Startup Solutions Solving Medical Field Problems

Many industries have already experienced the benefits of adopting automated processes into their daily routines. With even basic administrative tasks being completed by AI-powered systems, companies are increasing their productivity and saving millions of dollars. The medical field is the next big industry to start using these systems in order to solve problems they experience when it comes to administrative tasks such as insurance capture. 

When a patient visits a medical office, a member of the hospital staff often inputs all of their information into the office’s system manually. This information includes the patient’s personal information, reasons for the visit, as well as their insurance plan. Problems can arise if any detail of this information is incorrectly input and can lead to the medical office losing thousands of dollars and wasting valuable time.

Even small mistakes such as incorrect payer identification or missed details on insurance benefits have the potential to create problems for not only providers, but their patients as well. If patients are receiving bills from their provider that have been calculated with the incorrect information, they could be losing thousands of dollars they should be saving. In fact, patients miss out on more than $16 billion in savings every year due to incorrect information being entered regarding their insurance benefits. Mishandling insurance information and leading to incorrect pay models can even lead to insurance fraud cases which can cost thousands for providers to solve. 

Transitioning to automated processes can help avoid inaccuracy when entering patient information. AI-powered systems eliminate the misapplication of insurance benefits and verify potential treatment suitability without any manual input. This can save healthcare professionals about $2.7 billion each year by avoiding the costs of fixing errors that can be made by manual processes. Making the switch can also help patients by providing accurate cost and pricing models and provide access to potential savings they may not have known about. This can enable better decision-making skills in patients to ensure they are receiving the care that is the best for them.

There are startup companies that are creating automated processes to specifically target the problems of insurance input within the medical field. The way these processes work is by running behind electronic medical record systems and delivering verification results from that information in seconds. These applications can also capture images of insurance cards and extract the data using AI-powered API. These systems work in a matter of seconds, and can provide patients and their providers with decoded identifications of both the payer and the insurance plan they have. They can even calculate copayments and deductibles.
Overall manual processes for insurance input in the medical field can lead to serious problems long-term. Mistakes that are made affect all parties involved and can waste thousands of dollars trying to correct them. There are solutions to these problems, and they come in the shape of AI-powered applications. These applications have the ability to completely remove the chance of human error and improve the accuracy of information identification across the entire field. Learn more about these insurance card scan solutions and their benefits in the infographic below:

Insurance Capture & Verification Automation Matters More Than Ever
Source: OrbitHC

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