Eli Lilly’s decision to sell medications directly to patients highlights the growing competition in the healthcare industry. Healthcare providers must address core challenges to meet patients’ needs and maintain a competitive edge. Traditional providers struggle to innovate and compete due to costly administration processes. Increasing service rates to maintain profitability leads to higher insurance premiums. Embracing AI-powered revenue cycle automation can boost profitability. Healthcare companies generate $2.6 trillion in revenue but convert only 6.5% into profit. Automation can help address staffing shortages and back-office inefficiencies. Providers should identify opportunities for automation, choose the right automation partner, and start now to transform their operations and boost profits.
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AI Adoption Essential for Healthcare Providers Amid Rising Challenges and Patient Options
