The U.S healthcare system is historically wasteful due to the diverse insurance system that exists today. Yearly over $850 billion is wasted due to errors and inefficiency, especially with bad insurance data. This issue has only been made more complicated with the growth in popularity of telehealth services.
AI and automated workflow is predicted to automate 50-75% of all manual tasks in medical practice. This is especially important for manual tasks around insurance. Errors in this field waste both the providers and patients money and time at life-altering rates.
AI is such a practical and easy fix for these simple errors that all aspects of the healthcare industry are looking into its implementation. For healthcare professionals, the shift from partial to fully automatic verification could save $2.7 billion. This will also save a lot in the currency of time.
AI insurance processing allows for real time verification. This gives the patient and provider more time to figure out any mistakes and the patient specifically more time to figure out how they’re going to pay what remains. One big issue that remains is the various different types of insurance cards that exist and how they can be processed.
For this software like the Orbit healthcare card capture API comes in handy. This API will allow for an insurance card scan to take any insurance card and decode it to figure out what payment will be owed. API’s like this being applied is a pivotal leap in AI insurance technology. The industry at large though is rapidly progressing and moving towards a safer, cheaper, and better future.