Are healthcare companies too focused on the bottom line and not focused enough on the customer?

If you work in the healthcare industry, there’s probably one word that causes your heart to sink into your stomach each time you see it or hear it: cost. The healthcare industry has been plagued by high costs and rising premiums for decades, and many companies are struggling to reduce their own overhead so they can pass along the savings to customers and patients. Unfortunately, many healthcare companies aren’t considering the customer experience when they’re trying to be more efficient, and AI is making it clear that this strategy doesn’t work in the long run.

Artificial Intelligence in Healthcare

Customer service can be automated

Customer service must be automated for better, faster, and more efficient healthcare services. AI Chatbots increase customer satisfaction by 95% and solve 85% of queries. They can connect to multiple apps and automate communication between departments. And best of all, they don’t leave for a better job at another company! More importantly, healthcare firms need to be fast. Too many customers are leaving because of poor service or excessive wait times. Chatbots can take care of routine questions (like checking in for a doctor’s appointment) without wasting your staff’s time (or yours). As self-service increases, you’ll be able to spend more time with complicated cases or those customers who still want to talk over the phone. 

The most expensive diseases can be detected at an early stage

The most expensive diseases such as cancer, heart disease, and Alzheimer’s can be detected at an early stage. This is crucial because when caught early they are usually cheaper to treat and increase our chances of survival. In addition, early detection saves lives and reduces costs drastically. Imagine if you could have saved a life for just $10 dollars! AI offers doctors access to more data than ever before and can help them detect disease earlier.

AI in healthcare industry

Diagnoses are more accurate

AI can be used to predict the probability of a negative diagnosis with 95% accuracy. This means that doctors will have access to more accurate diagnoses when dealing with patients, allowing them to delight customers with clear answers. Improved Accuracy is a Huge Plus for Patient Care and Growth. Not only does improved accuracy increase the experience for patients and their families, but it makes for happier, healthier employees that are likely to stay at the company for a longer period of time.

Costs can be reduced

Healthcare automation through AI reduces costs significantly. Additionally, AI can help to optimize schedules to allow for physician-patient interaction and decrease turnaround time in radiology interpretation. These methods help businesses increase revenue by delivering higher quality service at a lower cost than manual labor. Automation can also help you delight customers and provide top-notch service throughout all stages of treatment. The use of digital health assistants has been shown to improve quality of life when combined with more traditional care tools. Finally, technology helps you remove many administrative tasks that are no longer as valuable as they once were which helps businesses operate more efficiently and economically. Cost savings help in offsetting some customer costs making it a win-win for the customer and the organization.

To Sum Up

The bottom line is that hospitals, as healthcare providers, need to focus on patient care first. If they can do that, more automated health care processes will benefit their patients in both diagnostics and treatment. However, without an emphasis on patient care, these new healthcare technologies will only make systems more efficient for health care providers at a cost to those using them. When people become a priority in healthcare it makes sense to have automated diagnostic tools to pinpoint issues before they are critical and AI robotic surgeons such as da Vinci have increased safety while performing surgery under less invasive methods.

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.