Just about every healthcare provider is familiar with the health insurance claims process, and how complicated it can be at times. Unfortunately, these complications can make healthcare providers lose a lot. On average, providers lose anywhere from $31 to $71 on every single claim, which totals around $262 billion lost in insurance denials annually. This number is likely so large because 65% of denied claims are never reworked, even though two-thirds of that 65% is recoverable.

Fortunately, a large portion of this loss can be corrected. Many companies still use traditional methods of capturing insurance information, like a clipboard and paper. While easy, it requires manual labor and has an error rate of 4.2%. Similarly, digital intake is subject to human error but is even more time-consuming with an estimated 260 hours every year spent on digital intake alone.

Fortunately, this is where Orbit comes in. Orbit provides healthcare providers with AI-integrated insurance card capture and verification systems that can automatically validate, verify, and map payer and plan type in 5 seconds or less. On top of that, it accepts both digital and physical forms of ID cards, with a payer identification rate of over 98%. Whether you’re looking to cut down on the amount of time spent on information capture or want to eliminate human error, Orbit has a way to benefit your business.

Source: Orbit Healthcare