The healthcare sector faces $262 billion in rejected insurance claims annually. A portion of these denials are the result of inaccurately gathered patient data, such as improper payer and provider identification. These errors are caused by archaic techniques like pen and paper recording, digital intake forms, and OCR systems. There is clearly an urgent need for more effective information collecting methods to reduce this margin of error.
A viable method that provides health insurance capture and benefit verification automation are those enabled with AI. Companies that wish to employ these solutions must choose between outsourcing the platform to third parties or creating the system themselves. Developing an AI-powered verification system in-house requires large upfront investments, anywhere from $1 million to $5 million, in addition to recurring maintenance and update fees.
On the other hand, outsourcing to vendors to build the system can reduce the costs of building these systems significantly. The time to deploy the solution is also much shorter, as there is already a dedicated team of software engineers who are trained to both install and provide maintenance for these systems. This ready-made solution means that patients can already begin to have their information verified in mere weeks.
Source: Orbit Healthcare
