Did you know that we waste more than $17 billion per year on insurance claim errors in the healthcare industry? Not only that, but even patients are losing billions of dollars in savings every year due to insurance errors.
Medical insurance has a track record of being a real pain to deal with from all angles. From patients, to administrative staff, to healthcare professionals, and even those who work for medicare advantage insurance companies themselves; medical insurance can be messy and full of issues from beginning to end.
One way to combat all the potential pitfalls from intake of patient information to filing claims, is by incorporating AI into the process. Healthcare facilities may also work with a medical accounts receivable service provider to help them keep track of their finances and medical insurance claims.
Automatic insurance card scan and capture not only significantly reduces the risk of initially receiving or inputting faulty information, but it also brings with it the ability to automatically verify that insurance information is accurate and up to date.
This not only saves administrative staff from the general stress and hassles of manual entry, but the reduction in errors also saves medical offices nearly 5k per month, and hours of wasted time in the process.
Of course, on the patient side, patients can easily benefit from automatic verification by having easier access to accurate pricing information, which would in turn allow them to make more informed decisions regarding medical procedures and care.
All in all, AI integration into this area of healthcare seems like a no brainer, and is definitely the wave of the future.