As busy clinicians, operators, and clinic owners in the healthcare industry, it can indeed be challenging to stay abreast of the rapid developments in the business landscape. The buzz surrounding the potential of artificial intelligence (AI) to revolutionize healthcare services is hard to ignore. However, for physical therapy clinicians and managers with packed schedules, understanding how their industry peers are leveraging AI at the business level can provide valuable insights.
AI is increasingly used in healthcare to improve efficiency, patient outcomes, and business processes. Industry peers are implementing AI for patient scheduling, treatment planning, outcome prediction, and resource allocation. Physical therapy professionals can learn from others' AI integration to understand its benefits and challenges.
Moreover, identifying key signals in the industry related to AI can help clinicians and managers make informed decisions about incorporating these innovations into their own clinics. These signals may include success stories from early adopters, emerging trends in AI applications for physical therapy, regulatory updates on AI use in healthcare, and insights from thought leaders in the field.
By staying informed about how AI is being utilized by industry peers and being attuned to important signals in the healthcare business landscape, physical therapy clinicians and managers can position themselves to leverage these technologies effectively, drive operational improvements, and deliver enhanced care to their patients.
In This Article:
Applications of AI in Healthcare
In November 2023, Salesforce contracted Forrester to perform an opportunity snapshot study on the application of AI in health and life sciences (HLS) to understand today’s use cases and tomorrow’s HLS business expectations. The survey began and was completed in December of 2023 with a publication date in February 2024 of 516 decision makers at the director level or higher with responsibility for analytic strategy in HLS companies.
Industry representation:
27% providers
26% payers
47% pharmaceutical, life science and medical technology
Profile composition:
14% C-Level executives
39% Vice President
47% Directors
94% with 500+ employees
100% located in the United States
What business value is driving interest in AI?
According to 86% of the respondents, success in Health and Life Science (HLS) businesses in the next 5 years will be determined by their effective utilization of technology, data, and AI. A majority of respondents believe that the primary benefit of implementing AI lies in its capacity to deliver personalized experiences and enhance productivity through task automation. This is logical because AI has the ability to identify patterns in diverse data sets to create unique profiles and offer tailored recommendations. Furthermore, AI can be programmed to automate tasks that are currently performed manually, such as data entry. Some clinical applications include:
Patient Documentation
Decision support for providers in care planning
Predicting readmission rates based on social determinants of health and progress
It is also important to note the relatively lower interest rates among respondents regarding AI's potential to enhance existing revenue streams and scale complex functions, at 47% and 44% respectively. However, we anticipate a shift in this perspective as more Practice Management Systems and Revenue Cycle Management (RCM) systems are revamped with automated core features. In addition, new AI solutions that are coming to market to automate tasks that affect the topline directly. In the case of physical therapy practices, the value of automation will be evident in increased patient volume while maintaining high care quality and improved Patient Lifetime Value metrics, thereby fostering loyalty among existing patients.
Complexity of Use Cases & Adoption Status of AI
Today 61% of HLS director level and higher are either in the early stages of adopting AI-powered tools and/or are currently using AI to predict and make recommendations. The main adoption objective is getting to prediction &/or recommendations within 18 months followed by employing AI for more complex tasks with human oversight.
From this data-story below, there is a clear path of adoption that has already started with the expectation to be utilizing AI in discrete use cases within 18 months. Furthermore of those using AI in discrete use cases now, 27% will be scaling up to apply AI to other problems.
Are you thinking...? "Well, the majority of players in the physical therapy industry are small and mid-market companies lacking resources or time for AI, and the ROI is simply not clear yet."
Here’s the thing about being early with AI, if you create a hub for clinical testing within your organization, you can experiment and learn more cost efficiently than being forced into a sales in the future. Furthermore, AI vendor partners want to build and focus on what is most important to your business. Partnering early as many of these companies have done, allows you to:
Get ahead
Be part of design
Learn for low cost
Benefits of AI Adoption
The point is clear: 83% of HLS respondent organizations are investing in AI now with plans to expand AI across business. Their current stages include:
Plan to implement within next 12 months
Currently implementing
Implemented in limited capacity with plans to expand
In process of expanding or upgrading implementation
Implemented widely
Over three-quarters of HLS respondent organizations have acknowledged the importance of optimizing processes to streamline operations and enhance the quality of care provided to patients. This shift towards prioritizing efficiency not only reflects a commitment to delivering better healthcare services but also signifies a strategic move to stay competitive in the rapidly evolving landscape of the industry.
Looking ahead, the integration of artificial intelligence (AI) emerges as a key strategy for organizations aiming to secure their position in the market over the next three years and beyond. The potential benefits of AI in healthcare are vast, ranging from predictive analytics for personalized treatment plans to automation of administrative tasks for improved operational efficiency. Embracing AI technologies now, or at least initiating experimentation with them, is crucial for organizations seeking to leverage data-driven insights and innovative solutions to drive better outcomes for both patients and the business.
The Future of AI in Physical Therapy: Strategic Investments for Success
The Health and Life Science sector has been witnessing a significant shift towards the integration of Artificial Intelligence (AI) technologies to streamline and enhance various aspects of healthcare operations. This adoption of AI is driven by the need to manage the substantial workload efficiently, improve patient care, and optimize processes within the industry. While there are inherent risks and costs associated with implementing AI solutions, the next five years are expected to be crucial for the widespread transformation taking place in the sector.
For physical therapy businesses, embracing AI technologies can offer numerous advantages. By investing in low-cost experimental AI projects, such businesses can explore innovative solutions to improve patient outcomes, enhance operational efficiency, and drive top-line growth. Testing practical AI applications tailored to the specific needs of the physical therapy sector can provide valuable insights into how AI can be leveraged to create efficiencies and deliver enhanced value to both patients and healthcare providers.
By strategically planning for the integration of AI technologies into operations, physical therapy businesses can position themselves at the forefront of innovation in the healthcare industry. Embracing AI-driven solutions can help these businesses stay competitive, adapt to evolving patient needs, and unlock new opportunities for growth and success. Therefore, considering investments in AI projects and preparing for the adoption of AI can be instrumental in driving long-term success and sustainability for physical therapy businesses in the dynamic healthcare landscape.
We would love to answer any burning questions about AI. Or take advantage of a free advisory call with our AI expert, Mohamed Elwazer. Email us at info[at]linedanceAI[dot]com.
