There are $262 billion in denied insurance claims for medical and annually. A portion of these denials are caused by inaccurate patient information, such as misidentifying the correct payers and providers and failing to verify insurance benefits. Recording techniques such as pen and paper, digital intake, and OCR intake are all outdated and sometimes fail to fill out the required information without a margin of error.
There is a need for these information capturing methods to be updated to a more efficient solution, and one option stands out from the others: AI enabled solutions. This solution can automate and improve verification procedures, but companies are faced with the dilemma of building their own system or buying it from a third party vendor.
It can be extremely expensive to create an internal AI-driven system, as the upfront costs can range from $1 million to $5 million and require expensive maintenance and updates that can add up to 3x the cost of deployment. Outsourcing to outside vendors does sacrifice some customization and full control over the solution, but it is much cheaper to outsource the talent and upfront costs associated with building these systems. Despite whatever method is chosen, this AI-based solution will make verifying insurance information much easier.
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