Artificial intelligence (AI) has emerged as a revolutionary force in the insurance sector, especially in the area of insurance card capture and  processing. Typically, processing claims has been very time consuming and prone to human errors. Each year, there is $71 billion lost from claims that have been denied because of errors at the patient registration part in the process. This could be due to manual errors when entering the information, failure to determine the exact payer’s location, or relying too heavily on outdated information processing systems. 

Without incorporating more advanced technology into claims processing, it will be impossible to completely eliminate misidentified patient and payer information, incorrect data entry, and inaccurate coverage determination. This is where AI-based solutions come in. Some of the new technologies have been trained from large data sets made up of 4,000 insurance payers and 20,000 insurance plan types in order to correctly identify and validate insurance information. 

These AI powered systems are incredibly efficient. They are able to properly validate information in less than 5 seconds, which is a vast improvement from the five to fifteen minutes needed for manual processing. It is also more accurate at recognizing important information, such as the type of insurance and claims PayerID. Providers can a lot since reworked claims resulting from inaccurate information cost $25 each claim.

The Smarter Way to Capture, Verify, and Process Insurance with an AI-Powered Solution
Source: OrbitHC