Renaissance Systems and Services Revenue and Competitors

Renaissance Systems and Services LLC (RSS) is dedicated to providing systems and services that add value to the dental community by lowering its costs through the promotion of e-commerce. Why are we so concerned about lowering dental costs? There are many challenges that face the dental industry today. The endpoint of most of these challenges is that the rising cost of providing dental care ultimately must be passed on to the patient. This makes it increasingly difficult for many families to access the oral care they need. Medical costs are rising at double-digit rates and that trend is projected to increase for the next 5 years. The medical costs, in conjunction with the economic pressures, make it very difficult for many employers to continue providing their employees and their families with dental coverage. Without dental coverage many families will not have the means to access the care they need. One of the largest areas where your office and RSS can make a difference is through electronic claims submission. Only 37% of claims are received electronically today. That means that your office has incurred printing, personnel and postage expense. The total cost for the average payor to process a paper claim is about $2.00 per claim. That adds up to a significant administrative cost that is ultimately passed on to the employer or your patient. What about the 37% of claims that are received electronically? In theory that would be a great savings but in reality it is not. Between your office and the payor are many different parties. The primary objective of each of these parties to capture a profit from the savings made possible through electronic claims. Clearinghouses charge a dental office an average of $0.50/claim to transmit those claims to the payor. They also charge the payor an average of $0.40/ claim to receive those claims. That adds up to $0.90/claim that is pocketed by these parties. Many of the clearinghouses are planning on charging additional fees for all the additional HIPAA electronic transactions. That will only increase the cost of electronic claims.