Becker's Healthcare June 6, 2024
Artificial intelligence has the potential to lower payer’s internal and member costs, while also increasing profits, but the industry has largely not embraced these opportunities, according to a June 5 analysis from McKinsey.
“Incremental approaches will continue to yield only minor savings, as we have seen to date across most of the industry,” the analysts wrote. “To capture full value, payers must reimagine the end-to-end processes of each domain.”
Three key takeaways:
1. If payers fully implemented already available generative AI and automation technology, on average they could save 13-25% on administrative costs, 5-11% on medical costs and...
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