Did you know that insurance claim errors waste more than $17 billion each year? This money loss comes from patients, medical providers, and insurance providers alike, and in some cases fraud lawsuits can even be filed. Many errors are made due to simple errors when inputting insurance information, but even simple mistakes can have costly consequences for all parties involved.
When hospital staff are inputting insurance information, insurance benefits are not always verified. This means that patients and providers miss out on savings, $16.3 billion per year in fact, and global providers lose even more trying to solve these errors. What’s more, 25% of all spending on payment processing in healthcare is wasted on pricing failures and administrative complexity, meaning providers lose even more money in the end.
Some of the most common insurance errors are made simply because insurance cards do not have a standard format. When medical staff are trying to input information, they can switch up information and this can lead to incorrect payer identification, wrong information capture, or inputting information from a lapsed policy. All of these errors have to be corrected afterwards and this is what leads to thousands of dollars being wasted along with the valuable time of hospital staff.
To solve these issues, many providers are switching to automated processes in their daily routines. Insurance card scan through AI technology can capture and verify insurance information with much higher accuracy and can eliminate the risk of human error. These applications work much faster as well, with information being updated in real time and the verification process taking as little as 20 seconds! These applications can also decode patient insurance benefits and can create real-time price estimates so that patients can be sure they are paying the correct amount for their medical services. This can save providers time and money in the long run. Many industries are already taking advantage of AI technology and saving millions, why should the medical field be any different?
Automating medical administrative practices is beneficial for all parties involved. Patients can rest assured their information is correct and they are not overpaying for their care, medical staff can save time on fixing errors, and providers avoid the cost of fraudulent or error-ridden work. Incorrect or unverified insurance information can be not only a nuisance to solve, but can cost patients and providers thousands to solve. Automated insurance capture and verification systems can solve these problems, and you can learn more about them in the infographic below: