U.S. healthcare spend is unsustainably high, reaching over $3.6 trillion per annum or ~17% of GDP. However, 81% of consumers are dissatisfied with their healthcare experience. U.S. administrative costs are 8% of healthcare expenses, 3-8x higher than the 1-3% share of other OECD countries.
Payment reform at the top of U.S. health sector priority lists. Manual intervention across the revenue cycle slows down the time to process a claim, delays payments, and increases leakage. Many U.S. providers struggle with low operating margins due to poor accounts receivable and growing average denial numbers. An evolving healthcare regulatory environment, technology standards, and market trends are driving changes across the revenue cycle.
LumaShift improves operational efficiency across the entire revenue cycle, lowering costs for healthcare providers, patients, and RCM service providers. Costs to collection is a major pain point in the U.S. healthcare sector.
The improved competitiveness allows all downstream users to refocus their resources on what they do best. Reducing human intervention drives down costs while enabling smoother business expansion.