It is important that insurance information is reported as accurately as possible for patients to receive financial support for their expensive treatments. Unfortunately, the current approaches, which include manual, digital, and OCR intake, are not always free of error. These misreports can contribute to the billions of dollars of refused claims per year. One method that could produce a higher success rate is using AI-powered insurance capture and benefit verification automation solutions. While building these systems internally gives you more control, it also comes with a huge upfront cost (between $1 and $5 million), expensive maintenance, and a long developmental period. On the other hand, third-party vendors are able to implement the solution in a much shorter time frame due to their technical expertise and at a much cheaper cost to the company.
Whether a company decides to build or buy, these modern insurance information verification systems can improve the current verification process tremendously and ensure patients receive uninterrupted access to affordable healthcare.
Infographic by: orbithc
