Insurance verification automation solutions are an important aspect of any modern business in the industry. There are several ways to go about establishing a secure solution to this necessity, the main options being to build or to buy. There are ups and downsides of both methods, with many experts pushing for a combination of both.
Without an automated insurance card capture system, the cost of insurance errors and denials can be detrimental. Studies show that insurance denials equate to over $260 billion per year, and the majority of denied claims are never reworked. The existing options for insurance capture leave much to be desired, making way for new methods to take over.
Building an insurance benefit verification automation system is possible especially with the use of AI. However, although it allows for ultimate customization, it requires a higher level of knowledge and up front costs. Buying a system reduces some of these costs, but is still at high risk for an ill fit with the company.
Fortunately, there are third party groups that are working on offering the benefits of both methods in one plan. Using artificial intelligence, these algorithms are fast, robust, and future proof. They have room for development and go above and beyond with the data utilized to train their systems.
Source: Orbit Healthcare