70%+ of Payers and Providers Anticipate Greatest Impact of Gen AI on Health Outcomes and Member Experience, According to HFS Research and Cognizant Report
March 28 2024 - 8:03AM
Business Wire
New Report: Re-energize Health Consumer Engagement and Bridge
the Payer-Provider Divide with GenAI reveals potential healthcare
trends, including:
- Over 64% of health plans believe generative AI (gen AI) will be
a game changer in healthcare.
- 50% of healthcare enterprises, including health plans and
health systems, have engaged in vertical integration or
consolidation over the last three years to stay relevant, overcome
competitive threats and mitigate loss of high-margin risk
businesses.
- 39% of health plans and health systems ranked price
transparency as the top priority for their consumers.
- Over 70% of health plans and healthcare providers see the
greatest impact of gen AI on consumer health outcomes and
experiences.
HFS Research, in partnership with Cognizant, recently released a
report entitled Re-energize Health Consumer Engagement and Bridge
the Payer-Provider Divide with GenAI that reveals potential
healthcare trends. C-suite (CXOs) and senior leaders at 350 US
health plans and health systems were asked for their insights to
explore the impact of vertical integration and generative AI (gen
AI) on payer-provider friction and consumer experience and
engagement. Six actionable opportunities for healthcare are
highlighted in the report.
These opportunities are critical for the United States
healthcare system, which is flanked by deteriorating health
outcomes―a declining life expectancy, increasing prevalence of
chronic conditions and opioid and mental health epidemics―and
accelerating technological innovation due to adoption of artificial
intelligence (AI) at scale, new care models and a resurgence of
digital-health-fueled primary care. These conditions create
opportunities for the triple aim of care, which are reducing costs,
enhancing the experience of care, and improving health
outcomes.
Specific report findings include, among others:
- 60% of health plans and health systems admit to lacking an
understanding of their evolving member or patient needs, yet 50% of
health plans and health systems claim they have the digital
capabilities to meet consumer needs.
- 25% of providers intend to deploy gen AI to enhance patient
engagement, including personalizing experiences in an acute care
setting, customizing content for recovery and wellness, and
generating medical summarization.
- Lack of gen AI skills―programming, statistics, machine
learning, data processing and visualization, and certain domain
understanding―is a top challenge cited by payers and providers in
adopting gen AI.
- While leadership across healthcare is keen on making progress
on gen AI, senior leaders and practitioners often express
reservations about true impact.
“The report highlights the disconnect between payers and
providers and its impact on patient engagement and health
outcomes,” said Patricia Birch SVP and Chief Strategy Officer for
Cognizant Health Sciences and report co-author. “We believe this
research will encourage healthcare stakeholders to embrace gen AI
as a strategic asset for driving value from high priority
investments, including vertical integration.”
“This report quantifies the struggles of health plans and their
relevancy with their members, and how health systems are focused on
improving health outcomes,” said HFS Research Executive Research
Leader Rohan Kulkarni and report co-author. “We see that gen AI has
a lot of potential to meet many of the healthcare ecosystem’s
objectives.”
“It’s clear, based on our research, that the healthcare system
must explore different approaches of delivering care, and lean into
leveraging gen AI to make paradigmatic shifts versus simply
addressing legacy challenges,” said HFS Research CEO and Chief
Analyst Phil Fersht.
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help
our clients modernize technology, reimagine processes and transform
experiences so they can stay ahead in our fast-changing world.
Together, we're improving everyday life. See how at
www.cognizant.com or @cognizant.
About HFS Research
HFS is a leading global research and analysis firm trusted at
the highest levels of executive leadership. Our mission is to help
our clients—major enterprises, tech firms, and service
providers—tackle challenges, make bold moves, and bring big ideas
to life by arming them with accurate, visionary, and
thought-provoking insight into issues that impact their business.
HFS analysts and strategists have deep, real-world experience in
subjects they cover. They’re respected for independent, no-nonsense
perspectives based on thorough research, demand-side data, and
personal engagements with industry leaders. Visit
www.hfsresearch.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240328998177/en/
Media Contact for HFS Research: Hilary McCarthy Clearpoint
Agency 774.364.144 Hilary@clearpointagency.com
Media Contact for Cognizant: Natalie Steffen
Natalie.Steffen@cognizant.com
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