Intelligent Automation: Revolutionizing healthcare patient management

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How Providers can enhance patient care by accelerating eligibility & insurance verification

2020 has been an unprecedented year for healthcare professionals and service providers. The global pandemic has put a substantial burden on the industry, which is already falling short of patient expectations, crippled with staff shortages and a growing financial crisis.

Amidst the existing resource constraints, administrative responsibilities further consume valuable time that can be devoted to patient care by  Providers. According to the Center for American Progress, every year, Healthcare Payers and Providers in the US spend about $496 billion on billing and insurance-related costs alone.1 Given the impact of COVID-19, the costs are only going to escalate.

In this article, we would like to shed light on one of the biggest administrative challenges of US Healthcare Providers, namely eligibility and insurance verification; and explore ways in which Intelligent Automation can help improve outcomes.

Impact Of COVID-19 on eligibility & insurance verification Process

Do you know how excess administrative costs are burdening the US healthcare system?

Administrative processes encompassing heavy paperwork and documentation dealing with tons of data on insurance coverage, billing, procurement, and others form the backbone of healthcare systems. As per a recent study, in the US alone, the administrative costs of care account for 8% healthcare spending.2 And about half of Healthcare Providers’ administrative costs are billing and insurance-related expenses.1

When it comes to processing insurance cla