Shreyas Parab and Anton Lin, co-founders of DayDream, discuss how AI is transforming dental billing and revenue cycle management. They unpack the inefficiencies in the current system and reveal how AI agents can swiftly recover lost claims, often missing by nearly 20%. The duo argues that rather than causing layoffs, AI is enhancing human roles, allowing workers to focus on growing their businesses. They also touch on the profound implications of AI in improving productivity across various sectors, reshaping workflows, and elevating patient care.
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question_answer ANECDOTE
Shreyas's Dental Rooted Background
Shreyas Parab grew up in dentistry with his mother starting her own dental practice when he was a child.
He played various roles including IT and bookkeeper from a young age, giving him deep industry insight.
insights INSIGHT
Dental Billing Complexity
Dental billing is complex with hundreds of thousands of rules varying by thousands of insurance companies.
Much of the billing process is unstructured data and frequently has no written rules, relying on experience.
insights INSIGHT
Informal Dental Billing Knowledge
Dental billing expertise is traditionally passed down informally with no formal classes or texts widely available.
This lack of standard training makes the field opaque and knowledge rare outside a few experienced billers.
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This week we're talking dental billing! Why? Because large parts of the $5 trillion US services economy, like medical billing, are inefficient and dysfunctional, which holds back growth and increases costs for Americans. How is AI transforming these broken sectors? What's possible now that wasn't just a few years ago? And if AI can revolutionize dental billing, what does that mean for productivity at large?We dive into the AI services wave with DayDream's Shreyas Parab, co-founder & CEO, and Anton Lin, co-founder & CTO. DayDream is applying AI to transform revenue cycle management (RCM) for dentists, and helping them recover the money they are owed faster and more effectively. Chasing down errant claims can take humans years; DayDream is doing it in weeks with AI agents!We begin with the broken state of medical billing -- thousands of rules per company, little written down, and knowledge passed down person-to-person like an ancient religion. Shreyas and Anton explain how LLMs can reason through unstructured processes in ways that previous business logic couldn't. Next, we discuss the lost revenue from missing claims (nearly 20% of all claims!), and how AI agents are becoming so effective that humans can't tell the difference. This raises the obvious question: will agentic solutions result in mass layoffs? Shreyas and Anton say the opposite is true -- AI is enabling billers to operate at higher levels and focus on expanding the business instead of waiting on hold with insurance companies. If top talent plus AI can revamp Byzantine systems like dental billing, there's a tremendous opportunity to reform the entire services economy. This means economic growth, and disinflation that benefits everyone.
00:00 Episode intro
01:35 What’s so important about dental billing?
07:50 Will AI destroy dental billing jobs?
9:50 AI agents are becoming indistinguishable from humans
17:45 Private equity rolling up dental
24:56 Understanding the AI services model
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Joe Lonsdale: American Optimist 