Forbes February 11, 2019
n 1970, Americans spent $74.5 billion on healthcare—$448 billion in today’s dollars. But by 2017, that price tag had ballooned to $3.5 trillion flowing to and from insurers, Medicare and Medicaid via patient premiums and claims payouts to healthcare providers and drug companies.
All told, keeping the U.S. healthcare system spinning took six billion insurance-related transactions (an increase of 1.2 billion transactions from 2016), according to the nonprofit Council of Affordable Quality Healthcare. That’s roughly 11,450 transactions per minute.
For insurance companies, it’s a cumbersome, complex, and expensive system. Could artificial intelligence (AI) technologies help control the industry’s rising costs and tsunami of paperwork?
Experts say yes. Insurers could save up to $7 billion over 18 months using AI-driven...