Insurance capture methods are a vital component to many businesses and have become more modernized in recent years. The cost of insurance errors and denials impact healthcare greatly, showcasing the urgent need for modernization in the industry. Insurance denials lead to over $260 billion in lost revenue annually, and most denied claims are never reworked.
The methods for insurance benefit verification automation currently leave much to be desired, lacking the basic tools that this modern industry most desperately needs. It is these shortcomings that has led most modern businesses to pursue building and buying their own capture systems. These systems are backed by artificial intelligence and offer a unique package of benefits for all needs.
Building an AI enabled insurance capture and verification system incurs higher up front costs and more complexity, but offers an opportunity for customization that is unmatched. On the other hand, buying an insurance capture system sacrifices some of this personalization, but boasts lower overall costs and less delays.
With so many options and benefits to choose from, there are systems in the works that combine the best of both worlds. These systems use AI to offer personalized but robust and efficient insurance capture systems. Companies using these methods have already seen up to 60% cost savings, showcasing the bright future of the industry as a whole.
Source: Orbit Healthcare