Vivos Therapeutics Announces New Revenue Stream Through Strategic Medical Billing Relationship with Nexus Dental Systems
New Collaboration to Increase Payer Reimbursements and Patient Access
LITTLETON, Colo -- Vivos Therapeutics, Inc. (“Vivos” or the “Company”) (NASDAQ: VVOS), today announced the creation of a new strategic collaboration with Nexus Dental Systems (“Nexus”), which Vivos expects to generate new revenues starting immediately. Vivos and Nexus believe their alliance is a natural one as both companies currently operate successful independent medical billing platforms focused on sleep and breathing disorders.
The agreement between Vivos and Nexus effectively combines Vivos’ proprietary out-of-network Billing Intelligence Service with the Nexus’ in-network medical billing platform to create what is expected to be one of the most comprehensive medical billing services in the dental industry. This collaboration is expected to provide both companies’ provider networks with greater access to both in or out-of-network billing with all major medical insurance companies, facilitating case acceptances, insurance billing procedures and reimbursement.
“For a long time, medical billing has been a barrier to wide acceptance of dental offices treating breathing and sleep disorders, which is why we have historically offered fee-based out-of-network claims assistance to Vivos providers and their patients,” said Kirk Huntsman, Vivos Chairman and CEO. “Our Billing Intelligence Service currently achieves a 98% success rate for reimbursement on out-of-network oral appliance claims, which is extremely high. This new relationship will now give Vivos-trained dentists immediate access to some of the highest in-network reimbursement rates in the industry, allowing higher case acceptance for Vivos-trained providers. We believe this will create immediate additional revenue opportunities, not only for Vivos, but for providers within each network, while patients pay less out of pocket expenses.”
“We are excited to partner with Vivos on this initiative which leverages the strengths of each organizations’ medical billing platform by providing access to in-network insurance coverage for our providers and their patients,” said Brett Brocki, Founder of Nexus Dental Systems. “This relationship will allow Nexus additional opportunities to significantly grow our revenue by partnering with such an established, highly successful medical billing platform. We also look forward to sharing The Vivos Method with the over 2,000 dentists in our network.”
Both companies also look forward to exploring further collaboration opportunities associated with Academy of Sleep Disorder Disciplines (ACSDD), dental universities, existing dental service organization relationships, the Veterans Administration and Department of Defense.