What Every Healthcare CFO Should Know About AI

What Every Healthcare CFO Should Know About AI

We are all aware that the technology changes in the blink of an eye and what seemed to be a fad last year, it is already obsolete now. So, to be on top of the game and ahead of our competitors, we need to keep up with the constant tech changes.

Even though your business might not have anything to do with tech or IT, you can’t disregard the impact of technology on your business processes. Therefore, with the rapid shift in AI technology and data integration, we have to be well equipped to grasp it.

Artificial Intelligence Overtakes Business Processes

Nowadays, it’s all about automation. Artificial Intelligence (AI) replacing human intelligence, does a variety of different tasks, starting from data-processing to decision making of complex matters. Robots and AI are merely overtaking, even simple everyday processes in our lives, such as remembering your daily commute. We turn on the navigation, and we get at work, avoiding the hassle. Slowly but surely, automatization is becoming an integral part of many aspects of our life and work.

Did you know that there are 225, 833 AI-based patents since 2000? If you take a look at the graph below, you can see the different industries AI has been integrated. The ehealth industry peaks with 28.1% of the total AI patents. It is a good thing because incorporating AI into the healthcare sector, and we are making a significant impact on extending the lifespan of humanity.

Photo by Luke Chesser on Unsplash

The Impact of AI in Finance

Once we get an insight into these numbers and statistics, there is no doubt that companies are racing to adopt AI-powered technologies within their practice. In fact, after incorporating AI technology, financial directors and CFOs will see a 22% reduction in the operational costs

By applying AI to the various industries, companies are willing to see improvement in the finance department of their business. When used, AI can perform an analysis on the financial patterns, to track down issues and human errors and eliminate them. The outcome would include the smooth flow of the processes as well as predictions for future financial development, based on real data. The end goal of the company adopting AI would be a quick, cost-efficient way of performing business operations. 

Even though AI is still in the early stages of development, AI application is vital to every organization. It is because firms that are using AI are outperforming their competitors by 11.5%. And you certainly don’t want to stay behind your competitors.

However, the most considerable burden when implementing AI falls on CFO professionals who should be well-prepared for the changes. So, if you are a CFO, we are sharing with you some tips that will help you use AI and its utmost potential. Here’s what you need to know:

  • AI isn’t just an IT project, but it’s a program that will bring about core changes. 
  • Make sure you understand the reason for the implementation of AI and voice it to the stakeholders and your team. It includes a detailed analysis of all the benefits that AI will bring to the company. Know that AI is a useful tool and not something that can take over your job. So, don’t be scared.
  • You should identify the issues in your business processes and provide a thorough analysis of how AI can sort them out. It would be best if you first implemented AI on an already known issue, instead of jumping right on a new one.
  • You can rely on AI; however, don’t expect wonders to happen. For AI to scale organically, you need to build a strategy within your organization. Planning, thinking up from with a clear purpose in mind, you’ll scale better in comparison to just working on separate pieces and projects.

CFOs who use AI as a part of their work routine will reap the benefits of predictive analysis, detecting money laundering and fraud, compliance and financial reporting.

Artificial Intelligence in HealthCare

Except for bringing some groundbreaking results into the healthcare industry, AI is also responsible for making the lives of physicians easier. AI is, in fact, a smart financial move that even smaller practices are using. The experience that patients have can be measured and turned into numbers, so the higher these numbers of satisfaction, the higher the profit. 

Soon, healthcare app users can benefit from AI by providing advanced diagnostics, preventing diseases from even happening. What can you do nowadays, even from small practices? It is the incorporation of chatbots to their websites. So, for instance, at your physician’s site, you can write your symptoms in the chatbox and get directions about what you should do next. Other than offering advice, chatbots can be used for scheduling appointments quickly and conveniently.

What Every Healthcare CFO Should Know About AI

Artificial Intelligence has the purpose of overtaking the administrative and redundant stuff that physicians do and free up some space for new patients. It is a great alternative when there is a shortage of physicians. China, for instance, is already using the full potential of AI for things such as diagnostics and other machine learning processes, to free up human potential. In the meantime, there should be no worries that AI is going to replace physicians themselves but only help them. 

Conclusion

AI is slowly starting to be integrated into every industry, accelerating and improving business processes. While AI can help with making procedures go smooth and comfortable, it also has an impact on the financial department of an organization. It is the reason why commercial directors and CFOs should prepare for the upcoming changes that AI is going to bring. 

It means that financial departments should welcome AI with an understanding that it will replace some manual processes and won’t replace actual employees. The industry where AI’s potential will free up some time and space to see more patients in healthcare. So, if you are a CFO in the healthcare industry, be aware that AI systems can cut down the cuts, make patients happy and satisfied and scale up the overall service and the profit.