New technology in the form of AI-enabled insurance card scanning, coupled with optical character recognition (OCR) and verification, is expected to help physicians reduce office costs.
Orbit Healthcare has some comments on how this technology can help physicians reduce administrative costs An eye-opening piece of research, design agency Nowsourcing has turned it into an excellent infographic.
Let’s look at some highlights from the Orbit Healthcare study.
Inefficient and error-prone manual process
Handling insurance details manually is a huge drain on both financial and human resources. There are many data entry errors when capturing or entering patient intake information, or simply incorrect insurance information capture. Other issues included lapses in coverage, incorrect payer information, and inaccurate patient and payer details.
These combined issues result in 25% of US healthcare spending being administrative expenses. This can be greatly reduced with automated scanning, OCR and verification.
Poor insurance data is a contributing factor to the US healthcare system currently costing $850 billion annually due to errors and inefficiencies.
NOT VERIFIED The cost of insurance for
study shows insurance claims Errors directly cost $1.7 billion, while global healthcare providers lose an estimated $30 billion annually to fraud or error-ridden work. With the right technology, both healthcare providers and patients can benefit from total savings of more than $16 billion.
Currently, a quarter of all spending in the healthcare sector for payment processing is priced out of failure and administrative complexity, among other factors. It was clear that huge improvements needed to be made.
New Challenges for Telehealth Providers
Telemedicine involves Technology to manage and distribute medical services and information. It differs from standard medical facilities in that telehealth providers often don’t have front-desk staff to help verify insurance details.
Orbit Healthcare finds that 74% of US patients are interested in using telehealth services, and such providers will increasingly rely on reliable automation for insurance verification.
Get the latest headlines from Small Business Trends. Follow us on Google News.
Image: Envato Elements