Artificial intelligence (AI) will inflate healthcare costs in the short term but produce long-term savings, Dr. Mehmet Oz, administrator at the Centers for Medicare and Medicaid Services, said at the Oracle Health and Life Sciences Summit on Sept. 23.
“Short term, AI is going to be inflationary because it’s going to turbocharge the ability of the current billing systems to work more effectively,” Oz said.
Providers can take care of more patients, capture more diagnoses, and generate more procedure codes thanks to AI, he said.
The Blue Cross Blue Shield Association estimated that its insurance companies added $942 million in healthcare spending between 2023 and 2025 due to a sharp increase in patients with complex conditions….