Insurance verification is a process that has seen many changes in recent years. Automating this process has quickly become the go to method for capturing insurance information. Now, there are several automation related solutions, leaving it up to the experts to decide which is best.
The cost of insurance errors and denials significantly impacts healthcare and other sectors, equating to over $262 billion in insurance denials per year. To make matters worse, existing options for insurance benefit verification automation leave much to be desired. Whether it is through OCR, digital, or manual intake, these methods are tens of hundreds of years old. These outdated methods do not offer the tools needed for success in a modern world.
Artificial intelligence is the budding solution to replacing inefficient software and processes. There are several pros and cons to getting in on the action, whether one chooses to build or buy these capture and verification systems. Building can incur many upfront costs with high complexity, but allows for a high level of customization. On the other hand, buying insurance card capture systems offers many rewards, but can also incur a lot of risk and requirements to qualify.
Fortunately, there are services available that offer the best of both worlds, helping clients to save money, time, and valuable resources when making the switch to today’s most modern method of insurance capture.
Source: Orbit Healthcare
