The global artificial intelligence (AI) market had a value of USD $62.35 billion in 2020 and is expected to continue to grow, according to Grand View research. [i]
Numerous companies offer a wide range of AI solutions for an array of industries, including healthcare, but are these solutions worth the investment of time and money it takes to get started with AI? Yes, as long as you choose the right AI-powered products or services for your organization.
AI can help you gain valuable insights from your data and make your organization more efficient and effective.
Here are our top five reasons artificial intelligence is worth the investment in 2022.
1. Gain valuable insights from your data
Having a lot of data is great, but only if you’re able to learn from it and apply that knowledge in meaningful ways. AI can be used to analyze data and identify patterns, often faster and more easily than humans can. AI can then generate actionable insights that can help you make more informed decisions.
Health care providers, for example, can use patient data and AI to gain clearer insights into their patients. AI can be used to quickly analyze data and make predictions, such as using Lumiata’s AI tools to predict disease onset or progression in a patient within the next 12 months. AI is also helpful in diagnosing patients, and AI-generated insights are valuable when creating risk-based care management design and treatment plans. Additionally, AI can be used to predict the outcomes of a patient taking a specific medication.
For payers, AI can identify and predict high-cost members and groups, plus other risks. AI can also be used to predict costs for providers, payers, and services. Artificial intelligence allows you to learn from your data so you can make informed decisions regarding patient care, organizational operations, and more.
2. Reduce and better manage risks
Organizations in the healthcare industry face a variety of risks, from health issues and medical events that could lead to poor patient outcomes and high costs for the organization, to fraud and abuse, to unexpected costs, and more. What if you could better predict risks? With AI, you can identify risks sooner, giving you more time to properly plan for them or work to prevent them.
Health care providers, for example, can use Lumiata’s AI products to predict the onset or progression of acute and chronic diseases, hospitalizations, medical events, and more within the
next 12 months. By being able to identify risks sooner, providers can intervene sooner to help keep patients healthy and avoid expensive treatments. For organizations using telemedicine, AI can be used to alert physicians of at-risk patients, giving physicians time to reach out to patients before major health events or the need for in-person care. AI can also reduce risk by reducing clinical error.
Payers also benefit from being able to predict health conditions, medical events, and other risks. When providers can predict risks and prevent negative patient outcomes, payers avoid having to pay for expensive treatments and other high-cost solutions. AI-powered predictions also allow payers to predict high-cost members and groups, giving payers time to plan for such costs.
Healthcare services can also use AI to predict costs, making it easier to budget for increased expenses.
3. Save time
Entering, organizing, and analyzing data can be time-consuming, reducing the amount of time your team has available to focus on other tasks.
AI can help you save time by making your team more efficient. AI-powered products that enable process automation or assist with administrative tasks allow your team to spend less time on data entry and other admin duties and more time caring for patients or solving business challenges.
With Lumiata, data scientists can spend less time cleaning data and more time learning from it, making them more efficient. AI allows health care payers, providers, and services to spend more time on what matters most and to use their resources more efficiently.
4. Save money
AI can help your organization predict financial risks and reduce operational costs, helping your organization to save money. Fifty-nine percent of executives surveyed for the Third Annual Optum Survey on Artificial Intelligence (AI) in Health Care said they expect to see a return on their AI investment in less than three years, nearly double the 31% who said the same thing in 2018. [ii]
Since AI can contribute to your organization’s efficiency and effectiveness, it can help you reduce costs related to patient care, organizational operations, and more.
For health care providers, AI can predict diseases and medical events that could lead to expensive treatments and procedures. When providers can predict these events, they can work towards preventing them and avoiding their associated costs. For payers, this also means not having to cover the cost of those treatments and procedures. Payers can also use AI to make cost and risk predictions, such as predicting high-cost members and groups. These insights
enable payers to have more accurate risk assessments, set better prices, and increase their competitiveness. Health care services can also use AI to predict costs, improve their pricing strategies, and more.
In a retrospective study validated by the customer, Lumiata identified 2x the number of high-cost members compared to Wakely, and reduced risk at the health plan by $70M/year. In another study, Lumiata identified 66% more high-cost members than Cotiviti.
5. Provide better care
AI can help health care providers, payers, and services achieve positive outcomes for patients.
AI can be used to remotely track a patient’s health and medication adherence via wearable items that the patient puts on. AI can also be used when diagnosing patients, looking to see how a patient might respond to a specific medication, and even when attempting to create new medications or find additional applications for existing medications.
Lumiata’s cost and risk predictions enable organizations to identify risks sooner so they can intervene sooner and improve the quality of care to help keep patients healthy and prevent the need for more complex treatments or procedures.
Lumiata is ushering in a new era of groundbreaking predictive analytics.
We’ve seen firsthand how AI can play an important role in care and disease management, actuarial and underwriting, and more. Want to discuss why AI is worth the investment for your organization? Click here to request a demo.