AI in Healthcare September 6, 2024
Just by taking notes during patient visits, generative AI could save a five-physician primary care practice $291,200 in one year. The practice would see a return on its AI investment of 94.13% and reach the breakeven point in a bit more than six months.
The figures are based on a number of variables, including an outlay of $150,000 for the technology, overhead costs of $250,000 per year and time savings of seven minutes per patient visit (three minutes with AI vs. 10 minutes without).
Rubin Pillay MD, PhD, MBA, of the University of Alabama came up with the numbers using the Time-Driven Activity-Based Costing (TDABC) model. He shares the results at his Substack blog, RubinReflects.
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