5 Ways AI Is Revolutionizing Health Care

5 Ways AI Is Revolutionizing Health Care

New technologies are poised to fundamentally change the HR industry as we know it. Just as the smartphone revolutionized the way we communicate, artificial intelligence will reshape all areas of HR, from employee onboarding to learning management to developing top talent. And, similar to smartphones, these changes will take place at lightning speed.
But what exactly is artificial intelligence? And what implications might this evolving tech have on the future of health care? Buckle up, because we’re going to take a glimpse into the current AI projects, as well as what the future of health care could look like with AI advancements.

What Is Artificial Intelligence?

In its most basic form, artificial intelligence uses computer programming to develop systems that are able to perform tasks that would normally require human intelligence. These tasks could include speech recognition, decision-making, language translation, and much more.
Have you ever wondered how ridesharing apps like Uber and Lyft are able to predict ETAs for rides? Artificial intelligence. Or, how email platforms know how to filter out spam and nicely categorize your emails into categories? Yep, artificial intelligence.  Or, how your banking app is able to process a check deposit via a simple image? You guessed it, artificial intelligence.
Artificial intelligence has become an integral part of many of the technologies and services that we use in our everyday life without us even knowing or really thinking about it.
In addition to its many convenient applications, AI also offers a promising and impactful future in the field of health care.

Examples of Artificial Intelligence in Health Care

The use of artificial intelligence is completely altering the front door of health care as we know it. From specific programs that aid in medical diagnostics to intelligent apps that triage remote patients, AI is making health care more efficient and accessible than ever.

Medical Data Mining

One of the primary areas in which AI shines versus manual human processes in the field of data analysis. Not only can artificial intelligence process complex sets of data at lightning speed, it can also provide meaningful and actionable insight and recommendations based on data sets. DeepMind(acquired by Google in 2014) is an AI-based technology that works to expedite the process in which patients are moved from ‘test’ to ‘treatment’. IBM’s Watsonproduct provides solutions for interpreting, organizing, and easily accessing clinical and patient data, in addition to providing technology for recognizing patient similarity and medical insights. According to IBM, medical data is expected to double every 73 days by 2020. And, each person will generate enough health-related data in their lifetime to fill 300 million physical books. Utilizing AI will not only expedite the process in which health care providers access patient info but also better-organize and analyze data available and even provide predictions on future health concerns and recommendations for treatment plans.

Powering Diagnostics

The FDA recently approved the use of artificial intelligence powered software for the use of medical diagnostics, marking the first use of AI in this application. The program is designed to detect signs of diabetic retinopathy, a condition that can cause long-term vision loss and that impacts more than 30 million people in the United States alone. The technology uses an AI algorithm to scan and analyze multiple images of an eye and then delivers a positive or negative test result. This is the first FDA approved solution that does not require a doctor to interpret test results, and more AI-based diagnostic solutions are expected to get the green light in the next several years.

Drug Development

It’s no secret that testing pharmaceuticals through clinical trials is an expensive and time-consuming process. The full development, testing, and approval process can literally take decades and cost billions. Though pharmaceutical players of all sizes are currently experimenting with AI applications in the drug discovery and development process, GSK is considered a leader in the space. GSK has fully embraced AI research and applications with their dedicated in-house team, ‘In silico Drug Discovery Unit’. The ultimate goal of the GSK project is to leverage artificial intelligence to shorten the drug research, testing, and launch window to under a year, a bold vision. Making the pharmaceutical process more efficient could drastically reduce the cost of medical treatments and the cost of health care in general.

Solving Doctor Shortages

China is facing one of the most alarming doctor shortagesin history, with only 1.5 doctors for every 1,000 residents (compared to 2.5 doctors per person in the United States). The need is dire, and the government is calling for action and loosening restrictions on the use of data and new technology. Currently, more than 100 companies are working to develop AI solutions to address urgent health care needs. A recent reportpredicted that China’s market for AI-powered health care services will reach almost $6B yuan ($930 Million) by 2022. Current projects include diagnostic tools to assist with CT scans, x-rays, ultrasound scans and prosthetic design and manufacturing.

