It’s important for healthcare organizations to verify a patient’s insurance information quickly and accurately. The cost of insurance errors and denials have a significant effect on healthcare, with insurance denials costing the country $262 billion each year along with $30 to $71 per lost claim in additional expenses. Options that have already been set in place are unable to accurately identify payers and plans from images, route the payer, validate the accuracy of the payer, successfully verify insurance benefit, identify COB (coordination of benefits), and more.
One of today’s modern solutions is building AI-enabled insurance benefit verification automation systems. Although they come with risks such as high upfront costs, high lifetime costs, extensive development times, and credibility issues, healthcare organizations can benefit from having full ownership of the insurance card capture system as well as control over specific workflows to achieve specific outcomes.
However, building a system requires capital outlay and continuous refinements for years. If this is not affordable, healthcare organizations can buy insurance card capture systems. The main risk is finding the right partner fit with vendor options, but healthcare organizations can benefit from a dedicated team that maintains the systems, low overall costs, less delays, and intuitive functions. Implementing insurance capture and benefit verification automation solutions can help healthcare organizations reduce insurance issues and focus on providing a quality experience to patients.
Source: Orbit Healthcare
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