The Benefits of Buying Insurance Information Verification

Inaccuracies in insurance information reporting amount to over  $262 billion worth of denied healthcare claims every year. There are a lot of reasons behind this astounding number, but the most detrimental is the archaic and error-prone systems that are used to collect insurance data. These methods are outdated by decades, and include pen and paper, digitake intake, and OCR intake.  These systems have trouble with identifying payers and plans from images alone, along with health insurance benefit verification automation, and identifying coordination of benefits. 

Due to these issues, there is a rising need for up to date, automated insurance verification solutions to address these inadequacies. Businesses must decide whether to build their own AI-driven systems or buy them from third parties. Building their own system can be very expensive, requiring a large initial investment of $1 million to $5 million in addition to recurring charges that might triple the implementation costs. It also requires a high level of technical skill and there is a chance the system suffers from a cybersecurity attack. Purchasing solutions from vendors can lower these upfront costs and get the system integrated in a much faster timeline. Outsourcing the system also reduces internal training needs and integration delays by having another company take care of setting up the system.

Source: Orbit Healthcare