A survey report from Optum found that Healthcare organizations plan to invest an average of USD 32.4 million over the next five years on Artificial Intelligence. The report surveyed of 500 US healthcare leaders stated that a full of 91 of the leaders responded they expect to see a Return on Investment (ROI) for AI over the next few years. While Hospital executive expects to see the ROI in four to five years, as health plans hope to see ROI in three years or less.
Thirty-six percent of respondents said they anticipate AI to improve patient experience, 33 percent consider AI will decrease the per-capita cost of care, and 31 percent deemed AI will improve health outcomes, the report found. While additional three-quarters of respondents expressed that they are deploying or have plans to implement an AI strategy.
Of healthcare firms that are already investing in and executing AI, 43 percent are automating business processes, 36 percent are utilizing AI to spot patterns in healthcare deception, and 31 percent are using AI to watch users with IoT devices (Internet of Things). OptumInsight CEO Eric Murphy pointed out AI has the potential to transform healthcare by helping predict disease and putting the right insights into the hands of physicians as they treat patients, which can lessen the total cost of care.
More precise diagnosis and increased efficiency are the top two benefits respondents anticipate from blending AI into their organizations. Most respondents agree that hiring candidates who have skill working with AI technology is a priority for their organization. Close to half of respondents expected that over 30 percent of new hires will be in positions requiring engagement with or implementation of AI in the next 12 months. Ninety-four percent of respondents agreed that AI technology is the most consistent path toward equitable, accessible, and affordable healthcare.
The Optum Enterprise Analytics SVP and COO, Steve Griffiths noted that analytics isn’t the end, it’s the beginning. For AI to successfully solve healthcare’s biggest challenges, organizations need to implement a unique combination of curated data, analytics, and healthcare expertise.