AI Is Transforming The Health Sectors In 2019 – Thats’s Good
The healthcare sector has always been among the first to embrace new technology to improve the level of patient care and services. So it really does not come as a surprise that AI in healthcare is expected to reach $6.6 billion by 2021 (representing a Compound Annual Growth Rate or CAGR of 40 percent over the next few decades ).
Within the next three decades, Energias Market Research anticipates the international healthcare AI marketplace to be worth approximately $19.9 billion by 2024, growing at a competitive CAGR of 48.7%. With numbers like this, we simply can not ignore this phenomenon.
Based on Dr. Jordan Shlain, M.D., Internal Medicine Physician, Managing Partner in Private Medical and Creator of Healthloop,”we must have the guts to do things here in health IT since lives and security and outcomes depend on it. We’ve spent plenty of time on health IT 1.0 — constructing the freeways, purchasing the expensive equipment, which makes this work for the machine — and we are at the point of health IT 2.0 right now, and that is like how can we help the physicians and patients?”
Research also indicates that by 2021, AI tools for home-based preventative healthcare alternatives and AI-based predictive analytics versions will save hospitals up to $52 billion (directed by North American suppliers who will benefit from $21 billion in savings).
AI in healthcare represents various technologies and tools that enable machines to sense, comprehend, learn, and take actions by performing both clinical and administrative function.
AI in 2019 has the capacity to genuinely augment human action within the business. Let us take a look.
Going forward, health care providers will need to go through a cultural shift. Once AI technologies and tools are implemented, these projects should incorporate portfolios which have cognitive insights, prioritization algorithms, and operational optimisation.
If we take Houston Methodist, by way of instance, we can already see this happening. Based on Michelle Stansbury, Vice President of Corporate Business and Revenue Cycle in Houston Methodist,”the system has made a digital workforce receptive to using AI and intelligent process automation.
Stansbury further emphasized the importance of stakeholder management whenever an organization begins rolling out AI. When AI is executed, you need to clearly identify the roles and responsibilities of both bots and individuals to ensure that the organization functions as expected.
She also highlighted the need to obtain FDA approval for AI algorithms once these credential bots go beyond the testing stage and establish their reliability. While all this may sound a little farfetched, I can definitely see it happening, but not immediately.
AI Will Give an Instant”Second Opinion”
The ultimate objective of AI in healthcare is to produce an extremely precise diagnosis within a brief time period. By way of instance, highly sensitive and specific algorithms can now be trained on gold-standard datasets to encourage medical professionals that display for pathologies with specialist-level precision.
This study found that two big hospitals utilizing AI-based software could improve diagnoses significantly. This resulted in Dr. Marko Topalovic (Ph.D.), a postdoctoral researcher in the Laboratory for Respiratory Diseases, Catholic University of Leuven (KU Leuven), to say”we firmly believe that we can empower suppliers to create their interpretations and diagnoses easier, quicker and better. AI won’t replace suppliers, that is sure…However, it’s evident that AI will augment our skills to accomplish more and reduce chances for mistakes and redundant work.”
AI also analyzed the exact data, and the two results were measured against the gold standard guidelines.
Because of this, the doctors could diagnose the key disease 45 percent of the time (using a range of 24-62percent ). AI, on the other hand, managed to make the appropriate diagnosis 82 percent of the time.
AI Will Take Virtual Medication to the Next Level
Telemedicine has had a substantial influence in North America by connecting rural patients to major healthcare providers in metropolitan areas. This approach has radically reduced high readmission rates and expert wait times.
While telemedicine has existed for some time now, the business is still in its infancy and is expected to grow at a CAGR of 16.5percent by 2023. With that kind of growth, health care providers have greater potential to leverage AI-enabled tools to track their patients remotely.
This strategy can help overloaded virtual care teams feel more confident in their virtual choices. When AI is providing information based on real-time information and predictive analytics, it has the potential to reduce false alarms greatly and help them make better diagnoses.
Even though some providers continue to be wary of digital care, the ability to remotely monitor patients using AI has the potential to be the tipping point that transforms the entire industry.
While AI’s influence in health care increases over 2019, it does not imply that individuals will be replaced. Healthcare professionals will continue to keep their distinctive ability to assess patients understand the person behind the test results.
Hence the future of AI in health care will be more or less the same as it is going to complement the clinician when enabling the delivery of improved personalized care. But, AI will do far more than previously.