Using AI to Improve the Insurance Card Capture Industry
Capturing and verifying insurance can be a tedious process, and there are currently no established or efficient ways to intake this data. Denied claims cost billions, and the industry still struggles with problems of time, money, and accuracy.
There are many aspects of the traditional insurance process that contribute to these issues. First, conventional methods of insurance processing require human expertise. However, many of the issues surrounding traditional insurance capture are because of human error. In fact, 19.3% is the average error rate among all health insurance information in the United States. There is also complexity that arises due to location limitations, as many larger insurance companies have different requirements in different zip codes. Finally, most current solutions cannot identify information that is not explicitly printed on the insurance card, which makes human interaction necessary. All of these processes slow down the operation, making it clear the need for a more efficient solution.
Experts agree that an AI-powered solution is the best way to overcome human limitations in insurance processing. Current development on AI software can act like a human, identifying different aspects of an insurance plan without the need for it to be explicitly printed on a card. The benefits are wholly outweighing the traditional methods, and even in early stages, it is clear that the future is bright for AI powered OCR insurance card capture and processing.