Orbit’s Insurance Verification Solution
Automating insurance verification is a critical decision due to the high costs and inefficiencies of current manual processes. Healthcare organizations face a staggering $262 billion annually in insurance denials, with additional expenses of $30 to $71 per claim. Outdated methods for capturing insurance information struggle to keep up with the demands for accuracy and efficiency.
Organizations must choose between developing a custom system or opting for a professional solution. Building a system in-house involves significant risks, including high initial and ongoing costs, extended development timelines, and concerns about credibility and cybersecurity. Despite these challenges, in-house development allows for complete control and customization to meet specific needs.
On the other hand, purchasing a pre-built system can reduce some of these risks but requires thorough vendor evaluation to ensure it aligns with organizational requirements. Using an insurance benefits verification automation system can help leverage extensive data on insurance plans and verify details in under 5 seconds, offering a blend of cost-effectiveness and operational efficiency.
Ultimately, the choice between building and buying hinges on assessing the risks and benefits relative to organizational goals and resources. You will want to use a method that provides a practical solution by combining the advantages of customization with proven effectiveness, helping healthcare organizations reduce denied claim costs and enhance overall efficiency.