ARTICLE | July 06, 2023
Authored by RSM US LLP
Physicians are facing a growing challenge as they face a surge in demand for their services.
Visits per physician office this year have grown by a staggering 30% compared to 2019, before the pandemic, according to data from the Centers for Disease Control and Prevention. But health care jobs, representing the ability to meet that rising demand, increased by a mere 1.65%, according to the Bureau of Labor Statistics.
It’s a disconnect that has stretched the resources of physicians and their staff and left patients frustrated. And there isn’t much relief in sight as the number of workers entering the field has been declining.
The surge in patient visits has stretched the resources of physicians and their staff and left patients frustrated.
Growth in number of visits per physician office*
Enrollment for health care degrees has declined, as seen in the 6.1% decline in master’s programs last year, according to Becker’s Hospital Review. Enrollment in doctoral programs also edged down, falling by 0.4%.
But there may be some relief in technology, particularly in generative artificial intelligence (AI) and, specifically, generative pre-trained transformers, or GPTs.
Generative artificial intelligence (AI) could ease the burden on physicians as they struggle to meet the needs of patients.
The private sector sees an opportunity. Start with the chipmakers: According to Bloomberg data, five major public chipmaker companies that manufacture semiconductors with AI capabilities have increased in aggregate share price value by 75% this year. This increase is driven primarily by increased demand for AI computing processors.
But the interest doesn’t stop there. Some of these chipmakers’ largest customers are technology companies investing in health care, signaling that the health care ecosystem is embracing these innovations.
To that end, public health care companies in the past three months have discussed AI more than any other three-month period in the past three years, suggesting that they are eager to implement new technologies to streamline many facets of their business.
For example, GPT technologies may be able to streamline back-office functions to ease the administrative burden for physicians while additionally assisting them in providing care.
Health care companies mentioning artificial intelligence in public records
Health care organizations, including physician practices, may use generative AI to innovate and enhance the patient experience, particularly in a tight labor market. Simply wading through and making sense of the explosion in health care information, which now makes up 30% of the world’s data, is incentive enough. But as these solutions become available, generative AI technologies will require careful oversight and governance frameworks to ensure patient safety.
Do you have questions or want to talk to a LaPorte professional?
Fill out the form below and we’ll contact you to discuss your situation.
This article was written by Michael Haas, Danny Schmidt, Matt Wolf and originally appeared on 2023-07-06.
2022 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
LaPorte CPAs & Business Advisors is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources.
For more information on how LaPorte CPAs & Business Advisors can assist you, please call 713.548.2034.