The world of insurance capturing systems provides many users with a large dilemma. To build their system or to buy from a company providing the services. Given the staggering $262 billion annual loss from insurance denials and the fact that $30-$71 is lost per claim in additional expenses, there’s urgency in addressing this issue.
Building a custom system involves significant risks. Upfront costs for design, development, testing, and implementation can reach hundreds of thousands of dollars, with lifetime costs for maintenance and updates potentially totaling up to three times the initial deployment cost. Development delays are common, with projects often taking years to mature. The complexity of building such a system requires a skilled IT team, and there’s a high risk of credibility issues if the system fails, potentially leading to lost business due to cyberattacks.
Purchasing a system, while cost effective, may pose the challenge of finding the right partner. Not sufficiently evaluating the vendor may lead to unsatisfactory service experiences.
This is where Orbit shines through in the market of insurance capturing systems. Orbit presents a compelling option by blending the best of both worlds. With its AI model trained on over 4,000 payers and 20,000 plans, Orbit does health insurance benefit verification automation in under 5 seconds. The system offers low overall costs, no delays, and an intuitive design. For many, Orbit’s combination of efficiency and advanced technology provides a robust alternative to building a custom system, addressing both immediate and long-term needs effectively.
Source: Orbit Healthcare