McKinsey Finds High Potential for Generative AI in Healthcare

McKinsey & Company published survey results on “Generative AI in healthcare: Adoption trends and what’s next” in late July. The Q1 2024 survey of 100 US healthcare leaders (payers, providers, and healthcare services and technology) provides early insights into gen AI’s potential.

In the Q1 2024 survey, 72% of respondents indicated that their organizations are either already using gen AI tools or are pursuing gen AI proofs of concept. Surprisingly, 11% either are waiting to see others’ outcomes or have no plans to implement the technology.

Among those surveyed who are implementing gen AI, 59% are already partnering with third-party vendors to develop customized solutions. Among those who haven’t yet implemented gen AI, 41% say they intend to buy gen AI products. McKinsey notes that “buying publicly available gen AI products may offer a viable alternative to tap into the technology’s value proposition. Direct purchases may make sense, particularly for functional uses that have matured faster, such as customer service applications.”

McKinsey notes that “as with any investment, it’s critical for stakeholders to be able to realize the value that gen AI promises…about 60% of those who have implemented gen AI solutions are either already seeing a positive ROI or expect to.

McKinsey sees gen AI could bring tremendous improvements in patient experience and in streamlining operations, citing clinician and clinical productivity where gen AI may have the highest value. Respondents expect that gen AI will improve patient and member engagement and experience, administrative efficiency and effectiveness, and quality of care and delivery.

Respondents have risk concerns due to the untested nature of the technology. McKinsey points out the importance of governance and mitigation strategies to address risk, ranging from privacy to clinical outcomes. Other roadblocks include insufficient capabilities, data and tech infrastructure, and proof of value.

Vironix Health is proud to lead the use of genAI with our combination of disease-specific and personalized healthcare AI with low-cost automation. We experience high patient adoption and retention rates. Our end-to-end solution streamlines patient recruitment, device acquisition, billing, and monitoring, significantly minimizing implementation costs and administrative effort. We tailor our remote physiologic monitoring (RPM) and chronic care management (CCM) solutions to customer needs, offering everything from software-only capabilities to complete virtual care management services.