Amidst evolving technology, the healthcare insurance sector is witnessing a pivotal transformation with the advent of Intelligent Document Processing – a significant innovation that has revolutionized data analysis and management. This concept, characterized by its ability to understand, extract, and interpret data from varied document types efficiently and accurately, directly answers the industry’s urgent need for swift data handling and documentation.
The shift toward automated document processing in healthcare
Intelligent document processing for healthcare is signaling a future where manual and time-consuming document processing is replaced by automated, accurate, and expedited alternatives. Imagine a world where every historical patient record, invoice, medical test, doctor’s order, and claim are expedited and seamlessly integrated into the operational flow.
Industry leaders are actively exploring innovative approaches to transform operations and scale automation in the healthcare insurance sector, with a specific focus on diverse document types derived from unstructured information. Health insurance document automation remains a business imperative if insurance companies are going to meet their digital transformation goals.
Additionally, intelligent document processing plays a crucial role in capturing institutional knowledge by codifying processes, ensuring continuity and efficiency even amidst employee turnover. Furthermore, automated models provided by intelligent document processing ensure regulatory compliance by consistently executing processes correctly and capturing necessary data. Ultimately, intelligent document processing delivers transformational change, empowering health insurance companies to compete effectively in today’s dynamic market landscape, regardless of their size or tenure in the industry
Related content: How to automate long-term healthcare invoice processing
Why healthcare is a fit for Intelligent Document Processing
Healthcare insurance providers process millions of important patient documents annually, many of which require manual review to assess what they say accurately and any associated context. This kind of labor-intensive process naturally takes time, which means it involves a significant financial investment by the provider.
Part of the problem is that a large percentage of health insurance documents are unstructured or semi-structured. That puts them out of reach of solutions that rely on templates as well as health insurance robotic process automation (RPA) tools. By leveraging the power of AI to automate and streamline operations, healthcare insurers can ensure accurate, cost-effective, and time-efficient decision-making.
Intelligent document processing can deliver big savings. Automating even part of the process delivers significant productivity gains. If you can succeed in training a model to reliably recognize 80%, 85% or 90% of the values you care about, that translates into a dramatic increase in process capacity – meaning fewer people to do the same work. Now you’ve freed up employees to do other, more strategic work, or set yourself up for lots of growth without increasing headcount.
Related content: Indico Data named a leader in Everest Group’s intelligent document processing (IDP) PEAK Matrix® 2023
The future of Intelligent Document Processing in healthcare
The introduction of intelligent document processing in healthcare insurance marks a pivotal moment in the industry’s digital transformation. By automating and streamlining tedious and time-consuming paperwork, healthcare insurers can focus on reducing process cycle times and compete more effectively, no matter if they’re a startup, insurtech, or industry stalwart. Investing in such cutting-edge technologies as intelligent document processing is no longer a luxury but a vital necessity, allowing healthcare insurance organizations to extract maximum advantages in terms of efficiency and accuracy.
Intelligent Document Processing healthcare use cases
Health insurance claims automation
Long-term care invoices
Patient record processing
Claim denial documentation
Ingesting claims documents
Claims documents tend to arrive in large bundles containing numerous discreet documents that pertain to different claims. Employees spend hours going through these bundles and determining where each individual document belongs. A sound healthcare document processing model would be able to automate the process of sorting and categorizing the individual documents, and keeping associated documents together for further processing.
