New report: Re-engage healthcare consumers and bridge the payer-provider divide with GenAI reveals potential trends in healthcare, including:
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Over 64% of health plans believe that generative AI (gen AI) will change the healthcare game.
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50% of healthcare businesses, including health plans and health systems, have engaged in vertical integration or consolidation in the past three years to stay relevant, overcome competitive threats and reduce the loss of risky high-margin business.
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39% of health plans and health systems rank price transparency as a top priority for their consumers.
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Over 70% of health plans and healthcare providers see the biggest impact of next-generation AI on health outcomes and consumer experiences.
NEW YORK, March 28, 2024—(BUSINESS WIRE)–HFS Research, in partnership with Cognizant, recently published a report titled Re-engage healthcare consumers and bridge the payer-provider divide with GenAI which reveals potential trends in healthcare. C-suite (CXOs) and senior executives 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 . The report highlights six applicable healthcare options.
These capabilities are critical to a United States health care system that is accompanied by declining health outcomes—decreasing life expectancy, increasing prevalence of chronic conditions, and the opioid and mental health epidemics—and accelerating technological innovation due to the adoption of artificial intelligence (AI ) at scale, new models of care and the resurgence of primary care fueled by digital health. These conditions create opportunities to achieve the triple aim of care, which is to reduce costs, improve the care experience, and improve health outcomes.
Specific findings in the report include, among others:
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60% of health plans and health systems admit they do not understand the changing needs of their members or patients, yet 50% of health plans and health systems say they have the digital capabilities to meet consumer needs.
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25% of providers intend to deploy gen AI to improve patient engagement, including personalizing experiences in the acute care setting, personalizing recovery and health content, and generating medical summaries.
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Lack of gene AI skills—programming, statistics, machine learning, data processing and visualization, and understanding of some domains—is a major challenge cited by payers and providers in adopting gene AI.
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As healthcare leadership strives to advance next-generation AI, senior executives and practitioners often express reservations about the true impact.
“The report highlights the disconnect between payers and providers and its impact on patient engagement and health outcomes,” said Patricia Birch, senior vice president and chief strategy officer for Cognizant Health Sciences and co-author of the report. “We believe this research will encourage healthcare stakeholders to embrace Gen AI as a strategic asset to drive value from high-priority investments, including vertical integration.”
“This report quantifies the difficulties of health plans and their affordability to their members and how health systems are focused on improving health outcomes,” said HFS Research executive director of research Rohan Kulkarni and co-author of the report. “We see next-generation AI as having great potential to achieve many of the goals of the healthcare ecosystem.”
“It’s clear, based on our research, that the healthcare system needs to explore different approaches to delivering care and lean on the use of next-generation AI to make paradigm shifts as opposed to simply addressing legacy challenges,” said Chief HFS Research CEO and Principal Analyst Phil Furst.
About Cognizant
Cognizant (Nasdaq: CTSH) designs modern businesses. We help our clients modernize technology, rethink processes and transform experiences so they can stay ahead in our rapidly changing world. Together we improve everyday life. See how at www.cognizant.com or @cognizant.
About HFS Research
HFS is a leading global research and analytics firm trusted by the highest levels of executive management. Our mission is to help our clients—large enterprises, technology firms, and service providers—solve challenges, make bold moves, and bring big ideas to life by arming them with accurate, visionary, and thought-provoking insight into problems , which have an impact on their business. HFS analysts and strategists have deep real-world experience in the topics they cover. They are respected for independent, no-nonsense perspectives based on in-depth research, demand-side data and personal engagements with industry leaders. Visit www.hfsresearch.com.
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Contacts
Media contact for HFS Research:
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Cognizant Media Contact:
Natalie Steffen
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