PayDent is a brand new way for patients and practices to pay for treatments without the need for insurance.
Said to be an innovative new alternative to dental insurance, PayDent is a new model for patients to cover treatment. PayDent was designed by Kevin Patterson, DDS, and engineer entrepreneur Steve Valentor.
It functions through a mobile app on either the patient’s iPhone or Android. Patients deposit funds into their account that will allow them to pay for future treatment. These payments can either be contributed on a monthly basis, or as a lump sum all at once. Patients can also use PayDent to cover what their pre-existing insurance can’t. Cutting out the middleman of insurance was Dr Patterson’s main goal in co-creating PayDent, according to a press release from the company.
“Having cared for thousands of patients throughout my career, I saw firsthand that the existing model for paying for dental work just didn’t make sense anymore,” Dr Patterson said in the press release. “So, we set out to develop something that better serves consumers and dental practices alike. The result is PayDent, which replaces low-value dental insurance plans with a tool that helps patients build funds to pay for inevitable dental expenses and streamlines the process for dentists to get paid.”
Dental practices can utilize PayDent to accept payment from the patient for treatment. It is free to download. Post-treatment, dentists can request the payment transfer as soon as they are finished, making this a potential solution for practices looking to become more efficient. Payments can be received at 80% of the American Dental Association’s (ADA) fee survey, meaning specialized dental practices can bill their patients directly for the difference between their fee and the ADA pricing that PayDent pays.
PayDent has gone through a year of testing with the assistance of advisers and dentists and is said to be fully operational. It is available now for practices and patients.