Insurance is a product that exists to help those that have already experienced a bad situation. It keeps the consumer financially safe when things go wrong while also ensuring that those that are taking care of the issue are properly compensated. In concept, it should be one of the most beloved things, a light in the darkness of hard times. In practice, it is one of the hardest things to navigate and to not be surprised by.
There are of course normal discrepancies that happen when insurance is applied. Maybe the hospital messed up, maybe the insurance provider made a mistake, and this can typically be devastating. Although that does not take away from a matter as simple as insurance verification. An issue that causes over $17 billion in losses every year.
Manual insurance verification is slow, cumbersome, and error prone. One way to get around it is the AI powered insurance card scan and capture software that is coming into prominence. This is one piece of technology that can ensure that insurance is the least amount of hassle it can be. It not only reduces error on the provider and patients side alike, but also speeds up the overall process.
Automated verification means less workers, quicker and more accurate information, and greater fraud protection. It sounds scary putting something as important as insurance into the hands of AI, but AI in practice is simply more accurate than a typical worker. The technology around image data extraction is extremely advanced in the modern era.
This isn’t to say that mistakes under automatic verification are suddenly impossible. It is instead to say that they are less likely and can be instantly seen as the claims are produced real time. Overall inaccuracy in insurance verification is not the single greatest problem, but it’s one that has a solution. Now it’s only a matter of time before it is put into place.