Artificial Intelligence (AI) has the remarkable ability to emulate human learning by using large datasets to become trained on identifying trends and performing predictive analysis. This will be highly useful for many businesses, and the healthcare insurance industry is no exception, especially in the realm of claims processing. This sector currently operates at a deficit of $262 billion as a result of claim denials. A significant portion of these denials are due to mistakes made during the patient registration process, totaling about $71 billion.
Most of these mistakes can be traced to human error when entering data, due to how complex it can be to locate the necessary information. AI will be a game changer for this industry because it is able to validate information very precisely in as little as five seconds. It has been trained from a data set of thousands of insurance payers and insurance plan types to be able to quickly recognize information such as insurance type, group numbers, and payer name. This is a huge improvement from manual processing methods, which can take up to fifteen minutes. It is also more accurate, which can eliminate the $25 that is needed to rework a claim. By switching from human data entry to AI, healthcare insurance card capture, it can operate more efficiently and effectively.
Source: OrbitHC