AI is an exciting frontier for healthcare. There’s a broad range of where AI is applicable in healthcare. From precise imaging analysis and forecasting of kidney disease to drug development and genetic medicine. An area that’s not well-tapped, not as glamorous, and not making front-page headlines is AI in healthcare payments.
Healthcare spending makes up nearly 20% of GDP. Administrative expenses account for 15-25% of annual US healthcare expenditures. Healthcare payers and providers spend about $500B annually on billing and insurance-related costs. Getting paid in healthcare is increasingly complex. Tools like AI to manage payer contracts, prioritize revenue cycle workflows and power patient payment strategies are becoming essential for health systems. There are numerous ways AI improves healthcare payments and the revenue cycle — and the importance of integrating AI in the area cannot be understated.
This week, Sift's Blake Sollenberger, sat down with Claire Vincent of Affinity Strategies’ House Call podcast to talk about the impact of AI on healthcare payments. In a lively conversation, they cover the challenges health systems face as they increasingly act as financial lenders, the importance of a positive patient experience in billing, the need for compassionate collections, and the challenges of moving to AI in a risk-averse environment. It’s an enlightening listen and will give you a new perspective on AI and the revenue cycle. Listen on Apple Podcasts or Spotify.