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How Artificial Intelligence Can Reduce Healthcare Costs and Boost Employee Wellbeing in 2021?

Advancing digital technology and artificial intelligence has helped in the growth of many fields, especially the healthcare system. Studies show that workplace wellness and employee wellbeing can be established by implementing the right digital tools. However, many employers have not yet explored implementing AI to many workplace aspects, like employee benefits plans, which become a missed opportunity to build a healthy workplace culture and grow the business.

Artificial intelligence and machine learning methods offer real-time insights into various aspects of the workplace. For example, it has changed the way employers perceived healthcare and has made it easy to promote employee health and wellbeing.

Studies have shown that owing to the deferred healthcare during COVID-19, the healthcare costs may probably rise by 5.3% in 2021. A Mercer study revealed that despite these increases, almost 57% of employers are planning on resolving it themselves by looking for new innovative ways manage costs, without shifting the costs to the employees. That is a solid 10% rise from that of the last year, where employers are putting employee health and wellbeing needs ahead of their expenses.

AI and machine learning have been implemented vastly in the healthcare industry. Right from detecting minute defects in patient images to identifying potential health risk factors of patients and assisting in virtual care, technology has helped with patient care, especially during the pandemic. However, its benefits in employer healthcare strategies and employee benefits plans are overlooked. While benefits managers must explore value-based-healthcare, they must also focus on newer strategies to deliver it well to employees and employers.

Benefits plans must reflect on various employee wellness modules, and AI and modern technology is one of them.

Real-Time Insights with Artificial Intelligence in Benefits Plans

Modern technology like natural language processing (NLP) and digital assistant applications like Siri or Alexa can make it easy to find answers for any query. Leveraging AI and machine learning can help with health benefits management also. By putting the right technological tools to use, benefits plan administrators can get answers to relevant key queries.

For example, healthcare professionals or benefits leaders can get instant answers for queries like COVID-19 long-term effects or who is at more risk, and likewise. Typically, going through research studies and collecting data for such queries may take hours of time and resources. However, with the right digital tools, benefits leaders can get quick answers to their chief business queries. Saving time with quick answers can have more time to identify potential risk factors, possible health issues, and know the loopholes to strategize relevant employee wellness programs to boost workplace wellbeing and manage costs.

Automated Prediction and Responses

One of the best things about machine learning and AI is that employers and benefits advisors can get answers to queries that are in their mind and also the ones that may be relevant, but unknown to them yet. For example, by implementing modern wellness technology into their employee wellness programs, employers can get quick insights about the risk factors, patterns of chronic health conditions, and other employee health and wellbeing issues at the workplace. With the help of AI, employers can draft actionable strategies to come up with effective disease management solutions, screenings and assessment needs, and other risk mitigation plans. Going a step ahead, AI can also be expanded to their workplace wellness apps, making wellness program engagement easier and effective.

These data and insights can also help in identifying the required healthcare and treatment facilities, along with their predicted costs, helping employers plan their employee benefits plans and to execute their cost-management strategies. It can also help in avoiding expensive and unnecessary medical procedures.

With AI-supported health benefits plans, employers and benefits administrators can design and execute corporate wellness programs with suitable modules that meet employee wellbeing needs and business goals. When implemented rightly, AI helps in designing effective health plans, reduces healthcare costs, establishes a healthy workplace culture, and gives a competitive edge in the market.

Although AI, machine learning, and other digital technology tools can be highly beneficial in the corporate wellness market, it is essential to have human experts alongside who can ensure proper execution and transparency of the process and outcomes. Healthcare analytics experts and wellness vendors can work together as a team for deeper understanding and accurate processing. Also, it can help in drafting targeted corporate wellness programs to reduce healthcare costs, boost employee engagement, workplace wellbeing, and enhance organizational productivity.

Healthcare costs are constantly rising, but employee health and wellbeing has always been a matter of great concern. By harnessing the right AI and wellness technology tools, employers can derive vital insights into employee health data and draft corporate wellness strategies that can improve quality of healthcare and establish workplace wellbeing, reflecting better business growth.

Post Author: Admin