The Rise of AI in Insurance Verification Automation
Capturing and verifying insurance benefits is a process that requires the most modern and efficient technology. In recent years, the industry has seen several different methods for completing this process, from OCR intake, to digital intake, to even paper and clipboard. However, even the most advanced existing methods are falling short, leading to billions of dollars in insurance denials and high percentages of denied claims. The bottom line is that the older systems in place do not offer the tools that industry professionals need to succeed. It is for these reasons that many are turning to artificial intelligence in search of a solution.
When deciding to utilize AI for insurance verification automation, one can either build or buy a system. Both options offer a unique set of benefits and drawbacks, giving the user the ultimate choice. Building AI enabled insurance capture systems offers a lot of customization, as well as the luxury of proprietary software. However, this choice may lead to time delays, high complexity, and a potential for higher up front costs. Buying insurance card capture systems remedy some of these shortcomings, however, lack in the unique nature of a proprietary system.
With so many options to choose from, it is no wonder many services are already offering a combination of both, attracting all types of clients with unique wants and needs.
Source: Orbit Healthcare