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As consumers, we have little patience for bad experiences because we have become conditioned to good experiences. That is certainly a prevailing sentiment in insurance, where consumers are often waiting for reimbursement, whether it be for a new medication, a repair or a car rental after a car accident.
For insurers, moving claims along can be a painstakingly slow process, largely because of outdated, manual data extraction processes. That delay leads to churn and, ultimately, an exodus of customers: according to Accenture, more than 30% of customers who endured a bad claims experience switched insurers within a year of the incident.
It’s time for the insurance industry to automate data extraction
The two most common health insurance claim forms are CMS-1500 and UB-04. For the unfamiliar, CMS-1500 forms are used for non-institutional healthcare facilities (e.g., private practices), while UB-04 forms are generally used in institutional healthcare facilities, such as hospitals.
For many insurance companies, processing insurance claims is still a very manual process that requires workers to manually review and re-key data from faxed, scanned, or emailed forms. Optical character recognition (OCR) technology is often used to facilitate that process; however, the results are often error-prone and still require correction by a human.
Impira automated machine learning (AutoML) enables users to train and provide feedback to their own unique models through an easy-to-use interface, eliminating many of the errors that occur using just OCR technology. In just a few clicks, Impira AutoML can be trained to learn your CMS-1500 or UB-04 form — and securely, too, on Impira’s HIPAA-compliant platform. Automating the process greatly reduces the time it takes to process claims — but more importantly, it creates a more seamless experience for customers.
Steps to automating your CMS-1500 forms with Impira AutoML and OCR
We’ve detailed how to use OCR and Impira AutoML to automate insurance claims processing. This detailed guide takes you through the following steps:
- Create a new collection
- Upload your CMS-1500, UB-04, or other insurance claims
- Train a machine learning model with AutoML to understand your insurance claims
- Export your data
We encourage you to review our guide on How to automate insurance claims processing using OCR and Impira AutoML and try out Impira on your own.
Don’t hesitate to send us any questions or to share your experiences using the platform.