When you go to your healthcare provider, they usually take your health insurance plan information a few ways. They may write it down on a clipboard and paper, or the receptionist might put it in digitally directly into her system. Unfortunately, these traditional and common methods are highly susceptible to human error. In fact, this human error loses anywhere from $30 to $71 per lost claim, resulting in a $262 billion dollars lost in insurance claims denied annually.
But how can healthcare providers reduce this massive statistic? The easiest way would be to implement AI-enabled insurance capture and verification systems. However, it’s not quite so straightforward. Healthcare providers can elect to build their own systems, or to partner with a vendor who sells one.
If they elect to design their own systems, they have to deal with a hefty upfront investment of both capital and time. Designing, testing, and implementing AI-enabled systems can cost upwards of $1M and over 9 months of development on the short-end. Then, you need to employ an IT team in order to operate, maintain, and update the machine as necessary. On top of all that, you need to make sure your systems are compliant with regulations and have the necessary data encryption.
Conversely, when you partner with a company, they take care of regulations, encryption, and a dedicated IT team. On top of that, you don’t need to wait for development and the upfront cost is all but taken away. However, this approach has its own challenges. You need to pay subscriptions and transactions for API’s, and you need to carefully select a responsive and trustworthy vendor.
Fortunately, Orbit offers a solution that merges the advantages of building an insurance capture and benefit verification automation system. It combines lightning-fast AI with flexibility to accept various forms of health insurance IDs, to get a 98.5% payer identification rate. Whether you want to cut down on human error or to get some of the cost savings Ai-capture systems offer, Orbit has a way to help your business.
