Bigger savings with AI-powered technology audits

Technology plays a vital role in delivering quality patient care and improving operational efficiency. This is especially true for rural healthcare providers who often face unique challenges such as limited access to resources, geographic isolation, and aging infrastructure. However, the rapid pace of technological advancements and the increasing complexity of healthcare systems can make it challenging for all organizations, especially those in rural areas, to keep up. This is where AI-powered technology audits come in —By providing a comprehensive assessment of an organization’s infrastructure, such audits can help identify areas for improvement and ensure that technology investments are aligned with business goals.    

While traditional technology audits have been conducted manually, there is a growing trend towards leveraging artificial intelligence (AI) to enhance the audit process. AI can automate many of the time-consuming and repetitive tasks involved in an audit, freeing up human auditors to focus on more strategic issues. Additionally, AI can analyze large datasets to identify patterns and trends that may not be readily apparent to human auditors.    

The benefits of AI-powered technology audits 

AI-powered technology audits offer a powerful way to improve the efficiency, accuracy, and effectiveness of the auditing process.  AI can significantly enhance decision-making, reduce costs, and streamline audits in various ways. For rural providers with limited resources and staff, these benefits can be transformative. 

To illustrate these benefits, let’s examine a specific example: the telecom audit.  Ideally, these audits should occur every 12 to 18 months, with some services offering ongoing monthly reviews to ensure continued effectiveness.  Here are the key components where AI can make a significant difference:    

• Invoice review: This involves a meticulous line-by-line examination of invoices, comparing charges to contracts and billing tariffs to identify errors, unused services, and potential credits or refunds.  This is where AI can truly shine. AI algorithms can quickly and accurately analyze massive datasets of invoices, flagging discrepancies and potential savings opportunities that might be missed by human auditors. This is especially valuable for rural providers who may not have the staff to dedicate to this time-consuming task.    

• Inventory and contract analysis: Auditors compile an enterprise-wide inventory of telecom resources, ensuring proper cost allocation.  They also analyze existing contracts to develop a strategic approach to vendor negotiations.  AI can assist in this process by identifying patterns and trends in contract data, highlighting areas for improvement. This can help rural providers negotiate better rates with vendors and ensure they are getting the most out of their technology investments.       

• Procurement optimization: Audits review procurement policies, suggesting revisions to eliminate inefficiencies.  AI can help optimize procurement processes by analyzing spending patterns and recommending cost-effective solutions.  This can be particularly helpful for rural providers who may have limited procurement expertise.      

• Vendor accountability: A framework for ongoing vendor accountability is established, ensuring pricing and billing accuracy.  AI can play a role in monitoring vendor performance and alerting auditors to any deviations from agreed-upon terms. This can help rural providers avoid overpaying for services and ensure they are getting the quality of service they expect.       

By automating many of these tasks, AI empowers human auditors to focus on higher-level strategic analysis, interpretation of findings, and developing actionable recommendations.  This combination of AI and human expertise leads to more efficient, accurate, and insightful audits, ultimately helping healthcare organizations optimize their technology investments and improve their bottom line.     

AI audits in action: Real-world results 

It’s important to remember that AI-powered technology audits are not intended to replace human auditors. Instead, AI and human intelligence work together to provide a more comprehensive and insightful audit. Human auditors play a critical role in interpreting AI findings, providing context, and making recommendations for improvement. 

One company that is leading the way in AI-powered technology audits is Profit Advisory Group (PAG). PAG’s SmartFusion protocol is a unique blend of AI and human expertise that provides a comprehensive view of an organization’s financial performance. The SmartFusion protocol has been used to help healthcare organizations of all sizes improve their financial health and achieve their business goals. 

Here are three case studies that demonstrate the power of the SmartFusion protocol: 

• Georgia regional medical center: This Georgia-based hospital engaged PAG to audit their spending for voice, data, wireless, internet, and equipment. The audit revealed that the hospital was overspending on several services. PAG worked with the hospital to negotiate better rates with vendors and consolidate services. As a result, the hospital was able to reduce costs by almost 25%, or $324,000, without any vendor change.    

• Mississippi-based medical center: This regional medical facility engaged PAG to audit their spending for voice, data, wireless, internet, and equipment. The audit revealed that the hospital was using an antiquated local service that needed to be upgraded. PAG worked with the hospital to upgrade their service and consolidate invoices. As a result, the hospital was able to reduce costs by almost 21%, or $185,000, without any vendor change.    

• Northern California healthcare system: This provider engaged PAG to audit their spending for voice, data, wireless, internet, and equipment. The audit revealed that the healthcare system was not taking advantage of government discount programs. PAG worked with the healthcare system to enroll in the CALNET program and consolidate invoices. As a result, the healthcare system was able to reduce costs by almost 18%, or $566,000, without any vendor change.    

These case studies demonstrate the power of AI-powered technology audits to help healthcare organizations improve their financial performance. By leveraging the strengths of both AI and human intelligence, healthcare organizations can gain valuable insights into their technology infrastructure and make more informed decisions about their technology investments. 

Embracing AI-driven audit insights 

AI-powered technology audits offer a powerful way to improve the efficiency, accuracy, and effectiveness of audits. By leveraging the strengths of both AI and human intelligence, healthcare organizations, especially those in rural areas facing unique resourcing challenges, can gain valuable insights into their technology infrastructure and make more informed decisions about their technology investments. These audits are not just about identifying cost savings; they are about optimizing resources, improving efficiency, and ultimately enhancing patient care. As AI technology continues to evolve, we can expect even more innovative applications in the field of healthcare audits, leading to better outcomes for both providers and patients, particularly in underserved rural communities.    

About Profit Advisory Group 

Profit Advisory Group is a nationally recognized and respected technology consulting firm based in the Charlotte, North Carolina area. Organizations representing various industries throughout the U.S. and over 100 countries have saved over a billion dollars combined by implementing our strategies. Our seasoned experts understand the complexities of managing multiple technologies and can help companies identify ways to save, introduce customized solutions that help businesses cut costs, and streamline operations. To learn more, visit our website at https://profitadvisorygroup.com.