AI News, Healthcare
DataRobot’s machine learning platform helps payers automatically build accurate predictive models to identify customers likely to leave a payer, in addition to uncovering insights on pricing and service quality that help extend the lifetime value of customers.
Rising Healthcare Costs: Why We Have to Change
We hear so often about rate pressures on hospitals and the risk these pressures pose for their future.
They examined all the numbers and evidence to determine this: Hospitals that keep operating according to business as usual will have a -15.8 percent margin by 2021.
The chart below shows the increase over the last 15 years of premiums and employee contributions for an average family with health insurance sponsored by an employer.
Interestingly enough, employees’ percent contribution to that premium has remained steady: 27 percent in 1999 and 28 percent today.
But in order to continue being able to provide insurance, employers have shifted costs to their workers through growing deductibles and coinsurance.
We have seen an enormous rise in the average deductible over the past 15 years and the invention of a whole new kind of policy: the high-deductible plan.
For 2014, the Medicare inpatient payment increase was .5 percent, and the outpatient payment increase was 1.8 percent.
Those Medicare and Medicaid margins are getting squeezed tighter and tighter, and hospitals have long relied on profitable business from private payers to make up that loss.
With more population moving into the unprofitable government-payer category, fewer patients have commercial plans that can carry the cost burden.
As I mentioned earlier, The Advisory Board Company examined this situation and projected what the future would look like based on these trends. They translated the effect of Medicare and Medicaid cuts already on the books and considered trends in the private space.
The best way to get started is to understand exactly where you are today—your current cost structure and how each area of your organization is performing in terms of quality and cost.
A single source of truth requires a healthcare enterprise data warehouse (EDW) that can aggregate clinical, financial, and patient satisfaction data to help hospitals not only understand their business but give them the insight and tools for improvement.
48 Companies Bringing AI to Healthcare
Rarely does the word “artificial” have a positive connotation—artificial sweetener, artificial food dye, artificial meat, etc… So, why should we trust Artificial Intelligence?
Instead, AI in healthcare will be developed across multiple subsets of the healthcare industry, from drug discovery research and treatment optimizing plans all the way to being able to recognize cancerous tumors in various health screenings.
If you’re part of a team who’s pushing healthcare forward with AI, reach out—we’d love to hear from you and feature what you’re creating on this blog.
- On Monday, September 23, 2019
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