Digitization has consolidated Healthcare systems and processes and generated large amount of data which can be tapped into for Insights and Machine Learning. Similarly, lower costs of compute hardware, cloud computing and computer algorithms has made it possible to apply AI & ML at a very cost effective manner. One of the areas which is being transformed with this is the Healthcare Industry. AI is gaining popularity in a variety of domains like Hospitals, Clinical research, Clinical laboratories, Insurance sector, Medical Coding and Billing etc. It is used to enhance the efficiency in delivery of Healthcare and to solve problems that are hard to deal with. Today algorithms are outperforming humans in predicting diagnosis, finding matching cohorts for clinical trials, automating insurance workflows and medical coding and billing processes. In this review, we summarize the latest developments of applications of AI in in hospitals, clinical trials, insurance processing and medical coding and billing. The aim of this review is to keep track of new scientific accomplishments, to understand the availability of technologies and to appreciate the tremendous potential of AI in Healthcare. Here we are reviewing articles and journals to get in-depth of the current scenario of AI in healthcare with its implications and challenges. Most of the implementations of AI come with common challenge though – accountability, transparency and privacy. While this can be solved with governance and newer regulations, there has been not much done by the authorities at the present. One other challenge this transformation faces is the growing concern among Healthcare workers about job loss to AI and automation systems. A model of cohabitation is needed where human skills and AI can deliver care in a scenario where human empathy is needed and which also lessens fear of losing jobs. The need of the hour is regulations that have standards to assess the AI systems safety and efficacy, better data exchange policies and regulations for data privacy.