The ROI of Healthcare AI
The use of artificial intelligence (AI) in the healthcare space is rapidly growing and impacting patient care for the better. AI has proven beneficial in virtual patient care, diagnosing disease, predicting outcomes, and supporting the interpretation of medical images. A recent report indicates that 90% of U.S. based hospitals have an AI strategy in place, and the use of AI will continue to grow significantly over the next few years.
Given the rapid adoption of AI, understanding the return on investment (ROI) is an essential next step in AI adoption. This week’s Domain Knowledge looks at the struggles and progress in developing an ROI model for the use of healthcare AI.
AI being newer to the healthcare space, a quick look back to find early discussions on the ROI of healthcare AI. A 2018 study found that most C-level healthcare executives believe there will be a positive ROI on healthcare AI investments. What would be measured and how the return would be recognized were not identified.
Looking at the use of AI outside of healthcare helps us define what needs to be included in an ROI model. It’s also reassuring that other industries, not just healthcare, are seeing benefits from using AI but are struggling to pinpoint the financial return. Solving AI’s ROI problem. It’s not that easy. provides an excellent overview of the soft ROI benefits as well as the hard ROI benefits that need to be achieved for broader adoption.
The soft ROI benefits of healthcare AI are outlined in How AI is Revolutionizing Healthcare. The next and more difficult step is monetizing those benefits to demonstrate the value health systems gain from using AI.
Are you interested in a learning session that will prepare you to determine the true cost of healthcare AI implementation and how to accurately calculate your return on investment?
Tune into the session AI ROI: The Real StoryTuesday, September 20, 2022, during the RBMA SYNC conference.
That’s a wrap for this week’s review of news and happenings in the healthcare AI space. In closing, I’ll leave you with an invitation to learn more about the benefits of using an AI Hub to manage multiple applications across your clinical needs and offer you a personal demo of Ferrum’s platform and growing AI catalog.
If you have AI tips, suggestions, or resources, you’d like to share, leave us a note below, and please feel free to suggest topics you would like to see covered in future posts.