AI & ROI

AI – Artificial Intelligence – has been credited with a wide range of medical improvements ranging from reduced medication error rates to improving medical diagnosis. These medical advances have been largely recognized for improving specific aspects of patient care and in turn increasing profits under value-based systems. And while the clinical applications of AI can seem like something from the distant future, AI has proven itself as a valuable cost-saving tool that can be implemented into day-to-day nursing routines to help improve patient care and in turn, financial performance. Two specific areas where AI has been shown to improve ROI include:

  • Virtual nursing assistants are estimated to save the healthcare industry $20 billion annually. Virtual nursing assistants are able to connect with patients 24/7 via online platforms which allow nurses to triage patients through the application or provide them with the guidance they need to receive the appropriate care. This promotes greater patient engagement and access to care which can greatly improve care outcomes for patient populations with lower mobility or who are located in areas that do not have immediate access to healthcare.
  • Automation of administrative tasks is the second way in which AI is expected to improve hospital ROI and create $18 billion in savings for healthcare. Voice-to-text applications can help reduce the amount of time nurses spend working on electronic medical records. More efficient admin processes also allow nurses to spend more time tending to patients and other duties, ultimately helping to improve productivity within the organization.

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