KEYBANK LAUNCHES REVENUE CYCLE MANAGEMENT CAPABILITIES WITH ZENTIST FOR DENTAL SERVICE ORGANIZATIONS

Rhea-AI Summary

KeyCorp (NYSE: KEY) has announced a strategic relationship and minority investment in Zentist, a leading cloud-based Insurance Revenue Cycle Management (RCM) software provider for Dental Support Organizations (DSOs). KeyBank will introduce Zentist's Remit AI software to its DSO network, offering a tool to enhance dental insurance RCM operations. The software streamlines claims processing with automated EOB and ERA delivery, remittance to bank data matching, and intelligent task distribution.

Zentist's Cavi AR module helps DSOs streamline claims status and follow-up workflow, saving time and categorizing open claims. This collaboration aligns with KeyBank's strategy of delivering comprehensive financial solutions to DSOs and marks its latest partnership with emerging fintech providers.

Positive

• Strategic partnership and minority investment in Zentist, a leading RCM software provider
• Introduction of Remit AI software to KeyBank's extensive DSO network
• Potential for increased efficiency and cost savings for DSOs using Remit AI
• Alignment with KeyBank's strategy to deliver comprehensive financial solutions to healthcare clients
• Expansion of KeyBank's fintech partnerships and innovative offerings

Negative

• None.

Insights

Financial Analyst

KeyBank's strategic partnership with Zentist marks a significant move into the dental industry's financial technology sector. This minority investment and collaboration could potentially open up new revenue streams for KeyCorp (NYSE: KEY). The integration of Zentist's Remit AI software into KeyBank's offerings enhances its value proposition to Dental Support Organizations (DSOs), potentially increasing its market share in this niche.

While the financial terms aren't disclosed, this move aligns with KeyBank's strategy of partnering with fintech providers to stay competitive. The dental RCM market is growing and this partnership positions KeyBank to capitalize on this trend. However, investors should note that the impact on KeyCorp's $187 billion asset base may be in the short term, making this a long-term strategic play rather than an immediate financial boost.

Healthcare Technology Expert

Zentist's Remit AI software represents a significant advancement in dental practice management technology. By automating complex processes like EOB and ERA delivery, claim status updates and AR management, it addresses critical pain points in dental revenue cycle management. The software's ability to streamline operations could lead to improved cash flow and reduced administrative costs for DSOs.

The partnership with KeyBank exponentially increases Zentist's potential market reach. This could accelerate Zentist's growth and potentially position it as a leader in the dental RCM space. For KeyBank's DSO clients, access to this technology could provide a competitive edge in an industry where efficient financial operations are crucial. However, the success of this venture will depend on the software's performance and adoption rate among KeyBank's extensive DSO network.

CLEVELAND, Sept. 11, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced a strategic relationship, which includes a minority investment, with Zentist, a leading cloud-based Insurance Revenue Cycle Management (RCM) software provider for Dental Support Organizations (DSOs) across the country. KeyBank will introduce Zentist's Remit AI software to its extensive network of DSOs, providing them with access to a transformative tool that enhances their dental insurance revenue cycle management operations.

Remit AI streamlines dental insurance claims processing with features that include automated Explanation of Benefits (EOB) and Electronic Remittance Advice (ERA) delivery, automated remittance to bank data matching, and intelligent task distribution across organizational structures. The software also includes specialized predeterminations workflows, real-time claim status updates, and fully customizable advanced RCM analytics dashboards.

Using Remit AI's Cavi AR module, DSOs and dental practices across the United States can streamline their claims status and follow-up workflow, resulting in considerable time savings. The module also categorizes and ranks their open claims based on AR days, expected/submitted amount, and/or last updated date.

"KeyBank's commitment to delivering comprehensive financial solutions to DSOs as part of a broader healthcare strategy that involves helping clients with the whole spectrum of payments capabilities and with industry-specific financial services and solutions," said Jon Briggs, Head of KeyBank Commercial Payments and Innovation. "Our strategy aligns perfectly with Zentist's mission to simplify and improve the financial operations of dental groups and practices."

"KeyBank is one of the most innovative banks in the country, and we're thrilled to have them as both an investor and a new fintech bank relationship," said Ato Kasymov, CEO of Zentist. "This relationship will allow us to reach a wider audience and help dental groups to optimize their revenue cycles, ultimately leading to better financial health and patient care."

The latest collaboration with Zentist demonstrates KeyBank's model of collaborating with companies whose solutions align with the broader strategy of delivering innovations that make dental clients' businesses grow, avoid risk and be profitable. It marks the most recent in a series of relationships with emerging fintech providers over the past decade.

About Zentist
Zentist is a leading cloud-based insurance revenue cycle management (RCM) software provider for U.S. dental groups. The company's flagship product, Remit AI, facilitates self-service RCM analytics, automatic parsing of explanation of benefits (EOB), electronic remittance advice (ERA) data intelligence, and automatic reconciliation of remittance data against bank transactions from over 725 dental payers. This ensures faster payment posting into any practice management software. Zentist empowers RCM teams with technology to efficiently follow up on outstanding insurance claims, reduce denials, and manage accounts receivable in less time. Founded in 2015, Zentist is backed by leading technology venture capital firms. For more information, visit www.zentist.io

About KeyCorp 
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at June 30, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

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SOURCE KeyBank

FAQ

What is KeyBank's new partnership with Zentist for dental service organizations?

KeyBank has formed a strategic relationship with Zentist, including a minority investment, to introduce Zentist's Remit AI software for Revenue Cycle Management to its network of Dental Support Organizations (DSOs).

How will Zentist's Remit AI software benefit KeyBank's dental clients?

Remit AI will streamline dental insurance claims processing with automated EOB and ERA delivery, remittance to bank data matching, and intelligent task distribution, potentially improving efficiency and financial operations for DSOs.

What is the Cavi AR module offered by Zentist through KeyBank's partnership?

The Cavi AR module helps DSOs streamline claims status and follow-up workflow, saving time and categorizing open claims based on AR days, expected/submitted amount, and last updated date.

How does this partnership align with KeyBank's (KEY) broader strategy?

This partnership aligns with KeyBank's strategy to deliver comprehensive financial solutions to DSOs as part of a broader healthcare strategy, focusing on payments capabilities and industry-specific financial services.