Hospitals and insurers are rapidly adopting artificial intelligence (AI) tools to streamline the billing and processing of the $4 trillion in medical expenses incurred by Americans annually. This transition is driving the stakes higher, not just for healthcare providers and insurers, but also for the government, which manages countless Medicare and Medicaid claims. Healthcare providers envision an AI tool that can efficiently code procedures and submit claims, while insurers and government agencies aspire for a technology to meticulously review these bills.
In an interview with Politico, Nick Stepro, Chief Product and Technology Officer at Arcadia, expressed that while advanced AI could bring numerous benefits to the health system, it might escalate existing tensions. He emphasized that the advent of generative AI could trigger an "arms race" in the sector. The ultimate aim for both providers and insurers is to leverage AI for reducing administrative overheads, decreasing liability, and enhancing their operational speed.