How Much Money Can An AI Scribe Save Physicians
Physicians are quickly turning to technology to ease the process of administrative tasks. One particularly popular tool that’s becoming an integral part of the physician’s daily life would be AI scribes, like DoctorIQ. This software makes it easier for physicians to document their encounters with patients, keep things organized, and reduce the risk of clinical errors.
Reducing the time needed for documentation is already a huge win for doctors. So, let’s see how much money a doctor would save in the long run.
How Much Time Does AI Save Doctors?
We previously covered this question in detail. We talked about recent studies that show us statistics about just how much time physicians can save when they turn to AI scribes. The results were fascinating. One research paper even found that AI could save doctors collectively more than 15,000 hours in just a two-year period.
When looking at data related to the individual physician, researchers have found that the best AI medical scribe can save at least one hour of administrative work per day. Some doctors save much more time, especially those who work with several patients daily.
How Much Money Does AI Save Doctors?
Once we have details about the time-saving features of AI scribes, we can start to look into the amount of money physicians can expect to save as a result. In the medical industry, the term “time is money” is very relevant.
To determine how much money AI saves physicians, we need to consider the statistics from research surrounding a reduction in documentation time. This shows us how much extra time doctors could have on their hands - and it becomes about more than saving. More time means there’s an opportunity to work with a larger number of patients, which can lead to the growth of their practice.
In the United States, the median hourly income for physicians was recorded as $115 according to the U.S. Bureau of Labor Statistics.
If AI helps the average physician save an hour a day, that also translates to about $115. Think of the savings over the course of a month. By the end of month one, a physician could be saving $3,450 as a result. After a year, this becomes $41,400. Over the course of a decade, the savings stack up, reaching $414,000.
These savings also mean an opportunity for extra earnings.
In countries like Africa, the ability to see more patients due to less documentation time can lead to greater growth potential. This becomes incredibly important in areas where doctors earn less income.
The average physician in Nigeria pays about ₦1004 an hour. While this may not seem like a lot right away, it does count up. If a Nigerian doctor is working with several patients on a daily basis, switching to an AI scribe could save them an hour or two on documentation. This opens up an opportunity to see more patients instead of spending that time on administrative work.
In this case, two hours a day would mean ₦2008 in savings. In a month’s time, that could lead to savings of ₦60,240. Now, consider the savings over a 12-month period, and you get to ₦722,880. Over a decade, the physician could be saving ₦7,228,800 because the AI scribe has been freeing up their time.
Conclusion
AI scribes have become a trend in the medical industry. It creates an opportunity for physicians to not only save time on documentation and administrative work, but also gives them the ability to save money as well. If an AI scribe can save a doctor just one hour a day, this could lead to savings of over $400,000 in a ten-year period.
