Healthcare Insurance
By: 10/05/2021 Source : Intelli Buddies
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IntelliBuddies® and Health Insurance
Healthcare Insurance
Over one third of all healthcare costs in the U.S. were due to insurance company overheads and providers time spent on billing, versus about 17% spent on administration in Canada.1 On the other hand, 2019 CAQH Index estimates that the medical industry has avoided over $96 billion in annual administrative costs through efforts to automate administrative transactions.2 Such is an impact that most healthcare providers are looking to ways of automating at the first opportunity. RPA comes handy for healthcare providers and insurance companies as they are involved in a horde of repetitive tasks.
IntelliBuddies® in Action
- Claim registration and processing
Claim registrations and processing, when done manually, are error prone due to repetitive nature. These errors are the major source of reasons as to why claims are denied and subsequent corrections are costly. Claim registrations and processing are based on structured data and is perfect candidate for automations by Buddies. Buddies powered by IntelliBuddies® gather data from forms submitted by patients and OCR technology enables conversion of it to machine readable format. This is further sent out to insurance companies for claim processing.
- Underwriting
Processes such as Underwriting which involves data collection from various sources in order to analyse risks and conclude, typically takes 2 to 3 of efforts when done manually. On the other hand, automation through Buddies can achieve this objective in significantly shortened span of time while in-built AI capabilities provided by IntelliBuddies® platform empowers value added recommendations for Underwriting.
- Customer Engagement
Insurance companies always try to look out for ways to keep customers engaged. One way to doing so is to provide the customer with profile based personalized information. The all-powerful Buddies can provide such information along with behaviour based in order to keep them engaged effectively
IntelliBuddies® powered by its Buddies and infused AI, ML, helps healthcare providers to cut down costs significantly, keep their customers engaged. Buddies, thanks to their automation capabilities, frees up precious human resources who could be deployed elsewhere to improve operational efficiency.
[1]https://www.reuters.com/article/us-health-costs-administration-idUSKBN1Z5261[2]https://www.caqh.org/sites/default/files/explorations/index/report/2019-caqh-index.pdf?token=SP6YxT4u
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