Healthcare organizations are facing a variety of difficulties, particularly in the wake of the epidemic and in the context of uncertain economic times. Embracing digital transformation and AI-powered technology is crucial for improving productivity, accuracy, and patient empathy to remain competitive.

In our most recent piece, we examine five major themes that will impact healthcare companies in 2024 and beyond as well as how artificial intelligence (AI) might lessen the strain that hospitals, health networks, and other providers are now under.

Addressing 5 Critical Business Challenges in Healthcare with AI

1. Consumerization of Healthcare and Evolving Patient Expectations

The fast-moving trend toward consumer-centric healthcare services is being driven by investments from large tech businesses as well as retail pharmacies such as Amazon and CVS. In the event that patients are unhappy with their existing care, this change offers them a wide range of options. In order to keep clients from switching to more convenient options, traditional healthcare providers need to improve the patient experience.

Healthcare companies may better understand and improve the patient experience with the use of AI-driven conversation intelligence. To stay ahead of feedback from surveys like Press Ganey or CAHPS, which are essential for value-based compensation, physicians can discover crucial areas for improvement by tracking and analyzing patient interactions across several channels.

2. Permanent Adoption of Pandemic-Era Digital Trends like Telehealth

Many patients now rely heavily on technologies like telemedicine, which became popular during the pandemic. Many patients anticipate that these treatments will continue to be offered, whether out of convenience or preference.

AI can be used by healthcare institutions to improve patient outcomes and telemedicine services. According to the National Quality Forum, artificial intelligence (AI) tools, in particular those that analyze patient feedback and conversation intelligence, can help improve the quality of telehealth and other measures of care quality, such as access, financial impact, patient/provider experience, and treatment effectiveness.

3. Economic Downturn and the Bad Debt Crisis

Based on data from the Kaiser Family Foundation, almost 40% of American consumers report having medical or dental debt, making the bad debt crisis a major problem for hospitals and health networks. Many people anticipate that it will take years, if at all, to pay back this debt.

By tracking all patient contacts across channels to spot trends, increase billing accuracy, ease friction, and better the patient experience overall, artificial intelligence (AI) may greatly improve revenue cycle management (RCM). This improves the effectiveness, accuracy, and efficiency of RCM when handling bad debt problems.

4. Increased Government Regulations and the Need for Transparency

Healthcare providers must improve pricing transparency for consumers in accordance with regulations such as the Hospital Price Transparency Act and the No Surprises Act. In order to ensure regulatory compliance, enhance patient satisfaction, and assist customers in understanding and resolving billing issues, providers must put in place standardized, repeatable processes.

AI can help solve compliance issues on a large scale by automating quality assurance (QA) procedures. AI is able to monitor all patient interactions, whereas traditional contact centers are only able to manually review a limited portion of talks. This thorough inspection guarantees compliance and improves the patient experience when paired with human competence.

5. Staffing Shortages and Emphasis on Employee Experience

Healthcare companies are taking into consideration expensive contract employment solutions due to an ongoing shortage of clinicians and contact center employees. For instance, since 2019, non-agency labor expenditures at one hospital in New Orleans have climbed by approximately 60%, whereas the cost of contract staff has increased by nearly 900%.

Analyzing the voice of the employee (VoE) is essential to preventing burnout and keeping staff members on board. AI is capable of gathering and evaluating uninvited employee feedback from a variety of platforms, such as social media, job review websites like Glassdoor, meetings, and surveys. By identifying and addressing possible problems, leaders may enhance the overall work experience with the use of this data.

Robust solutions to some of the most critical problems facing healthcare are offered by AI technologies. Artificial Intelligence (AI) enables healthcare businesses to prosper in a more intricate and competitive environment by augmenting patient and staff experiences, guaranteeing regulatory compliance, and enhancing financial management, we hope you liked our blog which was on Addressing 5 Critical Business Challenges in Healthcare with AI follow clindcast.com regularly for more healthcare ai blogs.