If Health plans are looking at ROI on AI initiatives, they might be missing the bigger opportunity. Let me explain.
Recently, I listened to a podcast with health plan leaders, it was clear that many assess AI's ROI through financial, operational, or staffing savings. I believe it's too early for that.
Here’s why we need to shift the focus from ROI:
1. Most health plans currently lack extensive in-house expertise in AI. Typically AI initiatives are concentrated in areas like analytics or data. Or maybe piloted for a self-service chatbot.
(I know, gross generalization here)
Point being. The bench strength is limited.
Which is ok.
Therefore, adopting AI initiatives should be viewed as a learning journey rather than solely focusing on immediate outcomes.
As health plans deepen their expertise, their approach to AI can evolve to become more outcome-driven and ROI can be assessed.
2. Foundations: Before we even think about returns, we need to ensure we have the right foundation.
Quality and *comprehensive* data and efficient processes are key to making AI work for us, not against us.....Garbage in.. garbage out.
3. Empower the team: The real magic happens when the people who know the domain and tech inside and out, take the lead on AI projects and not innovation Teams.
In short, let’s not just chase the immediate ROI.
Instead, let’s embrace AI as a journey of learning, building, and empowering our teams.
That’s how we’ll truly make an impact.
Now for those who wondering how will you get this approved without an ROI.... look at your current project portfolio.
How many of those projects have been going on for years...do you measure those ROI's?
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