AI investment dollars: How much money healthcare organizations are pouring into new projects

Nearly three out of four healthcare organizations anticipate increasing their artificial intelligence tech and software funding this year, according to an Oct. 22 report from Deloitte.

Deloitte’s 2020 State of AI in the Enterprise Study examines how healthcare organizations are adopting and managing AI technologies as well as benefits they have experienced. For the report, Deloitte surveyed healthcare organizations about their AI preferences and investments; the survey was conducted prior to the COVID-19 pandemic.

“The pandemic opened the aperture for digital technologies such as AI to solve problems and highlighted the importance of AI,” the report states. “Even though the survey was fielded before the public health crisis, some of the outcomes and challenges that healthcare organizations had in using AI prior to the pandemic will likely continue to be instructive as health systems, health plans, and pharmacy benefit managers develop their new AI investment strategies.”

Four report insights:

1. Seventy-five percent of large healthcare organizations – with an annual revenue of more than $10 billion – invested more than $50 million in AI projects and technologies.

2. About 95 percent of mid-size healthcare organizations – with an annual revenue of $5 billion to $10 billion – invested less than $50 million in AI projects and technologies.

3. Seventy-three percent of all the healthcare organizations expect to increase their funding in 2020.

4. With AI investments, the top outcomes healthcare organizations are looking to achieve are making processes more efficient (34 percent), enhancing existing products and services (27 percent) and lowering costs (26 percent).

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