The healthcare system in the United States is arguably among the more advanced in the world. However, administrative challenges are complicated, complex, and deeply woven into our healthcare system, resulting in some of the highest healthcare administrative costs and burdens in the world. Unfortunately, these high costs and burdens don’t equate to better outcomes, in fact they hinder better outcomes. The United States lags behind other countries in common health metrics, including life expectancy. At the same time, this anomalous rise in costs to support administrative services leaves payers, providers, and patients frustrated, burdened, and burnt out. Here are some facts about the current healthcare system.
Healthcare administrative costs accounted for less than 10% of total medical expenses just 40 years ago; today, these costs can consume as much as 40%.
30% of healthcare spending can be considered waste.
For almost 60 years, U.S. healthcare expenditures have increased annually.
In 2021, 42% of physicians reported feeling burnt out in large part due to administrative burdens.
In 2018, the U.S. spent nearly twice as much on health per person in comparison to other countries.
Signature Performance believes the United States can do better, and we want to bend the curve of rising administrative costs and burdens in the United States. We aim to be the foremost healthcare administrative services company in the industry successfully driving these costs down, while improving the quality, access and patient/provider satisfaction and reducing cost of care. With our close to 20 years of unmatched experience serving the public, private, payer, and provider pillars of healthcare, we are committed to making greater strides by facing these challenges head-on to transform healthcare in the United States. To help with this transformational work, it will take the industry’s best along with a relentless pursuit.
I’m pleased to announce Karen Hudgins will serve as Signature’s President and Chief Operating Officer. In her new role, she will manage the firm’s day-to-day business, ensuring the organization has the most effective people, processes, and technology in place to be successful. Karen has an impressive track record of making big and important strides in healthcare. For example, the launching of ClaimsXM, which is a breakthrough solution to process claims by merging best of class technology, process, and execution. Also, while serving as the Director of Transformation in the Office of Community Care at the Department of Veterans Affairs, she led the transformation of the Community Care systems resulting in significant improvements in efficiency, effectiveness, and technical innovation that helped better serve millions of Veterans with their healthcare needs.
Healthcare needs an uncommon firm like Signature. I envision a time when because of Signature Performance, healthcare administration costs and burdens will be at a much healthier level in the United States. I see the quality of care improving, providers being inspired to do their best work, young people flocking to the industry as a meaningful way to use their talents, easy access for people who need affordable, quality care and patients being more engaged in wellness. And the healthcare system would become a world-class experience in the United States.
Join us on our quest to transform healthcare. We see healthcare as a calling that requires selfless service, but will leave a lasting legacy – a legacy we are proud to place our signature on. It won’t be easy. It won’t be simple. But, without a shadow of a doubt, we believe that it will be worth it.