Building vs. Buying AI Powered Verification Solutions

Documenting the correct insurance information is extremely important to ensure that patients are able to pay for the medical care they have received. There are several methods to collect this information, but most of them are outdated. Manual input with pen and paper is very common, but has an error rate of 4.2%. Digital intake and OCR intake methods also struggle to accurately identify payers and plans from images and verify insurance benefits. The archaism of these methods contribute to the $262 billion worth of healthcare claims that are rejected each year. 

One of the most modern methods that promises much more accuracy in the verification process is AI enabled insurance verification automation systems. Building this system internally can be quite expensive and require a lot of technical horsepower from the team of engineers. In addition, the time to deploy this solution can take quite a long time and there is the threat of losing all credibility with customers if there is a cyberattack. 

Alternatively, buying these solutions from a third party can be much more cost effective and remove the need for building the technological expertise in-house. This can reduce the high upfront costs building a solution from scratch and there won’t be a long building process before the solution can be deployed. That way, insurance information can begin to be verified with high accuracy rates right away.

Source: Orbit Healthcare