Improving Telemedicine

Which would you prefer – an hour-long wait in a doctor’s office plus the time to actually see the doctor, or a quick 15-minute consultation and diagnosis via your smartphone? Though many assume telemedicine is a modern iteration of health care, this practice has actually been around since the 1950’s. Now, telemedicine is a common alternative to traditional doctor’s visits for simple diagnostics and treatment. A new app, 98point6, is taking this remote-experience to the next level with artificial intelligence. The technology interacts with subscribers to help better understand medical needs and then channels requests to the appropriate doctor for evaluation. The AI-bot essentially serves as a personalized triage service, saving manual time and labor.

The Bottom Line?

The adoption and utilization of artificial intelligence in the health care space will make health care more accessible, efficient, and affordable for everyone.
by Meisha Bochicchio, Content Marketing Manager at PlanSource
Originally posted on blog.ubabenefits.com

Federal Employment Law Update – June 2018

Federal Employment Law Update – June 2018

NLRB: Guidance on Handbook Rules Post-Boeing

On June 8, 2018, National Labor Relations Board (NLRB) General Counsel, Peter B. Robb, released a memorandum (GC 18-04) providing guidance to regional offices under the NLRB’s decision in Boeing. Per Boeing, the NLRB evaluates facially neutral handbook policies and work rules by a balancing test of impact versus justification. Specifically, the potential impact of an employer’s (workplace and handbook) policies and work rules on employees NLRA-protected rights versus the employer’s legitimate justifications for maintaining the policy or rule.
This balancing test was broken down into the following three categories:

  • Category 1: Rules that are generally lawful to maintain.
  • Category 2: Rules warranting individualized scrutiny.
  • Category 3: Rules that are unlawful to maintain.

In the memo, the general counsel provided in-depth guidance, along with application, of the three categories of rules for regional offices to use when investigating and processing cases. For example, regional offices were directed as follows:

  • Ambiguities in work rules are no longer interpreted against the drafter (employer), and generalized provisions should not be interpreted as banning all activity that could conceivably be included.
  • Well-established standards regarding certain kinds of work rules where the NLRB has already struck a balance between employee rights and employer business interests remain in place.
  • The application of a facially neutral rule against employees engaged in protected concerted activity is still unlawful and a neutral handbook rule does not render protected activity unprotected.

Basically, the guidance provides insight as to how the holding in Boeing will be applied to workplace policies, rules, and company handbooks going forward.
Originally Published By ThinkHR.com

Disability Insurance

No one foresees needing disability benefits. But, should a problem arise, the educated and informed employee can plan for the future by purchasing disability insurance to help cover expenses when needed. Watch this short video to learn more!

