Did you know that 25% of healthcare costs in the US are due to administrative costs? Or a basic error in retrieving patient acceptance information. While some of these mistakes may seem easy to fix, they can actually cost medical office staff thousands of dollars to fix, wasting valuable work time. .
Cost of insurance error
Errors in patient insurance entry affect everyone involved. Patients lose more than $16.3 billion in savings each year because their benefits are entered incorrectly. Global providers lose up to $30 billion annually to fraudulent and error-prone practices, and sometimes these mistakes even lead to fraud cases. Incorrect information alone can lead to this financial loss, but there are other problems that can arise if the information is left unverified.
Unverified insurance information can lead patients to believe they are being covered for services they are not entitled to. This has recently become a problem with the rise of telemedicine services. Before the pandemic, Medicare only covered telemedicine for patients in rural areas with limited access to medical services. Currently, one in four of her Medicare beneficiaries has telemedicine, and not all of them are covered by insurance plans.
Where this confuses patients is that telehealth visits do not have front office staff to help verify insurance information. You end up spending a lot of time trying to resolve issues after your first visit.
Improve productivity with insurance card scanning technology
To avoid lost productivity and money when resolving insurance errors, many offices are moving to automated solutions. Automated health insurance card scanning, capture, and verification is a solution that reduces inaccuracies experienced by both patients and providers. Manual entry and evaluation can lead to errors, but AI-powered solutions are quick, efficient, and far more accurate. Normally, you would have to call the payer or visit her website for insurance to manually verify the information, but the automated system can verify the information in seconds, so the clinic’s Staff can spend more time on other day-to-day tasks.
Process automation not only benefits medical office staff by increasing productivity and reducing errors, it also benefits patients. A more accurate view of insurance allows patients to view accurate costs and pricing models. In fact, many automated systems provide real-time price quotes that are more accurate than manual quotes. This can enable better decision-making regarding patient care and even provide access to savings the patient may not have been aware of.
Overview
Overall, AI-powered insurance capture and validation is a solution to insurance entry errors. These errors can cost healthcare organizations billions of dollars in revenue as well as countless hours of wasted time. With these solutions, clinic staff can free up time for other tasks and help provide appropriate care to patients. Learn more about the benefits of automated processes in the healthcare sector with the infographic below.
Source: OrbitHC
