The global AI market is projected to reach $1.81 trillion by 2030 and there’s no industry that isn’t being rapidly changed by artificial intelligence, be it healthcare, which is projected to reach a market size of $490.96 billion by 2032, fintech ($53.30 billion by 2030), or edtech ($92.09 billion by 2033). This has led to the rise of the AI Center of Excellence (AI CoE), a centralized team or organizational structure within a company means to drive AI adoption, optimization, and governance. It acts as a hub for AI-related expertise, resources, and best practices, ensuring that AI initiatives align with the overall business strategy.
On Monday, CareCloud, a provider of healthcare technology and generative AI solutions, announced the official launch of its AI CoE, which it calls, “a major strategic initiative aimed at delivering scalable, domain-specific artificial intelligence solutions purpose-built for healthcare.”
Some core focus areas of CareCloud’s AI CoE include developing intelligent, domain-specific models for clinical workflows, revenue cycle processes, and decision support, as well as streamlining clinical documentation, coding, claims management, prior authorizations, and compliance workflows.
The AI CoE will also focus on predictive and preventive analytics, enabling earlier identification of reimbursement risks, denial causes, and patient propensity-to-pay; enhancing communication, scheduling, patient education, and satisfaction through AI-driven personalization; and embedding AI across EHR, RCM, and digital health products.
Founded in 1999, CareCloud solutions, which are currently used by more than 40,000 providers, include its EHR platform for facilitating documentation, care coordination, and billing; its medical practice management solution for managing appointments, billing, insurance claims, and patient communications; and its credentialing services, which navigates, tracks, and monitors the credentialing process.
The company believes that by tightly integrating AI across its technology stack, it will be able to deliver enterprise-grade, HIPAA-compliant solutions with immediate real-world impact.
The AI CoE, which operates under a dual-shore model, combining global engineering talent with localized healthcare expertise, is fully self-funded. The company is planning to scale the team to 500 AI professionals between now and the fourth quarter of thus year, which CareCloud believes will establish it as the largest dedicated healthcare AI initiative in the world.
“Our ground-breaking AI Center officially began operations earlier this month with an inaugural team of over 50 AI engineers, data scientists, and healthcare domain experts, marking a pivotal moment in CareCloud’s journey,” Hadi Chaudhry, Co-CEO of CareCloud, said in a statement.
“The AI Center of Excellence reflects our long-term vision to lead in healthcare transformation. By leveraging 25 years of clinical and financial data, CareCloud is building proprietary, purpose-driven AI solutions that empower providers to deliver better care—faster, smarter, and more efficiently.”
(Image source: carecloud.com)
