AI adoption can save up to $360 billion in healthcare costs
In the United States, using Artificial Intelligence (AI) in healthcare has been a debated issue in the industry for over a decade.
A recent working paper published by the National Bureau of Economic Research has found that the implementation of AI in healthcare could result in yearly savings of $200 billion to $360 billion within the next five years, without compromising quality or access.
Apart from financial benefits, AI could also lead to improved healthcare quality, increased access, enhanced patient experience, and increased satisfaction among healthcare providers. The paper shows that while there are still challenges in adopting Artificial Intelligence, solutions are becoming clearer as more organisations embrace AI.
To fully take advantage of these savings, the industry needs to ensure implementation of multiple AI-powered applications across various domains. This will lead to successful deployments of AI, that may serve as case studies for organisations looking to use Artificial Intelligence and possibly overcome internal resistance.
Just like in other industries, AI has the potential to make a substantial financial and non-financial impact in healthcare, improving patient care while reducing costs. In the next few years, it would be interesting to see how Artificial Intelligence can help us save more lives, as well as free up funding in healthcare.