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INDUSTRY REPORT

Technology never stands still. Consumer expectations are changing rapidly and becoming more demanding, innovative breakthroughs happen regularly, and our lives are becoming increasingly virtual.
In less than a generation we&rsquo;ve witnessed cloud technologies become mainstream, device connectivity become commonplace, artificial intelligence become reality and industries change their business models from the ground up.
Banking solutions should keep pace with this change and enable you to accelerate your growth so you don&rsquo;t get left behind. With our industry knowledge, global network and solutions, you can spend less time on your banking and more time on changing the way we live.
We understand the common objectives of Digital, Technology and Communications companies and are here to help you achieve your goals.
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Meet the Makers is a series exploring the joys, pain, challenges, opportunities and rewards of growing a business. In this four-part podcast series, we talk to founder CEOs behind some of the world’s leading organizations to hear first-hand about their own business growth journey. From startup struggles to scaling successes, these makers share their most vulnerable moments, hard-won lessons, and invaluable advice on how to turn a business into a profitable, sustainable venture.

Meet the Makers

Technology never stands still. Consumer expectations are changing rapidly and becoming more demanding, innovative breakthroughs happen regularly, and our lives are becoming increasingly virtual – both by necessity and by desire. These combined pressures have resulted in an unprecedented advancement in technology; in less than a generation we’ve witnessed cloud technologies become mainstream, device connectivity become commonplace, and whole industries change their business models from the ground up. A company’s banking setup must be able to adapt equally as fast, or risk being left behind. At Citi Commercial Bank, we understand these enormous pressures to evolve, and we have the solutions that can help you keep pace in your changing world, so that your banking can actually become an enabler of your progress.

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Administration accounts for roughly a quarter of all health spending. It also contributes significantly to clinician burnout.
In the third report in a series, Smart Thinking on AI in Healthcare, Adam Spielman of Citi Global Insights takes a closer look at the how AI-driven automation could save perhaps 25%-30% of admin costs, benefitting staff, improving the patient experiences, and saving time and money.
Healthcare Industry - Fragmentation and Consolidation
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&copy; 2023 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.
Source: Deloitte Consulting, Citi Global Insights
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Faster information flows among the various parts of the healthcare system are likely to mean they will become more integrated, focusing more and more on the benefits for the consumer, who should be at the heart of everything.
A number of companies &ndash; large and small &ndash; are debuting products that offer ambient administration, in which a smart speaker listens to conversations between patients and clinicians, and drafts clinical notes. As these systems improve, doctors should be able to spend more time helping their patients and less time on paperwork.&nbsp;
Health administration is important because: (1) administration is a large part of healthcare that&rsquo;s often underappreciated by outsiders; and (2) it&rsquo;s also very inefficient:
<ul>
<li>Excessive cost: Very roughly &frac14; of all spending on healthcare in the U.S. is on administrative tasks, but automation could save perhaps 25%-30% of this.</li>
</ul>
<ul>
<li>Burden on clinicians: Burnout is an increasing problem in many health systems globally, including in the U.S., and more than 90% of clinicians say excessive admin is contributing to burnout.</li>
</ul>
<ul>
<li>Industry fragmentation: Friction in the flow of information means the healthcare system is currently split into distinct entities, e.g., the providers, payers, and government, with little integration among them, and mis-aligned incentives.&nbsp;</li>
</ul>
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More automation means more integration
AI is already starting to help automate a great deal, and the report says the advent of really good understanding of ordinary language will accelerate this.
&ldquo;AI presents a large opportunity to help reduce bottlenecks and automate several areas of health admin,&rdquo; says Elliot Jenks, a managing director at Citi&rsquo;s investment bank, responsible for health services. &ldquo;That means you could make a lot of processes much more efficient and lower cost.&rdquo;
And in the future, faster information flows among the various parts of the healthcare system will mean they will become more integrated, focusing more and more on the benefits for the consumer.
A number of companies are debuting products that offer ambient administration, in which a smart speaker listens in to the conversation between patient and clinician, and provides a draft of clinical notes for the physician to approve.
Various estimates suggest that admin accounts for anywhere between 15% and 35% of all healthcare spend in the United States. One recent McKinsey paper put the cost at $950 billion for 2019, 25% of the total healthcare spend that year ($3.8 trillion).
Several companies are already taking note and getting involved. These include Alphabet and Microsoft, as well as several start-ups.
For more details on how these companies are approaching the space, and if you&rsquo;re a Velocity subscriber, please see the full report, published on 25 April 2023, here. <a href="https://www.citivelocity.com/t/r/eppublic/2fwO9" target="_blank" rel="noopener" data-link-source="tiny">Smart Thinking on AI in Healthcare: Part 3 &ndash; Health Administration - AI is likely to automate many tasks, relieving staff, reducing costs, and speeding clinical care</a>
Please also see our previous reports here:
<a href="https://www.citivelocity.com/t/r/eppublic/2evdO" target="_blank" rel="noopener" data-link-source="tiny">Smart Thinking on AI in Healthcare: Part 2 &ndash; Medical Devices - AI is increasingly disrupting radiology</a>, published on 6 April 2023
<a href="https://www.citivelocity.com/t/r/eppublic/2eHkz" target="_blank" rel="noopener" data-link-source="tiny">Smart Thinking on AI in Health: Part 1 &ndash; Overview - What&rsquo;s happened in AI in health, and what&rsquo;s coming next</a>, published on 28 March 2023
Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, click <a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener" data-link-source="tiny">here</a>.

A recent report by Adam Spielman of Citi Global Insights looks at the heavy burden of healthcare administration costs and how AI might help ease the pain. 

Healthcare Admin Costs: How AI Can Ease the Pain 

Adam Spielman explains how healthcare could be improved – for consumers, clinicians and providers – by using AI to improve administration.

Smart Thinking on AI and Health Administration

Adam Spielman discusses how quickly AI is changing the medical devices industry, and how companies are (and aren’t) monetarizing the technology.

Smart Thinking on AI and Medical Devices

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