The insurance sector is undergoing significant change, and artificial intelligence (AI) is projected to play a major role, especially in the claims processing domain. Human error in insurance claims processing is expensive; especially those that have been made during patient registration have been responsible for a significant $71 billion in losses. The financial burden—which is equal to one-third of hospital administrative expenses—highlights how urgent this AI integration is.
Errors are common in traditional insurance processing for four basic reasons. Accurate patient identification is difficult due to incomplete information on insurance cards. There are stringent requirements to report accurate location information. Human error is still a major source of the 19.3% error rate in healthcare insurance reporting. Further complicating matters is the inefficiency of the existing OCR software, which becomes more of a problem as digital insurance cards become more common.
AI insurance card capture with API offers a game-changing approach by quickly verifying insurance information by using large amounts of training data. AI can expedite the claims process by verifying important information, like insurance type and claims PayerID, in less than five seconds. This technology can lead to better operational precision and efficiency in the near future, while also contributing to massive cost savings.