Payers currently face economic pressures that are likely to last a few years. Utilization of medical services has been higher than expected, providers are passing along higher costs through rate negotiations, and Medicare Advantage reimbursement rates are facing the most substantial downward pressure that payers have seen in years. In the face of these issues, artificial intelligence and automation present untapped opportunity for payers. McKinsey estimats that by using currently available technology, payers could see net savings of 13 percent to 25 percent in administrative costs and 5 percent to 11 percent in medical costs as well as 3 percent to 12 percent higher revenue.
Read the full article: McKinsey: The AI Opportunity – How Payers Can Capture It Now //
Source: https://www.mckinsey.com/industries/healthcare/our-insights/the-ai-opportunity-how-payers-can-capture-it-now