For consumers and providers alike, health insurance claims can be a tricky subject. On the provider side, they can trip up businesses so much it can cost them $30 to $71 per claim. This equates to over $262 billion dollars lost in insurance denials annually. Much of this loss can be attributed to the way that insurance information is captured by the providers.
Using paper and clipboard leads to human error, digital intake is a long process which slows down the intake process, and OCR intake technology is still inaccurate and unreliable. The most surefire method to quickly, efficiently, and reliably capture health insurance information is a dedicated insurance capture system.
You can elect to build your own system, however it is not easy. It requires large sums of capital to start and long stretches of time to complete. Between just the entirety of the implementation, $1M to $5M and years of development just to make it function. Then, once in use, it requires a lifetime of maintenance from a dedicated team. On top of that, you have to ensure web services, regulatory requirements, and secured data encryption are all upheld in order to avoid issues with your systems.
Alternatively, you can purchase an insurance information capture system with benefit verification automation. It is similar to the former option, however it is significantly cheaper and only requires the purchase and the API subscriptions in order to function. You also don’t need a team, as a dedicated team is assigned to service the machine. Unfortunately, you lose the uniqueness and customizability of having your own system to serve your business.
Orbit helps to bridge the gap and offer you advantages from both sides. Using Orbit systems, you can capture insurance information in a variety of forms in under 5 seconds. On top of that, it offers credibility, customizability, and cost-efficiency to help your business flourish.
