In-depth Analysis from Five9 Finds AI Creates Exceptional Experiences in Healthcare

Rhea-AI Summary

Five9 (NASDAQ: FIVN) released a detailed analysis titled “AI in Healthcare: How AI Drives Value For Five9 Healthcare Customers,” focusing on the benefits of Intelligent Virtual Agents (IVAs) in healthcare. The study highlights how IVAs enhance communication, alleviate workforce pressure, and streamline operations for healthcare organizations. Key findings include the impact of AI on patient satisfaction, cost reduction, and operational efficiency. The report shares strategies for deploying IVAs, aiming for higher patient experience scores and shorter queue times. Customer success stories, such as Exact Sciences' 15 FTE/year labor cost reduction and 13% decrease in talk time, underscore the transformative potential of AI in healthcare. The study projects significant market growth for genAI in healthcare, from $1 billion in 2022 to $22 billion by 2032.

Positive

• IVAs enhance communication, improving call steering (24%), queue callback (25%), SMS follow-up (4%), and website chat (2%).
• Exact Sciences reduced labor costs by 15 FTE/year and lowered talk time by 13% by using Five9 IVAs.
• The market for genAI in healthcare is projected to grow from $1 billion in 2022 to $22 billion by 2032.

Negative

• None.

Findings show how Intelligent Virtual Agents improve communication, relieve overworked workforces, and streamline operations

SAN RAMON, Calif.--(BUSINESS WIRE)-- Five9, (NASDAQ: FIVN), provider of the Intelligent CX Platform, today released new insights and best practices designed to help healthcare organizations leverage AI to exceed patient and member expectations, build greater loyalty, and measurably improve results. The analysis titled “AI in Healthcare: How AI Drives Value For Five9 Healthcare Customers” analyzes the strategies of 120 Five9 IVA healthcare customers leveraging its Intelligent Virtual Agent (IVA).

Five9’s customer insights shed light on the massive transformation in the healthcare industry. Patients, members, and customers are demanding greater control over their healthcare journey. At the same time, healthcare organizations are under greater pressure to improve high-cost workflows and meet the needs of an overworked workforce. Now more than ever, AI is instrumental in optimizing CX and cutting operations costs. By leveraging Five9 IVAs, healthcare leaders can better meet the needs of their workforce and customers, while unlocking operational efficiencies and remaining HIPAA compliant.

“Today, leveraging AI in CX is not just an opportunity but a necessity. People expect fast and personalized, on-demand care, and intelligent virtual agents empower healthcare leaders to deliver cohesive experiences that meet expectations,” said Jonathan Rosenberg, Chief Technology Officer and Head of AI, Five9. “By leveraging AI like IVAs, healthcare organizations can free up valuable time for their workforce and ensure more specialized care. The future of healthcare CX is all about enhancing patient outcomes through AI innovation.”

“Healthcare investments in genAI have the potential to play a transformative role in the clinical workforce,” said Shannon Germain, Senior Analyst, Forrester Research. “This shows up in the numbers: The market for genAI in healthcare will increase from $1 billion in 2022 to $22 billion by 2032. With all the excitement and potential, it’s understandable that leaders in healthcare provider organizations are jumping into action.”

The study shares:

• Top reasons that healthcare organizations are deploying virtual agents today: The most common use is to improve communication, which includes call steering (24%), queue callback (25%), SMS follow-up (4%), and chatting with customers from the website (2%).
• Resources for planning an IVA Project: Deploying an IVA is a significant project, and it helps to know what to expect. Five9 shares strategies to help healthcare leaders set performance goals (such as higher patient experience scores, shorter queue times, abandonment rates), design and build the IVA system, and better understand how to measure the success of AI in your IVA solution.
• Customer success stories: Learn how 120 Five9 IVA customers are leveraging AI to create highly efficient and personalized experiences that deliver value. By implementing IVAs into its CX strategy, Exact Sciences reduced labor cost by 15 full time employees/year and lowered talk time by 13%.

Learn more about how Five9 can help improve patient loyalty and optimize the customer experience for healthcare organizations. For additional resources about Five9 IVA, please visit here.

About Five9

The Five9 Intelligent CX Platform provides a comprehensive suite of solutions to engage with customers across their channel of choice, empower managers with insights and intelligence into contact center performance, and elevate your business to deliver better business outcomes and Bring Joy to CX™. Our cloud-native, scalable, and secure platform includes contact center; omnichannel engagement; Workforce Engagement Management; extensibility through more than 1,400 partners; and innovative, practical AI, automation, and journey analytics that are embedded as part of the platform. Five9 brings the power of people, technology, and partners to more than 2,500 organizations worldwide. For more information, visit www.five9.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627734810/en/

Hannah Blackington

Corporate Communications Director

Press@five9.com

Source: Five9

FAQ

What are the benefits of Five9's Intelligent Virtual Agents in healthcare?

Five9's IVAs improve communication, reduce workforce pressure, and streamline operations, leading to better patient satisfaction and operational efficiency.

How has Exact Sciences benefited from using Five9 IVAs?

Exact Sciences reduced labor costs by 15 FTE/year and decreased talk time by 13% by implementing Five9 IVAs.

What is the projected market growth for genAI in healthcare?

The market for genAI in healthcare is expected to grow from $1 billion in 2022 to $22 billion by 2032.

What are common applications of Five9 IVAs in healthcare?

Common uses include improving call steering (24%), queue callback (25%), SMS follow-up (4%), and website chat (2%).

What strategies does Five9 suggest for deploying IVAs in healthcare?

Five9 recommends setting performance goals, designing and building the IVA system, and measuring the AI solution's success to enhance patient experiences and operational efficiency.