Can AI help the US achieve growth in GDP beyond 3%?

The world has undergone significant transformations due to technological advancements, ranging from the mechanization of agriculture and steam engines to modern medicine, computers, and the internet. Despite these advancements, the US’s annual GDP per capita growth rate has never exceeded three per cent.

New technology often leads to productivity growth.

According to certain economic growth models, AI can automate the innovation process. As a result, GDP growth is predicted to exceed three per cent per capita per year and accelerate.

Such a world is hard to achieve.

In the 1960s, economist William Baumol pointed out that the productivity growth of an economy may be limited by its least productive sector.

Let’s say we have a basic economy with two industries: writing think-pieces and constructing buildings. To provide an example, imagine this scenario.

Imagine that AI speeds up writing but not construction. As productivity increases, the economy experiences growth.

Although a think-piece has merits, it cannot replace the need for a new building.

If the economy requires skills that AI does not enhance, such as construction, those industries become more significant and reduce the benefits of automation.

Writing quickly can lead to greater earnings, which can then be invested in the currently expensive housing market that has yet to experience the benefits of AI technology.

Increasing writing speed by 100 times may only result in a 2 times increase in the size of the economy.

Writing well is not a sufficient replacement for important services requiring much effort, such as healthcare and education.

So their relative prices have grown, taking up a larger share of our income and weighing on growth.

Our ability to achieve economic growth is not limited by our strengths but by the difficulty we face in improving what is essential.

In “What if we could automate invention,” Matt Clancy provides a final dose of intuition:

The invention has started to resemble a class project where each student is responsible for a different part of the project, and the teacher won’t let anyone leave until everyone is done… if we cannot automate everything, then the results are quite different. We don’t get acceleration at merely a slower rate—we get no acceleration at all.

AI must revolutionize all crucial economic sectors and stages of the innovation process rather than only a few.

If we don’t consider certain considerations, we may end up perceiving AI as just another invention from the past.

Can AI reduce healthcare costs?

At Venture7, our mission is to use AI to reduce the cost of healthcare.

And we want to apply it in every healthcare product engineering piece we are working on.

A report from the World Health Organization said that the global shortage of healthcare workers was 7.2 million in 2013 and would climb to 12.9 million by 2035.

A warning was issued that the shortage needs to be addressed immediately to avoid serious health implications for billions of people worldwide.

AI has the power to address these challenges with its two advantages: the shortage of pathologists and human error.

AI for Discovery & Diagnosis

Detecting rare or difficult-to-diagnose illnesses accurately and promptly greatly affects treatment outcomes.

Regrettably, medical professionals can only examine a restricted number of images and samples, making their diagnoses susceptible to human error.

Unlike humans, AI can quickly and reliably process millions of samples every time without fail.

AI can detect diseases before symptoms become apparent, providing hope for early detection.

AI for Drug Development

By implementing machine learning and AI in drug discovery, significant improvements can be made in cost and lead time. The average cost is US$2.5 billion, which takes 10-15 years.

During drug discovery, chemical compounds are tested on various conditions associated with a particular disease.

This involves exploring different permutations and combinations to determine their effectiveness.

Scientists have to limit the number of test combinations due to the complexity and time required.

Unlike humans, machine learning algorithms are not limited in their ability to learn from previously collected data and can even prioritize experimentation.

It makes them incredibly useful in reducing the time and cost of drug discovery.

AI is powering a shift toward a preventive approach to health.

Although prevention is crucial, it has often been overlooked in collective and individual health policies.

Healthcare resources are often limited, resulting in treatment prioritization over prevention due to constraints on funds and physician availability.

In the coming years, combining extensive data and advanced AI technology may shift the focus towards prevention measures.

Scepticism: AI may even decrease productivity.

Callum Williams continues:

GPT-4 is a godsend for a NIMBY facing a planning application. In five minutes he can produce a well written 1,000-page objection. Someone then has to respond to it… lawyers will multiply. “In the 1970s, you could do a multi-million-dollar deal on 15 pages because retyping was a pain in the ass,” says Preston Byrne of Brown Rudnick, a law firm. “AI will allow us to cover the 1,000 most likely edge cases in the first draft, and then the parties will argue over it for weeks.”

GDP measures how much value humans place on the goods and services produced by others, which includes a significant portion of social interactions among individuals.

As one of us recently wrote, human-made outputs may be highly valued due to their rarity.

As long as AI-produced outputs cannot substitute for that which is social and therefore scarce, such outputs will command a growing “human premium” and produce Baumol-style effects that weigh on growth.

In light of these obstacles, how should we approach our thinking about AI?

The progress of AI is inevitable, and we are only beginning to experience its effects.

We are hopeful for further breakthroughs from more reliable algorithms to better policy. AI has certainly surprised us before.

We aspire for AI to be integrated into all economic activities in every aspect possible.

This could result in lower prices for housing, Healthcare, and education.

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2702
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Generative AI – The Future of Healthcare Innovation

The healthcare landscape is entering a groundbreaking phase driven by the emergence of artificial intelligence (AI). While traditional AI is known for its significant role in analyzing existing data, Generative AI moves ahead by creating new data or content. This innovative technology also has amazing potential to transform healthcare in multiple ways. The role of […]

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HealthTech Trends of 2024: Shaping the Future of SaaS Healthcare

In the ever-evolving landscape of healthcare, the integration of technology is not just a trend but a revolution, reshaping the field of medical diagnostics, treatment, and patient care. As we progress deeper into the 21st century, the fusion of healthcare and technology has transcended traditional boundaries, heralding a new era of medical innovation like SaaS […]

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What is Medical Record Summarization?

