AI Adoption Essential for Healthcare Providers Amid Rising Challenges and Patient Options

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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