It’s not a secret that healthcare organizations are always looking for ways to generate more revenue and improve their financial performance.
For organizations that serve non-English speaking patients, medical interpreters are usually considered a cost driver. However with the rise of AI medical interpreting, there are actually new opportunities for increasing revenue.
Of course the natural association is around cost saving (probably around 70% lower cost). But, these technologies can also unlock new revenue opportunities that extend beyond just reducing expenses.
- Serve More Communities with Language Access Challenges
Utilizing cost-effective medical interpretation technologies allow healthcare providers to effectively remove language barriers and serve patient populations that may have previously been underserved or inaccessible due to language limitations. By deploying AI-powered interpretation, organizations can expand their geographic reach and patient base -opening up new revenue streams through additional billable services, procedures, and treatments. For example - might be relevant to populations that used to get treatment in other language-accessed organizations. This increased patient volume can have a significant impact on the organization's top-line growth. As a side note, the availability of on-demand, multilingual interpretation can enhance patient satisfaction and loyalty. This can lead to increased repeat business and positive word-of-mouth referrals - both of which contribute to sustained revenue generation.
- Shorter Encounters, Greater Capacity
AI-powered medical interpretation can shorten the duration of interpreter-based interaction by up to 15%. This efficiency boost has a direct impact on the healthcare organization's ability to see more patients and generate additional revenue. With shorter encounter times, providers and staff have more capacity to treat a greater number of patients within the same time frame and leverage its existing clinical resources, to serve a larger patient population without the need for significant additional investments.
By leveraging the language access and efficiency benefits of AI medical interpreters, healthcare organizations can not only achieve cost savings, but also unlock new revenue streams to drive overall financial performance. These AI-powered solutions present a strategic opportunity to enhance both the bottom line and top line, positioning the organization for long-term growth and sustainability.
