Health care providers often depend on health insurance plans to help service their members. Unfortunately, these health insurance claims aren’t straightforward, which often leads to claims being denied. For every claim sent, around $30 to $71 dollars are lost in additional expenses. These errors comprise a $262 billion loss annually , which proves very costly to the providers.
The bulk of this error comes from the way health insurance information is captured. Many providers still rely on paper and clipboard or digital intake in order to enter insurance data into their system. Unfortunately, these methods are highly susceptible to human error, and the long and tedious input costs 260 hours annually that could be spent elsewhere.
Fortunately, Orbit helps solve this problem. By scanning printed ID cards, digital wallets, or even phone screenshots, it can validate, verify, and map payer information in real time. This not only makes the input of insurance information much easier, but it also verifies it all in under 5 seconds. In total, this translates to over 40% of current costs reduced through insurance capture and benefit verification automation. Whether you want to save time or reduce the number of denied claims, Orbit’s systems are the way to go.
Source: Orbit Healthcare