Insurance capture and verification is a vital process that must be modernized in order to remain effective. Currently, the outdated methods for carrying out this process are not up to par, leaving room for improvement and innovation. The cost of insurance errors and denied claims are highly significant. In fact, in the healthcare sector alone, insurance denials cost $262 billion per year. That equates to anywhere from $30 to $71 per lost claim in additional expenses.
This lost revenue must be remedied, however, existing options for insurance benefit verification automation leave much to be desired. From traditional paper and clipboard manual labor, to even the most advanced OCR intake, these methods remain outdated and error prone. The bottom line is that older systems do not offer the tools needed to succeed, leaving many in search of a more effective and modern method.
Artificial intelligence has risen to the top of the totem pole of insurance capture technology. Within this new system, one can either buy or build these systems using AI. Both options offer pros and cons, with most drawbacks centered around complexity and cost. Fortunately, there are services working to create the best of both worlds. The future is bright for insurance verification, with robust, future-proof, and cost-effective methods quickly becoming the new norm.
Source: Orbit Healthcare
