Insurance plays a major role in the American healthcare system in facilitating access to health care. Without properly processing these claims, many people would be unable to afford the life saving care they receive. Therefore, it is imperative that this insurance verification automation is accurately recorded to prevent an unnecessary denial of claims. Many of these errors are caused by lapses in the current methods of information entry such as manual entry with a pen and paper, digital intake, and OCR. All of these methods struggle to accurately verify payers and plans from images. 

More modern methods that can automate and speed up the insurance verification procedures are becoming more popular. However, companies are torn on whether to build or buy their own AI-powered verification system. These systems can be extremely expensive to build, costing anywhere from $1 million to $5 million up front, with recurring maintenance costs that can end up costing double the upfront cost over several years. 

 As an alternative, buying third-party systems is less expensive and can be implemented quickly in just days or weeks. The company also wouldn’t have to deal with the costs of training their employees to have the technical skill to deploy this solution and there would be a dedicated outsourced team to handle all repairs and maintenance.

Source: Orbit Healthcare