Weekly Business Insights 08/08/2023
A (friendly) ghost in the machine: Exploring AI in medical devices. The Many Sources of Pain in RCM and the Potential of AI. C-suite check-in: Building a modern, sustainable health system.
A (friendly) ghost in the machine: Exploring AI in medical devices
AI and ML are being used to develop medical devices and software that can diagnose diseases with greater accuracy and speed. These tools can analyze a patient’s medical history, symptoms, and test results to identify potential health issues. AI/ML tech excels at identifying patterns in large data sets that may not be apparent to human doctors, making it ideal for population health management, too.
There’s hardly a specialty that hasn’t found a diagnostic use for AI/ML-enabled devices. In the last few years, the FDA has approved a urine test for kidney disease, multi-purpose ultrasound systems, a device that can diagnose autism spectrum disorder in children by tracking eye movements, a blood culture microbial test kit, and a software device that uses cameras to detect diabetic retinopathy—all equipped with AI/ML technology. With so many applications, you might expect that AI has found its way into every doctor’s office and hospital exam room in the country. But not everyone’s quite onboard yet.
Where Does it Hurt? The Many Sources of Pain in RCM and the Potential of AI
New research conducted by healthcare consultancy Sage Growth Partners and sponsored by Ingenious Med, a leading physician productivity and hospital performance solution, found that healthcare organizations (HCOs) continue to suffer not only from staffing shortages and morale challenges but also from mounting obstacles, such as collecting revenue. This report summarizes 95 survey responses and six in-depth interviews with healthcare financial leaders to examine the sources of today’s pain and understand what steps leaders are taking to address them.
While the vast majority (91%) say revenue cycle management (RCM) is essential to an organization’s success, three quarters are relying on their EHR or inhouse solutions rather than specialized RCM solutions. Among the many problems they report: They’re missing significant potential revenue, they lack insight into physician productivity, it takes too long to capture and collect charges, and current solutions are inefficient.
https://ingeniousmed.com/where-does-it-hurt-sources-of-pain-in-rcm-and-ai/
C-suite check-in: Building a modern, sustainable health system
Consumerism, the workforce crisis, digital initiatives and the demand for health equity are shaping the health care landscape in 2023. The associated challenges are many and often interrelated, creating a complex web of risk and ramifications. To get a pulse on how organizations are responding, we gathered insight from 150health care leaders across health plans, providers, employers, life science organizations and government agencies.
Last year’s report revealed a focus on consumerism — a trend that continues today. This year, leaders are reporting tension between investing in consumer-centric services while they contend with the workforce crisis, changing regulations and industry consolidation.
Building a modern, sustainable healthsystem (asccommunications.com)