CEO Keith Tsui at HealthXL’s AI Spotlight Series
On 27 October, Medwise CEO Dr. Keith Tsui anchored an engaging roundtable discussion at HealthXL on measuring the impact of AI on the bottom line of healthcare organisations.
Some key takeaways from the session:
While AI can increase inefficiencies and alleviate administrative burden, its true impact on ROI remains unclear.
In the context of healthcare, AI has the potential to revolutionize operations by increasing efficiency and alleviating the administrative burden on clinicians. It presents an opportunity to streamline various tasks, including clinical note-taking and the interpretation of radiology reports, which in turn can provide healthcare professionals with more time and energy for patient care. This emphasis on efficiency and the reduction of administrative tasks may result in a boost in ROI for healthcare organizations. However, there remains uncertainty about the extent to which AI truly increases ROI, and this uncertainty is partly fueled by the perception among some clinicians that AI primarily serves as a time-saving tool without clear financial benefits. The group raised an important point regarding HCP burnout, as an unwanted side effect of AI related admin ‘efficiencies’.
Challenges in AI Integration for Healthcare: Balancing Learning Curves and Risk Mitigation
AI's integration into the healthcare landscape is not without challenges. Clinicians must learn to adapt to new technologies, and this learning curve can slow down the realization of AI's full potential. Furthermore, the current applications of AI in healthcare are often focused on administrative tasks and non-diagnostic functions, such as summarizing clinical notes. The transition towards broader diagnostic use of AI is hindered by concerns about risks, including the potential for hallucinations and misinterpretations, especially when dealing with patient-facing tools. These risks necessitate caution in developing and deploying AI solutions for healthcare, with an emphasis on avoiding unintended consequences.
Lessons from Digital Therapeutics
AI should not be viewed as a separate group of products but should be integrated with other digital technologies to assess its comparative benefits. In this regard, the healthcare industry can learn from the challenges faced by Digital Therapeutics, which often struggle with regulation and reimbursement, impacting their implementation. Understanding the experiences of DTx products can provide valuable insights into the hurdles that AI-based solutions may encounter in the healthcare sector, particularly in terms of regulatory compliance and financial considerations. We should focus on the customer first and build solutions for them.
Navigating Regulatory & Reimbursement Challenges
On the regulatory and financial front, the healthcare industry is grappling with the relatively new landscape of AI. While regulatory frameworks are evolving, the uncertainty and complexity surrounding AI's regulation can create barriers to its effective implementation. Similarly, the financial aspect of AI in healthcare is still evolving. Reimbursement structures for AI-based solutions remain undefined, adding financial uncertainty for healthcare organizations. The alignment of AI with EMRs further necessitates careful planning and adaptation, which can affect the pace of integration and the clarity of ROI.
Takeaways
AI's potential to enhance healthcare efficiency and reduce administrative burdens is clear, offering the promise of an improved ROI. However, the perception among clinicians that AI primarily saves time and the unclarity regarding the extent of increased ROI pose challenges. Additionally, the risks associated with patient-facing AI and diagnostic tools, such as hallucinations and misinterpretations, require careful development and deployment. The regulatory landscape is evolving, while reimbursement structures and the integration with EMRs present financial challenges, underscoring the need for a measured approach to harness AI's potential in healthcare. When building or adopting solutions we must be real about the value for stakeholders and focus on our customers first.