Given months of grappling with a global pandemic, healthcare executives can be forgiven if they’re feeling a little less than optimistic about their organizations’ financial situations. But at least when it comes to AI they’re pleased to report their investments in new technology are expected to pay off sooner than they initially predicted.

According to the third annual Optum Survey on Artificial Intelligence (AI) in Health Care 59% of 500 executives surveyed expect their organizations will see a full return on their AI investments in under three years, which nearly twice the 31% of leaders surveyed in 2018 who expected to break even that quickly.  

“This year’s findings further confirm our belief in the potential of AI to deliver insights and operational efficiencies that unlock better performance across health care,” said Robert Musslewhite, chief executive officer of OptumInsight. “It is encouraging to see so many organizations express confidence in AI’s ability to facilitate the pursuit of our industry’s shared goals: better health outcomes, better consumer experiences, and less physician burnout—all at a lower total cost of care.”

Interestingly, healthcare executives’ confidence in AI’s ability to deliver operational efficiencies or improved clinical performance increases as their organizations progress on the maturity curve. 

For example, of those who identified as being in the late stages of AI deployment, 57% indicated they would reach their ROI in less than two years, and expectations for faster return on AI investments grew even among those in earlier stages of deployment, indicating growing confidence in the technology.

Moreover, leaders across industry segments expect to see tangible cost savings from their AI investments faster – an average of 3.6 years in this year’s survey, down from 4.7 years in 2019 and 5.3 years in 2018.

Among the report’s other findings:

• Concerning AI’s strategic value, 95 percent of healthcare executives aid hiring talent with experience developing AI is a priority
• In addition, 66 percent of executives in later stages of AI deployment strongly agreed on AI’s strategic value, while 42 percent of those in early stages and 31 in middle stages, agreed.
• In terms of staffing, 92 percent of those surveyed expect their staff who receive AI-driven insights will understand how the artificial intelligence works.

“The need for skilled analytic talent in health care has never been greater,” noted Steve Griffiths, chief operating officer of Optum Enterprise Analytics. “The growing strategic importance of AI means that organizations need to ensure access to this skillset, either by growing their own analytic teams or seeking out experienced partners.”