As part of Becker’s 12th Annual Meeting in April 2022, LeanTaaS presented a half-day summit to explore the role of data in expanding healthcare capacity. During the event, our president and COO Sanjeev Agrawal discussed in depth how AI is already driving optimized capacity and revenue in other asset-driven industries and the potential to map those successes on to better return on investment (ROI) in healthcare as well.
The complete Q&A with Agrawal, which highlights key points from his talk, is available on Becker’s Hospital Review.
Q1: What are some other industries that healthcare can look to where AI has been used to achieve optimized use of assets and return on investment?
We see instances of the use of AI throughout our daily lives:
- Airlines: Every time we fly, and we are always on a plane that is reasonably full, the airline has done a lot of work to manage the yield – predict passenger demand by route and optimize each route. To achieve this, airlines use historical data to forecast on which given day one of any 300 million Americans might fly from which of ~20,000 airports to which of 19,999 others. They must also predict how many people will buy tickets and not fly in order to accurately “overbook”. Drawing accurate predictions requires a powerful level of prediction and prescription, including for pricing and route planning.
- Package Delivery: UPS and other delivery services must both predict the volume and origins / destinations of millions of packages that will be shipped each day, while also optimally loading packages of varied shapes and sizes into static-sized trucks. In addition, they must determine the most efficient routes to deliver them.
- Navigation Systems: Apps like Waze predict the precise patterns of traffic based on both historic data along routes, as well as update them in real time based on immediate traffic events.
- Consumer Services: Amazon uses buyers’ habits to recommend further products that will likely be of interest to them, and Google, whose revenue comes purely from ads, can display those most likely to ensure user clicks.
In all these instances, AI drives key conclusions from pools of data far too large or complex for manual calculations, and thus drives the ROI that keeps these industries running.
For more on how healthcare resembles these industries already, and what we can learn in terms of utilizing AI in our operations to increase ROI, read the complete Q&A here.
To explore this topic in more depth, plus stories from healthcare systems who have successfully put AI-driven into action and seen results, register for the LeanTaaS Transform virtual summit, occurring on on June 7-8, 2022.