Leaders need insight into their businesses so they can act with confidence. There is no crystal ball, but you can position your company to thrive by making use of the data that is already within your reach and combining it with AI and machine learning. Data is so critical that 93% of companies indicate that they plan to continue to increase investments in the area of modern data and analytics.
To help organizations like yours drive profitability in times of uncertainty, our partners at Google Cloud have curated an eBook, Make Data and AI Work For You.
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Download it for free here or keep on reading to discover 8 ways to reduce expenses and boost revenue and learn how organizations across the world have successfully implemented data-driven strategies to trim expenses and become more profitable.
1. Improve efficiencies in logistics and supply
Just as in any industry, logistics and supply chain management in healthcare play a critical role in ensuring timely delivery of medical supplies, equipment, and medications. Delays, shortages, and inefficiencies in these processes can lead to increased costs and compromised patient care. By leveraging data and AI, healthcare organizations can gain deeper insights into supply chain operations, from monitoring historical data to predicting demand. AI-powered tools can identify bottlenecks, optimize stock levels, and adjust procurement strategies based on real-time data. For example, by consolidating supply chain data in a system like Google Cloud's BigQuery and Vertex AI, healthcare providers can make data-driven decisions to reduce expenses, streamline inventory management, and enhance operational efficiency—ultimately boosting revenue while maintaining quality patient care.
2. Speed up document-based workflows
Managing vast amounts of paperwork—such as patient records, insurance claims, medical forms, and consent documents—can be overwhelming and costly.
Physicians spend an average of 15.5 hours per week on paperwork and administrative work.
The current prior authorization process, for example, is riddled with inefficiencies, as healthcare providers spend countless hours navigating paperwork, approvals, and manual data entry. AI-powered solutions like NexAuth can transform this cumbersome process by automatically extracting and processing prior authorization data, integrating it directly into healthcare systems. This automation eliminates administrative bottlenecks, reduces errors, and accelerates approval times, allowing providers to focus on delivering care rather than managing paperwork. With AI, healthcare organizations can streamline workflows, ensure compliance, and speed up approvals, ultimately improving patient outcomes and operational efficiency.
3. Cut contact center costs with AI
Patient satisfaction and trust are paramount, and a seamless experience when seeking help is critical. However, many patients and caregivers face frustrating challenges when interacting with healthcare contact centers.
57% of customers say that a long hold time is their number one source of frustration when calling a business.
The solution? Conversational AI.
By integrating AI-powered virtual agents, healthcare organizations can provide patients with human-like interactions, ensuring that issues are resolved the first time. These virtual agents can handle routine queries, while live agents are supported with real-time insights and guidance, boosting their efficiency and accuracy. Additionally, AI-driven analytics can transform these conversations into valuable insights, helping healthcare organizations continuously improve service quality and reduce operational costs—enhancing both patient trust and employee productivity.
For example, during the COVID-19 pandemic, the State of Illinois implemented Google Cloud's Contact Center AI to manage an influx of unemployment claims, reducing the demand on human agents by handling common inquiries. Similarly, healthcare organizations can use AI to alleviate pressure on staff, allowing them to focus on more complex patient needs. Additionally, AI-driven analytics can transform conversations into valuable insights, continuously improving service quality and reducing operational costs—enhancing both patient trust and employee productivity.
4. Automate operations for IT management
Migrating healthcare data and AI workloads to the cloud offers a transformative solution for healthcare organizations, eliminating the need to constantly monitor, troubleshoot, and maintain infrastructure as you scale. With serverless cloud architectures, healthcare providers can automatically optimize costs while removing the burden of patching and maintenance, reducing overhead and management expenses.
Some organizations see an average of 30% savings in management and administrative costs.
Cloud environments are designed to seamlessly scale up or down based on patient and operational demands, enabling healthcare systems to quickly respond to new opportunities, such as expanding telehealth services or incorporating new AI-driven tools, without the need for complex configurations. This significantly reduces time spent on database administration and management, allowing healthcare teams to focus on delivering quality care rather than IT maintenance. To take the first step towards a cloud-enabled, AI-driven future in healthcare, read the latest white paper from our interoperability partner, Redox, on Uncovering Hidden Data Roadblocks of Cloud and AI Adoption in Healthcare.
5. Optimize sales and marketing programs
As the role of the CMO continues to change, bringing added pressure to deliver heightened return on investment, more executives are looking to data and AI to enhance patient engagement and outreach efforts. By optimizing the allocation of resources, healthcare organizations can lower the cost of campaigns while improving how they engage patients and prospects.
87% of organizations reduced cost of display sales and predicted customer behavior more accurately.
AI enables healthcare teams to identify the most effective communication channels, create targeted micro-segments based on patient needs, and deliver personalized health services and messaging. With deep learning solutions, healthcare providers can scale outreach efforts, ensuring that budgets are spent efficiently while reducing patient acquisition costs. This data-driven approach not only improves patient connections but also drives better health outcomes through more personalized care.
6. Turn data sets into monetizable assets
With around 137 terabytes of healthcare data generated each day, collecting and managing it can be complex and costly. However, once you set a proven process in place, you can turn your data into a new source of revenue. The key lies in asking the right questions:
- What valuable data do you have that people can use?
- Who are the people who want to use the data?
- What's your revenue model?
- How do people find and access the data?
- Are you set up to run continuously?
7. Boost cross-sell and upsell
In the healthcare industry, maximizing the value of each patient interaction is crucial for both improving patient outcomes and increasing organizational profitability. Cross-selling and upselling healthcare services—such as recommending wellness programs, preventive screenings, or follow-up care—can enhance patient care while driving additional revenue.
Acquiring new patients is significantly more expensive than retaining existing ones, so focusing on maximizing the potential of each patient relationship is key. Data and AI can make this process more efficient by automating personalized care recommendations based on a patient’s history and needs. Healthcare organizations using AI are not only improving patient engagement but also increasing service utilization, creating a more meaningful and impactful healthcare experience.
8. Enhance and scale digital experiences
Today's patients expect fast, seamless, and personalized experiences, similar to the conveniences they encounter in other industries. Whether it’s booking appointments online, accessing digital health records, or receiving telehealth services, patients now demand convenience and ease. As healthcare organizations grow, cloud databases provide the scalability needed to ensure high availability of these services.
With flexible, solutions that deliver omnichannel engagement and self-service capabilities, healthcare providers can optimize costs while maintaining consistent, patient-centered care across all channels. This shift not only improves the patient experience but also aligns with the principles of value-based care, where delivering timely, efficient, and personalized services leads to better health outcomes and higher patient satisfaction.
How you can get started
In an era where healthcare is rapidly evolving, leveraging data and AI has become essential for organizations to remain competitive, enhance patient care, and drive profitability. From streamlining supply chain operations to automating administrative tasks and improving patient engagement, AI-driven strategies are transforming every aspect of healthcare. Whether it’s reducing operational costs, optimizing marketing efforts, or scaling digital experiences, data and AI offer actionable insights that can help organizations unlock new opportunities and improve patient outcomes.
By taking advantage of these innovations, healthcare leaders can better serve their patients while achieving sustainable growth. Now is the time to embrace data and AI to ensure your organization is positioned for long-term success. Ready to get started? Explore more in Google Cloud’s Make Data and AI Work for You eBook and transform your approach today.
