Artificial Intelligence Expert Discusses How to Address Baumol’s Cost Disease in Healthcare
AKASA, the only Unified Automation™ company for revenue cycle management in healthcare, announced that its AI Technology Lead, Byung-Hak Kim, Ph.D., is leading a discussion today at 3:10 pm ET on how to address Baumol’s cost disease in healthcare with machine learning.
Baumol’s cost disease is the rise of salaries in jobs that have experienced no or low increase of labor productivity, in response to rising wages in other jobs that have experienced higher labor productivity growth. The Baumol effect has been a significant driver of costs in healthcare for decades with no clear path to reversing these effects in our healthcare system.
In his talk, Kim presents the recent progress of harnessing state-of-the-art deep learning techniques in automating how medical bills are processed and paid in healthcare revenue cycle management. Making the billing process more efficient allows health systems to redirect investment into patient care while minimizing wasteful spending.
These advancements can help health systems and hospitals increase productivity, maximize the value delivered by their administrative staff, and minimize the impact of Baumol’s cost disease on their organization so they can invest more in patient care.
Byung-Hak Kim, PhD, has focused on machine learning research and development in real-world applications in the challenging areas of human health, education, and speech. Kim holds a bachelor’s and master’s degree in Electrical Engineering from Korea University and a doctorate degree in Electrical & Computer Engineering at Texas A&M University.
