Deciding whether to automate insurance verification is crucial due to the significant costs and inefficiencies associated with current manual systems. Annually, insurance denials cost a staggering $262 billion, translating to additional expenses of $30 to $71 per claim. Existing methods for capturing and verifying insurance information need to be updated and meet the accuracy and efficiency standards demanded by today’s healthcare landscape.

Organizations grappling with this decision have two main options: building their own system or partnering with experienced professionals. Building a system entails risks such as high upfront and ongoing costs, lengthy development timelines, complexity in implementation, and potential credibility risks from errors or cyber threats. However, it offers the advantage of ownership and the ability to tailor workflows to specific organizational needs.

On the other hand, purchasing a pre-built system can mitigate some development risks but requires a thorough evaluation of vendors to ensure compatibility, responsiveness, and long-term satisfaction. Orbit represents a compelling alternative in this regard—a robust, AI-driven insurance benefit verification automation solution designed to deliver rapid and accurate verification. Orbit’s system leverages extensive data on payers and plans, ensuring efficiency and reliability in insurance verification processes.

Ultimately, the decision hinges on balancing risks and benefits aligned with organizational goals and resources. Orbit stands out by providing the flexibility of customization and the assurance of a proven solution. It bridges the gap between building and buying, offering control over processes while minimizing the complexities and uncertainties typically associated with system development.

In conclusion, whether an organization opts to build or buy an insurance verification system, Orbit presents a balanced approach that combines technological prowess with practical usability. By leveraging its advanced capabilities, organizations can streamline operations, reduce costs associated with insurance denials, and enhance overall efficiency in healthcare administration.

Build vs Buy - Orbit Healthcare - Insurance Benefit Verification Automation
Source: Orbit Healthcare