Using Your Health Savings Account

Using Your Health Savings Account

According to recent estimates by Fidelity Investments, a couple will incur an estimated $280,000 worth of medical expenses after turning 65 years of age. They estimate this cost every year and when they publish it, I can’t help but have an anxiety spike as I ponder the reality of that number. Even if they are off and have over-estimated by 50%, the remaining number is still very hard for me to swallow. And, as anxiety has habit of doing, it sends me into panic mode and I scramble to reevaluate my retirement planning in an attempt to ward off the eventual doom and gloom that has settled on the far horizon of my life.
After a few deep breaths, I settle down and remind myself that I have a health savings account (HSA) that I have faithfully been contributing to over the past several years and that I plan to continue contributing to as long as I am eligible to do so. HSAs are a great way to plan for medical expenses, either in the future when you retire, or now when you or a member of your family incurs qualified medical expenses. Here’s the run down on how they work.
HSAs are a savings account option that allows individuals that are covered by a high deductible health plan (and that are not covered by any type of insurance other than a high deductible health plan), to set aside a certain amount of their income on a pre-tax basis to pay for medical expenses that arise. Unlike health flexible spending accounts that are similar in that individuals can set aside pre-tax dollars to pay for qualified medical expenses, funds put into an HSA are not forfeited at the end of the year if you don’t spend them. Said differently, HSAs don’t have the “use it or lose it” component. If you don’t use it, you keep it, and if you do that year after year, the balance in your HSA can grow exponentially!
An HSA works essentially like this. Each year the government sets a maximum amount that qualified individuals are able to put into an HSA on a pre-tax basis. For 2018, this amount is set at $3,450 for individuals that have single coverage under a high deductible health plan (HDHP) or $6,900 for individuals with family coverage under an HDHP plan. Then, these funds can be used to pay for qualified medical expenses that are incurred. This would be for out-of-pocket expenses that aren’t covered by their health plan such as copays, deductibles or qualified expenses not covered by the plan.
The concept for HDHPs is that they are a type of consumer-driven health plan that results in individual consumers having more “skin in the game,” leading them to be more conscientious consumers of health care, thereby helping to control the rising costs of health care. To assist individuals to pay for the higher costs they are responsible for prior to meeting the higher deductible, the government was willing to also have more skin in the game by forfeiting tax dollars and allowing HSA contributions to be made on a pre-tax basis to pay for these costs. Employers who allow employees to contribute to HSAs on a pre-tax basis also benefit by reducing the amount of FICA taxes that they are required to pay.
The goal of the HSA was not only to help pay for these higher, pre-deductible expenses, but also to provide a mechanism for individuals to save for medical expenses once they reach retirement. After all, discussions and debates continue regarding whether or not Medicare will continue to exist in the years to come.
If you contribute to an HSA and then use those funds for qualified medical expenses, you pay no taxes on those funds. In essence, you are lowering your expense by the amount of taxes you save. If, however, you dip into your HSA to pay for non-qualified expenses, then you are subject to taxes on those funds plus a 10% tax penalty.
Some individuals balk at contributing to an HSA because they feel they will not incur qualified medical expenses in the coming year. Other individuals limit their HSA contributions to the amount of qualified medical expenses they expect to incur in the coming year. Still others try to contribute the maximum amount each year regardless of what they anticipate their costs being. Why?
In addition to contributing dollars on a pre-tax basis, many banks that offer HSAs also offer investment options for those accounts, so that you can increase your funds through investments on top of the on-going contributions that you deposit. And, this investment growth is also available to you on a tax-free basis as long as the funds are used for qualified medical expenses! I find this refreshingly reassuring as I peek into my account and see that it is growing, and it not just because I’m dumping money into it. So max-funding an HSA and investing those dollars allow you to earn even more dollars on top of the pre-tax dollars. I look at this as free money!
Because of this growth potential, leaving funds in the account even when you do have qualified medical expenses can be an advantageous investment maneuver. What? Not use the funds when you have a qualified expense? Yep. You are not required to take funds out of your HSA at the time that a qualified expense occurs. You can leave that money in your HSA and, as long as you keep your receipts showing that you paid for those qualified expenses, you can wait to reimburse yourself for that expense at any time in the future, even if you are no longer covered by an HDHP when you decide to reimburse yourself. You see, although you are only eligible to contribute to an HSA when you are covered by an HDHP, you can take the money out for qualified expenses at any time in the future. I love this option. I put as much money into my HSA as I can, and as long as I have the funds in my personal operating account, I pay for qualified medical expenses with that money. I save all of those receipts and if in the future I’m short on money in my operating account for whatever reason, I can then reimburse myself for prior qualified medical expenses from my HSA. If I never need to do this, good for me; I leave the funds in the HSA and I continue to reap investment growth. There’s that free money again!
But what if I reach retirement and I’m still healthy? What if I manage to accumulate $140,000 in my HSA and I end up NOT having $140,000 in medical expenses? Will I encounter a “use it or lose it” option at this point? Nope. If I’m fortunate enough to be healthy with minimal medical expenses after turning 65, the funds in my HSA can operate exactly like my 401(k). Meaning, if I withdraw the funds for non-medical expenses after turning 65, those funds are subject to taxes, but they are no longer subject to the 10% tax penalty that I would have incurred if I used the funds for non-medical expenses prior to turning 65. And, just like a 401(k), the anticipated tax rate after I turn 65 is expected to be lower so I won’t pay as much in tax as I would have if I had taken those funds in my paycheck back when I was younger. Although my goal is to contribute to both my 401(k) and my HSA, I try to max-fund my HSA first and then I fund my 401(k) with as much as I can after that. Why? Because, once I reach 65 my HSA performs just like my 401(k) if I choose to spend the dollars on non-medical expenses. However, if I do have medical expenses, the funds I take from my HSA to pay for those expenses are “tax-free.” If I had to use money from my 401(k) for medical expenses, that money would be taxed!
By Vicki Randall
Originally Published By United Benefit Advisors

