eTopical Precious Finds
There are many methods of capturing insurance data, including the timeless pen and paper, digital intake (through typing up records), and OCR intake. All of these methods are several decades old and don’t have a perfect success rate of capturing all information accurately. Most of these systems aren’t able to identify payers and plans from images alone and fail to verify insurance benefits correctly. These errors help contribute to the staggering $262 billion in denied healthcare claims annually.
As a result, there is a push to adopt more efficient and advanced solutions, particularly those integrating AI technologies. These AI-enabled systems have the potential to automate and streamline insurance verification processes, which significantly reduces administrative burdens and improves accuracy through the information collection process.
Organizations face a critical decision between building their own AI-based solutions internally or opting for ready-made solutions from external vendors. Building an in-house AI system entails substantial upfront costs and technical expertise, and may take a long time to deploy. Outsourcing to vendors can be a much more cost-effective alternative with quicker implementation timelines and minimal operational disruptions.Embracing these modern insurance benefit verification automation solutions promises to enhance operational efficiency by marking a shift away from the outdated methods.
Source: Orbit Healthcare
