High Costs a Key Focus for Healthcare Providers According to AGS Health
Health systems and physician practices are struggling with profitability as costs continue to rise while revenue remains flat. To endure, organizations will need to look to creative talent solutions, process automation, and other technologies – particularly in revenue cycle management (RCM).
Healthcare IT Today recently connected with Patrice Wolfe, CEO and Thomas Thatapudi, CIO at AGS Health, a provider of RCM services, technologies, and support to healthcare organizations. We spoke at length about the cost challenges facing the industry.
“The US healthcare market is really in a financial crisis,” stated Wolfe. “COVID-19 really damaged the fundamental business for many health systems, and even though a lot of their patients have come back, they are facing many cost challenges. There is inflation, the great resignation, the high cost of staffing – particularly clinical staff, and the loss of investment income.”
In the face of these challenges, according to Wolfe and Thatapudi, organizations are looking to new ways to solve problems, including the adoption of automation to reduce the burden on remaining staff.
“Automating the retrieval of claims statues from third party providers can take a lot of work off the shoulders of RCM staff,” explained Thatapudi.
Watch the full interview with Patrice Wolfe and Thomas Thatapudi.
Learn more about AGS Health at: https://www.agshealth.com/
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AGS Health is a sponsor of Healthcare Scene.