3 Ways AI in Healthcare Can Help Save Money For Healthcare Companies

AI in healthcare can revolutionize the way that the healthcare industry functions and evolves. Here is what you need to know!

3 Ways AI in Healthcare Can Help Save Money For Healthcare Companies

A recent study found that AI could save U.S. healthcare companies up to $7 billion per year! That’s no small sum, and it’s even more impressive considering that this figure is just the potential of AI in healthcare and doesn’t take into account its many positive effects on other aspects of the business, such as customer service, employee satisfaction, and more. Here are three ways your healthcare company can take advantage of this powerful technology to boost your profitability and efficiency by leaps and bounds.

AI in Healthcare

AI in Healthcare Increases Efficiency

The issue healthcare companies face is that they have too many employees, leading to inefficiencies and low revenues. By using automation, they can improve their revenue while cutting costs at a high rate of return. Automation requires setting goals, automating tasks, and getting rid of everything else in between. This will lead to an increase in efficiency – an added bonus to hiring fewer employees. The main goal here is reducing costs without sacrificing revenue.

Once you have fully automated your company, you need to make sure your workers are happy as well. Workers aren’t cheap; paying them has been calculated as costing $1 million per year per employee on average. If workers don’t have reasons to stick around and do good work (or give 100% during their time), then your company’s value suffers and it may not be able to overcome losses elsewhere. To keep employees happy in an automated future, focus on helping them reach career milestones faster than if you were managing them directly – for example, by letting them choose what projects they work on each day or week.

Cost Savings With AI In Healthcare

Physicians and healthcare providers can use AI in different ways to save money. For example, there are Artificial Intelligence products that help evaluate and submit claims for higher settlement ratios up to 98%, optimize patient appointments to prevent cancellations. Artificial intelligence helps doctors get paid more quickly through faster and higher claim settlement—and in healthcare, every dollar counts.

Cost Savings with AI

There’s also an emerging technology called chatbots that some companies are actively using as customer service agents. Instead of calling a physician or healthcare provider directly to cancel their appointments, patients speak with chatbots who can answer their questions without burdening staff members. This results in a win-win for everyone. No one needs to spend unnecessary time on hold. Additionally, doctors are no longer having to split their attention between multiple cases or from patients they should be tending to.

AI in Healthcare Increases Revenues

Health companies using AI technology use their data to understand their patients better. The intent is to increase the lifetime value of their patients by preventing patient attrition. They are also able to cross-sell products/services increasing revenues.

Increased revenue with Artificial Intelligence

For example, if a patient is at risk for chronic disease and they have come into your clinic for an annual check-up, you may be able to offer preventative care on-site or refer them to a specialist. This will help in keeping costs down over time while increasing the revenue stream of the clinic/hospital. It’s not just about what happens in one transaction, but instead thinking about how you can increase the lifetime value of patients who are under your care. *Multiply those two benefits together (increase revenues+ cost savings), and that’s multiplied by 100s of customers.

In healthcare today, there is so much data, both from private citizens and from hospitals all collecting tons of information. Imagine what could happen when all these entities combined efforts with machine learning? The effect is a huge revenue increase while saving overall costs.

To Sum Up

AI may be threatening many jobs, but it’s also saving healthcare companies millions by boosting efficiency and eliminating inefficiencies. AI-powered computer programs can sort through vast amounts of health data more quickly than humans can. This helps in providing insights that help institutions better serve their patients and make wise investment decisions. These are just some of AI’s key benefits for healthcare companies today. With the rate at which AI is progressing, there will likely be even more advancements on its way.

The Latest