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September 24, 2023
Health system execs bullish on generative AI, but still lack strategy
Summary
Challenges such as COVID-19, staffing shortages, inflation hit healthcare systems heavily, 50% US hospitals reported negative margins in 2022. C-suite leaders optimistic due to cost-saving potential of generative AI and automation. Hospital leaders plan AI-Powered initiatives for enhanced workflows, data management, predictive analytics, decision support, etc., in future years. Survey shows excitement among 75% leaders about technological advancements but only 6% healthcare systems have established generative AI strategy. Report lists numerous potential applications for AI but warns against resource and cost constraints, expertise lack, and regulatory, legal considerations. Bain company suggests guiding principles to hospital execs including piloting low-risk applications, deciding on investment methods, funneling cost savings in bigger bets and ensuring AI strategy aligns with overarching company goals.
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