Updating the Insurance Industry with Artificial Intelligence

Insurance verification automation solutions are the key to ensuring the success of an entire industry. Although these solutions are being rapidly developed, the outdated current systems in place are costing companies and clients. In the healthcare industry alone, insurance errors and denials cost, on average, $262 billion annually, leading to many claims that are never reworked.  Although options such as OCR and digital intake are fairly new to the space, it is clear that there is still a need for an upgrade.

Similar to many other modern industries, artificial intelligence is the new solution to the problems plaguing these processes. There are several pros and cons to artificial intelligence insurance verification, as well as two main avenues by which clients can take advantage of this technology. Whether one chooses to build or buy their AI enabled system, there are many factors to consider when making the decision. Building an AI system has a much higher cost of ownership, as well as a more significant need for technical knowledge and the ability to handle complex systems. However, it allows for high levels of customizability and ownership of the final software. Buying AI systems decreases some of these headaches, but with less ownership and oftentimes higher risk. 

With so many options to choose from, it is no surprise that this technology has risen to the top of the industry, becoming the driving force behind insurance evolution.

Build vs Buy - Orbit Healthcare - Insurance Benefit Verification Automation
Source: Orbit Healthcare

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