The wider adoption of artificial intelligence tools in the healthcare industry could lead to savings of 5 to 10 percent of U.S. healthcare savings, or $200 to $360 billion annual savings.
The paper, authored by researchers affiliated with Cambridge, Mass.-based Harvard University and McKinsey & Company for the National Bureau of Economic Research, suggests that AI tools are well suited for healthcare administrative tasks due to their repetitive nature..
Additionally, machine learning and AI algorithms can be used to predict patient readmission rates.
The study, published in January, comes as software giant Microsoft looks to make a multibillion investment in OpenAI, the creator of the ChatGPT AI tool.