Few Executives Establishing Strategies for Highly Trusted AI
Although many health executives think highly of AI capabilities, only 6 percent have an established strategy.
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By - Research from Bain and Company indicated that although health executives acknowledge the capabilities of artificial intelligence (AI), many struggle with prioritization. This led researchers to create a list of guiding principles to assist with this issue.
The end of 2022 led many hospitals to a negative financial margin. Common reasons were the pandemic effects, limited staffing, and inflation. Although research indicated that costs are a common concern, only 6 percent of health systems leverage AI.
"Providers and payers are looking for profit opportunities while also doubling down on employee morale, clinical care, and patient experience," said Eric Berger, a partner in Bain's Healthcare & Life Sciences practice, in a press release.
Generative AI, specifically, could address issues such as clinician shortages and physician burnout. Although health systems often prioritize these factors, many experience issues with AI.
As technological development advances at a fast pace, solutions often expire quickly, and professionals face issues associated with a lack of familiarity. Issues related to focus and prioritization also lead to many time-wasting debates.
"Many recognize the potential AI offers to boost productivity, yet they are acutely aware of the uncertainties around evolving technology. This uncertainty cuts both ways—while there is hype, there is also opportunity. Leading companies are taking this technology shift seriously and getting started with highly focused, low stakes use cases with some near-term ROI while building up the experience and confidence needed to invest in a more transformative vision," continued Berger.
Thus, Bain and Company composed a set of principles intended to guide the implementation of AI.
The first principle recommended that health executives start small and slow. It indicated that initial applications should be of limited risk, and providers should take initial steps that minimize error. Oftentimes, the success that emerges from these areas contains accurate data and can lead to a return on investment.
Another principle indicated that CEOs must decide whether to buy, partner, or build based on technology access and initiative priority.
The next principle noted that companies must prepare for future technological developments. Bain and Company noted that organizations that consider savings and growth will prosper most down the road.
The final principle noted that organizations must acknowledge that AI cannot act alone, but as a supporter. As companies take steps that involve its use, they must consider how this tool can support their goals.
Prior evidence has shown that AI can assist with common health system issues.
According to data that the American Society of Anesthesiologists (ASA) released in February 2022, the use of AI for scheduling can be beneficial. Researchers made this conclusion after testing AI-based scheduling, using physician experience as a measurement.
Investigators noted that creating a schedule manually takes 60 to 75 hours monthly. Research showed, however, that AI can reduce this time to 14 hours. Data also showed that physician engagement rates rose after implementing AI.
"On average, the scheduling allows our anesthesiologists to have one or two mornings and one or two afternoons off a month to allow for increased work-life balance so they are better able to attend events important to them," said Dhruv Choudhry, MD, lead author of the study and anesthesiology resident at Ochsner Health in New Orleans, in the news release.
As research shows, the use of AI can lead to various benefits. However, professionals must take the proper steps when implementing these resources to ensure efficacy.
