Deciding whether to automate insurance verification is critical due to the substantial costs and inefficiencies of current manual processes in business. Annually, healthcare encounters $262 billion in insurance denials, potentially adding $30 to $71 per claim in additional expenses. Current methods for capturing insurance information are outdated and struggle to meet today’s demands for accuracy and efficiency.
Organizations face a crucial decision: develop their own system or seek professional help. Building a system involves risks such as high upfront and ongoing costs, lengthy development times (often taking 6 to 9 months or more), and credibility concerns, including vulnerability to cyberattacks. However, it provides control over the software and allows customization to fit specific needs.
Alternatively, purchasing a pre-built system can mitigate some risks but requires careful evaluation to ensure it meets organizational requirements. Orbit exemplifies this approach—a smart solution trained on extensive data about insurance plans. It swiftly verifies insurance benefit verification automation in under 5 seconds, offering cost-effectiveness and operational efficiency.
Ultimately, the decision hinges on evaluating the risks and benefits aligned with organizational goals and resources. Orbit offers a practical solution that combines customization with proven effectiveness, enhancing healthcare operations by reducing costs associated with denied claims and improving overall efficiency.
Source: Orbit Healthcare