Did you know that providers lose up to $30 billion per year due to fraudulent and error-ridden insurance documents? Medical staff often input patient's insurance information manually, and due to a lack of standardized formatting of insurance cards, errors can be made. While some of these errors may seem small such as a misspelled name or an incorrect provider, they can lead to fraud cases and cost thousands of dollars to solve.
In an effort to prevent mistakes occurring, many medical offices are transitioning to more automated processes. The medical field is not the first industry to take advantage of automated processes, with other industries already saving millions of dollars after transitioning to workflow automation. AI powered applications are secure and very accurate, meaning they can complete tasks for medical office staff with high productivity and low risk of being hacked. One of the best uses for these automated applications in medical offices today are insurance capture and verification processes.
These processes are fast and efficient in extracting insurance information with insurance card scan OCR, verifying it, and confirming it without any manual intervention. The 3 step process only takes about 20 seconds and saves about 4 minutes per patient each visit. This saves office staff lots of time in obtaining this information themselves, and reduces the chances for any sort of human error in the information. These systems not only benefit medical office staff, but insurance providers and patients as well.
Many patients have experienced receiving a bill from their medical provider that seems a little too steep. This can be a result of incorrect insurance information by the office, or it could be the patient didn’t realize their insurance lapsed or didn’t cover a certain service. With AI powered insurance capture, patients and their providers have a transparent means of communication due to the real time updates of the system. Patients can also receive price estimates and access additional savings they may not have if they had their information entered manually.
Overall, automated processes are benefitting industries across the country, why shouldn’t they be implemented in the medical field? Learn more about AI powered insurance capture and verification in the infographic below: