With a virtual tsunami of information and both mature and startup companies targeting AI and health care, I found this Bain and Co. article to be spot on. It provides practical guidance for provider management teams and boards. Think of it as being in the early innings of the game where small, low risk, non-clinical successes (e.g. scheduling, billing etc..) can build on more aggressive strategies as the game moves ahead (e.g. clinical decision support). The myriad of legal issues including data bias, privacy, regulatory approvals and direct liability warrant an iterative, thoughtful, learning approach with scale coming over time. Build, buy, or partner will be key pivot points as the innings move by.
"Our survey reveals that 75% of health system executives believe generative AI has reached a turning point in its ability to reshape the industry. However, only 6% have an established generative AI strategy.
It’s time to play offense—or be forced to play defense later. But choosing from the laundry list of generative AI applications is daunting. Companies are at high risk of overinvesting in the wrong opportunities and underinvesting in the right ones, undermining future profitability, growth, and value creation. A wait-and-see approach is a tempting prospect.
However, we believe the next generation of leading healthcare companies will start today, with highly focused, low-risk use cases that boost productivity and cost efficiency. Over the next three to nine months, these companies will improve margins and learn how to implement a generative AI strategy, building up the funds and experience needed to invest in a more transformative vision."