When considering insurance verification automation, organizations face a key decision: develop their own system or partner with experts. Building an in-house solution involves significant risks, including high costs, lengthy development times, complexity, and potential issues with errors or cyberattacks. However, it offers the advantage of full ownership and the ability to customize workflows to specific needs.
On the other hand, purchasing a system from a vendor can mitigate some of these risks but requires careful selection to ensure compatibility and satisfaction. Orbit represents an attractive middle ground—an advanced insurance benefit verification system that combines speed, accuracy, and ease of use.
Deciding whether to automate insurance verification is critical due to the high costs and inefficiencies of current manual systems. Insurance denials alone cost $262 billion annually, adding an extra $30 to $71 per claim. The outdated methods used for capturing and verifying insurance information often fall short in terms of accuracy and speed.
To make the best decision, weigh the risks and benefits based on your organization’s goals. Orbit offers a balance of control and customization, while also delivering a reliable and proven solution.
Infographic Source: https://orbithc.com/insurance-benefit-verification-automation.html