Is AI Curbing Healthcare Inflation?
Artificial intelligence (AI) has revolutionized many sectors of the economy already, but with healthcare, the stakes are higher. When people’s health — and even their lives — are on the line, it’s easy to see why the rollout of AI has been a bit more conservative in our industry. Still, AI is already at work in healthcare, and as AI technologies continue to evolve, their applications promise groundbreaking advances in diagnostics, treatment, and the everyday operations of healthcare providers. Will this help curb the ever-increasing costs of care, offsetting inflation? In this blog post, we’ll explore AI’s impact on healthcare expenses. Understanding Healthcare Inflation Healthcare inflation refers to the ongoing rise in healthcare costs over time. The inflation rate in healthcare outpaces the inflation rate of the economy as a whole — while consumer goods and services have an 85% inflation rate since 2000, healthcare expenses have increased a staggering 119% during the same period