Big Tree Group Inc (BIGG)

[southswell7]

Transax was mentioned in Union Dentals press release today:


2. Payment and Claims Adjudication Network ("PCAN"). Union Dental has, over the past several months, created a strategic alliance with Transax International. Our idea was to create a system where we would be able to go on-line and: (1) verify the benefits of the union member; (2) submit the claim; (3) get immediate real time adjudication; and (4) actually have a financial system in place to get the doctor a payment in 24-36 hours. All of this would be done on-line and in a real-time format. We believe that many doctors would pay a respectable fee to receive their money in 24 to 36 hours. Currently there is no company in the USA that can complete all four phases in a real-time on-line format.

This isn't traditional Account Receivable Financing (ARF). In ARF there are many charge backs, insurance company squabbles over procedures and costs from 12-18% for the services. In our PCAN concept, we have no charge backs because the claims have been adjudicated in real time; therefore, the doctor is guaranteed money from the insurance company. We place the financial institution in between at a cost of about 3-5% for the service to pay them in 24-36 hours. Everyone is happy and there are no charge backs.