In the insurance industry, artificial intelligence (AI) is bringing about significant changes to the traditional claims submission process. Billions of dollars worth of claims have been denied due to errors that were committed during the crucial patient registration phase. A lot of these errors stem from human errors when entering patient data, pinpointing the location of payers, and having difficulty locating pertinent information on the insurance cards. The conventional OCR software, which processes the information, struggles to handle digital and non-card-based insurance data as well.
Artificial intelligence (AI)-driven technologies offer a superior alternative, due to its ability to rapidly verify insurance card capture information in just 5 seconds. The accuracy with which AI can recognize vital data—from insurance types to claims PayerID—holds the potential to result in significant cost reductions. Given that revised claims are subject to a $25 fee per inaccuracy, AI-driven technologies present a great financial incentive to not rely upon manual inputs as much. The adoption of AI portends a future in which processing insurance claims will be done with greater efficiency and less financial waste.
Infographic Source: https://orbithc.com/ocr-api.html