Survey Finds Healthcare Executives Expect Big Returns on Investment from AI in Next 5 Years

Artificial Intelligence Healthcare News

A_Survey_Finds_Healthcare_Executives_Expect_Big_Returns_on_Investment_from_AI_in_Next_5_Years Survey Finds Healthcare Executives Expect Big Returns on Investment from AI in Next 5 YearsAccording to Optum’s OptumIQ Annual Survey on Artificial Intelligence in Healthcare found that over the next five years, the healthcare industry will spend an average of USD 32.4 million on AI. Over 500 senior U.S. healthcare industry executives, primarily, from hospitals clinics and health systems, health plans and employers, and life sciences organizations have participated in the inaugural survey measuring their attitudes and usage of AI technologies.

The report found that 75 percent of healthcare firms are implementing AI or have plans to implement an AI strategy. While nearly 94 respondents agreed AI is the most reliable path toward equitable, accessible and affordable healthcare. And more accurate diagnoses and increased efficiency were the top two benefits of Artificial Intelligence cited by leaders. Responding on where AI will make the greatest impact, 36 percent of healthcare executives reported that it’ll improve the patient experience, 33 percent said it’ll decrease per capita cost of care, and 31 percent responded that AI will improve health outcomes. According to the report, 38 percent employers and 20 percent health plans expect a positive Return on Investment (ROI) with AI in three years or less. While Hospital executives expect to see an ROI within four to five years. 91 percent of leaders expressed confidence in their ability to accomplish a full return on investment in AI technologies or services, as the report said.

The report also revealed that 43 percent of Healthcare organizations plan to use AI to first automate business procedures, and detect waste. While on the other side, 36 percent plan to use AI to overcome fraud and abuse, and an additional 31 percent said they plan to monitor users through IoT devices. On hiring AI talent in healthcare, 92 percent of respondents said their organizations are prioritizing hiring applicants with AI experience.