcare industry, in that it isn't standardized. Unlike the medical industry where insurance billers are often certified coders and billers, dental insurance specialists learn how to bill through trial-and-error while on the job. Through years of knowledge, dental billers are highly valued team members who are difficult to replace. Zentist helps to alleviate the potential issues around tribal, institutional knowledge-loss by automating many of the claim processing procedures.
Insurance companies can take 15-80 days to pay insurance claims—which makes it difficult for dental providers to accurately manage and predict revenue. Zentist helps dental offices get paid faster - with about 6 days turnaround time.
Researchers estimate that dental providers are leaving an estimated $2.1 billion on the table due to poor billing practices, and a slower-than-average adoption of automated tech solutions.
Overhead and other costs associated with going into practice - which can be higher for dentists than medical doctors largely in part due to the equipment a practice requires -have been compounded by the pandemic.
Establishing Zentist
CEO Ato Kasymov co-founded Zentist with Manuchehr Kurbonali and Paulina Song in 2016 with the mission of bringing transparency and affordability to financial transactions in dental care. In the first few years, they discovered that the biggest impact area in serving their mission is insurance claim transactions.
They built the Zentist platform with the goal of helping dental practices collect insurance claim reimbursements faster and more accurately by leveraging software and process automation. Prior to Zentist, Mr. Kasymov and Mr. Kurbonali built a large network of primary care and diagnostic centers in Central Asia serving a population of 5 million people across 4 cities.
The company vision and growth
In the past 12 months, Zentist has sent 1.5MM+ automated insurance claims and processed $250MM claims through the platform.
Zentist offers 100% claim status update in 45 days and resolves 80%+ in 100 days.
80% of claims are validated and submitted automatically via the Zentist platform, avoiding any human error.
Zentist is at work on several industry-first initiatives including a pre-funding program currently being piloted with several, multi-location dental practice partners. The program applies machine learning models to dental insurance claims data enabling dental service organizations (DSOs) to be paid in real time on certain types of claim submissions.
Zentist is a venture-backed fintech startup with 150+ employees (and growing!).
Check them out: https://www.zentist.io/
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Twitter: https://twitter.com/zentist_io
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