More than nine in 10 healthcare executives say they expect to see a full return on their spending on artificial intelligence, according to a survey from OptumIQ.
The survey polled 500 executives from all corners of healthcare, including hospitals, health systems, insurance companies, life sciences organizations, pharma, and medical device manufacturers. While 91% expect to see a full return on their investment in AI, the sectors differ on when they expect to see that happen.
Healthcare companies are expecting to spend an average of $32.4 million per organization over the next five years on AI implementation, but nearly two-thirds (65%) don’t expect to see an ROI immediately. On average, they said they expect a positive return on investment in five years. In two sectors, health plans and pharma and medical device makers leaders said they expect an ROI in three years or less.
OptumIQ is the healthcare data and analytics platform of health services business Optum, which is a part of UnitedHealth Group.
Many health organizations are already building AI into their business. Three-quarters are implementing, or plan to implement, an AI strategy. Pharma and medical device manufacturers, classified as “employers” in the survey, were the furthest along, with 22% reporting their AI implementations are at a late stage.
The first investments are automating internal processes like administrative work or customer services (43%), detecting patterns in healthcare fraud, waste, and abuse (36%), and monitoring Internet of Things devices like wearables (31%).
These leaders “universally” believe AI will make the healthcare industry better, according to the report. More specifically, 36% expect AI will improve the patient experience, 33% say AI will decrease the cost of care, and 31% believe AI will improve health outcomes.