6 Questions on Dependent Care Spending Accounts

6 Questions on Dependent Care Spending Accounts

School’s out! Summer is here, and it’s the time of year when working parents have questions about using their Dependent Care Spending Accounts (DCSAs). Are summer camp expenses eligible? What about day versus overnight camps? Employers and benefit advisors want to be ready with answers about this valuable benefit program.
The following are the top summertime questions about DCSAs and reimbursable expenses:

1. What are the basic rules for reimbursable expenses?

Dependent care expenses, such as babysitting and daycare center costs, must be work-related to qualify for reimbursement. Work-related means the expenses are for the care of the employee’s child under age 13 to allow the employee to work. If the employee is married and filing jointly, the employee’s spouse also must be gainfully employed or looking for work (unless disabled or a full-time student).
In some cases, expenses to care for a disabled dependent, regardless of age, may be reimbursable. This article focuses on expenses for children under 13 since those are by far the most common type of DCSA reimbursement.

2. One of our employees and his family are taking a two-week vacation this summer, but his children’s daycare center will charge its regular fee. Are the expenses reimbursable even if the employee and spouse are off work?

Yes. In most cases, expenses are not eligible unless the dependent care services are necessary for the parents to work, but some exceptions apply. The IRS rules for DCSAs provide that expenses during short, temporary absences are eligible if the employee has to pay the child’s care provider. Absences of up to two weeks are automatically considered short, temporary absences. Depending on the circumstances, longer absences also may qualify.

3. During the school year, our employee uses her DCSA for her 10-year old’s after-school daycare center expenses. This summer, the child’s daycare will be provided by her 20-year old sister. If the older daughter bills for her services, are the costs eligible for reimbursement?

The answer depends on whether the employee or spouse can claim the older daughter as a tax dependent. If the older daughter can be claimed as a dependent, whether or not the employee actually claims her, she is not a qualifying dependent care provider under the DCSA rules.
If the older daughter cannot be claimed as a tax dependent, her charges for providing care are eligible expenses. The specific rule is that a child of the employee, whom the employee cannot claim as a dependent, may be a qualifying provider if the child is age 19 or older by the end of the year.
Note that the employee’s spouse or the child’s parent is never a qualifying provider.

4. One of our employees has to pay an application fee and deposit before her child starts attending a daycare center this summer. Are those expenses eligible for reimbursement?

Prepaid expenses are eligible for DCSA reimbursement, provided the costs are required in order for the child to receive care. In this case, after the daycare center begins providing care, the employee can be reimbursed for the application fee and deposit she paid. On the other hand, if the employee cancels and her child does not attend, then the application fee and deposit are not eligible expenses.

5. An employee will pay day camp expenses for his 8-year-old son and overnight camp expenses for his 12-year-old daughter this summer. Are both types of expenses eligible for reimbursement?

The day camp expenses generally are reimbursable. Expenses for overnight camp, however, are not eligible since overnight care is not work-related.
Under the IRS rules for DCSAs, expenses for food, lodging, clothing, education, and entertainment are not reimbursable. If, however, such expenses are small, incidental expenses that cannot be separated from the cost of caring for the child, they may be included for reimbursement. For instance, the day camp may include lunch, snacks, and some sports activities in its basic fee, which would be eligible for reimbursement.

6. An employee’s children go to private year-round schools. He pays tuition for one child’s grade school and fees for the other child’s nursery school. Are both types of expenses eligible for reimbursement?

Educational expenses are not reimbursable, unless the educational services are merely incidental as part of a child care service. Expenses to attend kindergarten or a higher grade are educational, so the older child’s school fees are not eligible for DCSA reimbursement. (Expenses for before- or after-school care, however, may qualify as reimbursable expenses.)
On the other hand, expenses for a child in nursery school, preschool, or a similar program for children below the level of kindergarten are expenses for care. Such expenses are not considered educational even though the nursery school may include some educational activities.
For detailed information about expenses eligible for DCSA reimbursement, the IRS provides a helpful guide: Publication 503 “Child and Dependent Care Expenses”. Have a fun summer!
Originally Published By ThinkHR.com