What it lacks is strategic thinking
Sci-Tech Snippets-14.
Beyond the hype: GenAI and the modern healthcare industry
Industry report by Bain & Company, August 2023
A Use Case: Crisis in US Hospitals; COVID-19 Reverberations
In 2022, more than half of the hospitals ended up with negative margins. Rising costs are a growing concern in today’s healthcare industry.
Can AI help by providing productivity-enhancing tools? Can the software industry rescue healthcare today?
Challenges: over-investment or under-investment in a response to the long list of GenAI applications; GenAI may be hype; a wait-and-watch approach fears competition dominance and pressure from incumbent next-gen healthcare startups with GenAI expertise; although over 75% of the players in the healthcare industry believe GenAI is the solution, only 6% have a GenAI strategy; pressure to improve operational efficiency and reduce administrative costs; inflation; and the risk of recession.
Bain & Company survey insights-ONE
Modern GenAI Applications in Healthcare
- Doximity — ChatGPT-based tool for drafting pre-authorization and appeal letters
- HCA Healthcare + Parlance: for call centers; AI-based switchboard
- Epic systems: ChatGPT with electronic health records (EHRs)
- Google Cloud: AI-based claim acceleration suite
Bain & Company Survey Insights — TWO
Bain & Company Survey Insights-THREE
A Pragmatic Survey
Deep Dive
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