Elevating the Healthcare Insurance Industry with AI

Currently, the healthcare insurance market has obstacles that prevent it from operating at its best. Approximately $71 billion worth of claims are denied each year because of errors in patient registration, not coverage constraints. These mistakes are frequently caused by the difficulties that employees face when trying to locate the required information. For example, the insurance payer, the payerID, and where the claims must be submitted are all very important, but this information can’t be found on a standard insurance card capture. Most of the employees are domain experts, but errors are still very common. 

AI is a possible solution to all of the problems that the healthcare insurance industry is facing. It has the potential to improve the efficiency and accuracy of the process because it has been extensively trained to recognize this information. AI is far faster than their human counterparts, taking only five seconds to process insurance compared to fifteen minutes. It doesn’t necessarily have to emanate human employees, but AI can help alleviate the staff of their most repetitive tasks. There is a lot of employee burnout in the healthcare industry, so the introduction of this technology might actually make the lives of the medical employees more balanced.

Source: OrbitHC