The insurance claims processing system currently has a lot of deficiencies due to its overreliance on manual inputs and outdated technology. Many claims are denied, and 27% of these are due to the fact that there are errors that are committed during patient registration. Simple errors such as submitting the wrong patient identifying information or selecting the wrong payer location can lead to a claim not being pushed through, which costs $25 each time. In total, $71 billion is lost each year due to patient registrations not being completed.
With trained solutions certifying insurance information in less than 5 seconds, artificial intelligence (AI) offers a disruptive solution that greatly reduces the time required for manual processing. AI insurance card capture precision in recognizing important information such as insurance type and claims PayerID can reduce the error rate from where it currently stands at 19.3%. The insurance industry can look forward to a future of increased efficiency and decreased financial waste.
Source: OrbitHC
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