Healthcare providers find AI-based medical record summarization attractive. Medical professionals rely on concise medical record summaries throughout the healthcare journey to facilitate informed decision-making. The emergence of generative AI has opened the gates of automating the generation of medical records summaries.  As per Statista reports, the global AI healthcare market is expected to experience significant […]

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RPA or AI, Which is better?

Considering the question of whether RPA or AI which is better, it’s important to understand that while both technologies involve automating tasks, they have different approaches and purposes. AI involves creating intelligent machines capable of emulating human reasoning, learning, and problem-solving. This entails employing intricate algorithms and data analysis to enable machines to learn from […]

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What’s Driving the Surge in Robotic Process Automation?

During the 1990s, many companies adopted business process reengineering as a popular way to revolutionize their end-to-end business processes, using emerging technologies such as enterprise resource planning (ERP) systems and the internet. For instance, they implemented large-scale ERP systems like SAP or Oracle to facilitate data exchange and create a strong IT infrastructure. Process management […]

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Bottom-Up Software Effort Estimation Technique

Last time, we explained that even though estimating software project timelines is tough, we should do it anyway. We also broadly discussed some of the common estimation techniques. With that background, we want to go into further detail about the bottom-up software effort estimation technique that works for us. A critical aspect any estimation technique […]

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What are the different software effort estimation techniques?

What are the different software estimation techniques is a thought-provoking question.  Every development team encounters its fair share of challenges when striving to meet delivery deadlines – it’s part and parcel of the job. This, in turn, can lead to considerable delays in software projects, leaving project owners scratching their heads in frustration. So, you […]

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Introduction to DevOps Consulting Services

We provide DevOps consulting services to help you dramatically speed up and optimize your work processes using the most advanced automation, development, and implementation methods. We have excellent hands-on experience in bringing development and operations teams together. What types of DevOps Consulting Services does Venture7 provide? DevOps Implementation Consulting  We offer DevOps consulting services to […]

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How to Build A SaaS Application?

In today’s dynamic business landscape, Software as a Service (SaaS) has emerged as a ubiquitous and highly favoured delivery model for digital products, making it an ideal choice to build a SaaS application. Increasingly, organizations are choosing to deploy their software solutions over the Internet, granting users greater flexibility and scalability. The SaaS market is experiencing […]

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What is Revenue Cycle Management in Healthcare?

Revenue cycle management (RCM) involves overseeing the revenue generated from patients, starting from their initial appointment or interaction with the healthcare system and continuing until their ultimate payment for the cost of care. It commences with a patient scheduling an appointment and concludes when the healthcare provider has received all necessary payments. Implementing effective revenue […]

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17 thoughts on “What is Revenue Cycle Management in Healthcare?”

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  7. A series of cosmic outbursts
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    Pons-Brooks recently captured the attention of astronomers after exhibiting intriguing behavior that caused the comet to have a horned appearance and soar through our solar system.
    The comet has experienced a number of outbursts during the past eight months, causing it to eject gas and dust. While such releases are not uncommon in comets and a crescent or Pac-Man shape has been observed in other ones, it’s difficult to tell what is normal for Pons-Brooks.
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    “I would say it’s somewhat unusual in the number of outbursts it’s been having,” Schleicher said. “On the other hand, it’s not like you have good records from the past to really let you know what is typical. And I suspect given the fairly large number of outbursts that have happened over the last eight months, that this is very clearly a usual occurrence for Pons-Brooks.”

    Comets are chunks of dust, rock and ice, essentially frozen remnants from the formation of the solar system. They also contain frozen elements such as carbon dioxide and carbon monoxide.

    Comets heat up and brighten as they approach the sun, and some of the frozen gases stored in comets don’t need to warm up much before they begin to turn into vapor, Schleicher said.

  8. Elon Musk has been getting Trumpier. A direct line to Trump may be next
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    Elon Musk has sought to accumulate political capital commensurate with his extravagant wealth. In the past year, Musk has publicly opined on global conflicts, met with numerous world leaders and US senators to discuss artificial intelligence and his space and satellite technologies. And he has courted senior Chinese officials on their home turf.

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    Musk has discussed advising Trump should he win the 2024 election, the Journal reported, citing unnamed sources. Musk called Trump directly via cellphone to explore a role that could potentially give Musk significant influence over US policies. It’s not clear based on the Journal’s reporting which party initiated conversations about the potential role.

    The Trump campaign did not respond to CNN’s requests for comment; Musk also did not respond to the Wall Street Journal, but Brian Hughes, a Trump campaign spokesperson, told the outlet: “President Trump will be the only voice of what role an individual plays in his presidency.”

    Musk pushed back on the Journal report in a post on X Thursday, saying: “There have not been any discussions of a role for me in a potential Trump Presidency.”

    However, a potential role in a future Trump administration could expand upon the role that Musk played in the previous Trump administration, when he served on two business advisory councils before quitting them over Trump’s decision to pull out of the Paris climate agreement.

    The privilege of whispering in Trump’s ear, should he win reelection, could give the billionaire – who is increasingly steeped in the rhetoric and imagery of the conservative culture wars – even more power on the global stage. Reporting that Musk and Trump’s relationship has improved comes after Musk’s politics have become more aligned with Trump’s.

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