When you go to the doctor’s office, you might be asked to fill out a paper on a clipboard, tap on a tablet, or just present your ID card for the receptionist at the desk. While all these methods have advantages and disadvantages, insurance errors result in $262 billion dollars of denied claims annually. Even worse, around 65% of denied claims are never reworked, and two-thirds of those denied claims are recoverable. So what’s leading to these major losses?
Build vs Buy on Insurance Benefit Verification Automation Systems/h2>
The ‘paper and clipboard’ has a high error rate of 4.2% and OCR Intake similarly has a low success rate of 60%. You could digitally input insurance information, but not only does it suffer from human error, but it wastes 260 hours annually on repetitive tasks. With modern technology, the best option to go for now are AI-enabled insurance benefit verification automation systems. But how can you go about that?
The first option is to build your own. However, the upfront cost to develop and the prolonged costs for maintenance and updates mean that it requires heaps of money and time for a proper payoff. You would also need to pay a dedicated team for this system, who are irreplaceable because of the uniqueness of your machinery. You can also opt to purchase one, which bears a much lower upfront cost and minimal sustained costs. The main concern for this is the lack of customizability and the risk of an unreputable partner who can put your company into jeopardy.
Conclusion
Fortunately, companies like Orbit Healthcare offer advanced insurance card capture and verification machines that blend both approaches. With the latest AI, these machines have a 98.5% payer identification rate and can recognize virtual and physical ID cards, referral letters, and even lab requisition forms. Overall, the savings from these machines alone range from 40% to 60% of current operating costs and virtually eliminate human error. To make sure you’re doing the most for your business, Orbit card capture and verification services are the way to go.
Source: Orbit Healthcare
