Revolutionization Through AI in Healthcare Industry

What is AI in Healthcare?

AI has brought a remarkable shift in the healthcare sector with its exceptional capabilities. AI in healthcare is the implication of artificial intelligence, a data science field, to improve patient care and healthcare services organizations offer. AI empowers healthcare providers to keep their primary focus on patients and automate coding tasks, medical billing, and many other administrative tasks, resulting in more emphasis on patient care. 

Numerous factors are driving the adoption of AI in healthcare, like the availability of extensive datasets such as electronic health records, medical imaging, and genomic data, which together allow for precise insights for diagnosing. AI can be a trusted partner for your healthcare organization. Allow AI to accompany you in achieving your healthcare organization's vision!  

AI in Healthcare Statistics and Facts

• According to Statista, the global market for AI in healthcare was approximately 11 billion U.S. dollars in 2021. The healthcare AI market is predicted to grow by 37% from 2022 to 2030 and reach around 188 billion U.S. dollars by 2030. 

• In the 80s and later, expert systems grounded on ‘if-then’ rules were prominent for AI in healthcare. Previously, engineers and experts built a rule-based expert system. Since the surge in rules, which are not only extensive in number but sometimes conflict with each other as well, realized the need for AI.

• In 2021, a fifth of every surveyed healthcare organization was in the early stage of AI adoption. This indicates they have worked on healthcare AI models for the last two years. Less than 10% of organizations have been utilizing AI for five or more years. Furthermore, in Europe, physicians who spent 50-50 working hours between administrative tasks and patient care began spending around 20% more time on patient care using AI.

•  Among healthcare organizations, AI-driven medical imaging services are spreading like wildfire. 

• For the last 50 years, the treatment and diagnosis of diseases have been the focus of AI in healthcare. 

•  The cost of drug discovery can be minimized by 70% with AI.

•  Companies like Apple, Facebook, Microsoft, and Google acquired around 13 artificial intelligence startups in 2020, which indicates a paradigm shift in software development using AI, a core field of Data Science.    

• AI-powered medical imaging is expected to grow by 26.5% CAGR from 2021-2028.

How has AI transformed Healthcare Industry?

AI has drastically transformed the healthcare industry with its potential    

Drug Discovery 

Artificial Intelligence, along with computational and machine learning models, is used to speed up the drug discovery process. AI models assess large datasets and pinpoint drug candidates, forecasting their safety profiles and efficacy and allowing for optimization of their chemical structure.    

Predictive Analytics 

Predictive analytics utilizes modeling techniques and statistics to predict future consequences. Historical and present data are assessed to evaluate patterns and trends. In healthcare, professionals use patients' medical histories to determine their present condition and detect symptoms of any diseases.    

Health Assistance- Virtually 

AI-backed chatbots provide 24/7 assistance to patients when they desire it. They guide patients when they urgently need assistance with minor aspects. These virtual health assistants can present medication reminders, solve medical queries, and present lifestyle recommendations. A report shows that 72% of patients have the convenience of using voice assistants for healthcare.  

Patient monitoring on a remote basis

AI-driven remote inspection and monitoring services allow for the evaluation of patients' actions virtually. These services gather patient data in real time via wearable devices equipped with sensors. They identify any unusual action, considering baseline activities. Thus, patients' health conditions are occasionally analyzed using AI. Medication regimes are also tracked using AI in the health sector. A report states that remote patient monitoring will grow by 25% in 2024. 

Clinical Documentation through NLP

Clinical Documentation processes are automated using AI-powered NLP services. Natural Language Processing converts written or spoken data into organized information and creates an electronic patient health database (Electronic Health Records). AI-driven healthcare services empower healthcare providers in decision-making by accurately analyzing clinical decision support systems.   

Supply Chain Optimization in Healthcare Via AI 

Healthcare supply chain functions are streamlined through AI-powered analytics systems. AI integration into healthcare allows for predicting the demand and supply of inventory, considering the current flow. On the other hand, this ensures the availability of required inventory, such as infusion pumps, dialysis machines, surgical instruments, anesthesia machines, ventilators, and many more, at the required time. 

Medical Imaging

AI studies medical pictures such as CT scans, MRIs, and X-rays to flag abnormalities and diseases. Potential medication candidates with a high chance of being impacted by specific conditions can be screened, accelerating the drug development.     

Benefits of AI in Healthcare 

This section covers the benefits of healthcare AI and how it has improved patient care. AI has greatly affected the healthcare industry.

Enhances customer Experience

Poor communication is the worst part of healthcare communication for 83% of patients surveyed, emphasizing the need for clear and effective communication. Various AI techniques, such as speech recognition, predictive analytics, and natural language processing, have the potential to help healthcare providers improve their communication. 

Governance of AI in healthcare 

A report by the World Health Organization (WHO) has pointed out a list of ethical challenges that need to be addressed while using AI in healthcare and listed six principles to validate that AI works in favor of public advantage:

1. Transparency
2.  Protection of Autonomy 
3. Enhancement of Accountability 
4. Equality 
5. Human Well-being and Safety 
6. Promoting sustainable and responsive tools 

Efficiency enhancement in healthcare service delivery 

How AI is being implemented in healthcare transcending diagnostics. Healthcare administration, drug discovery, and patient care management are among the core areas revolutionized by AI.    

Examples of Companies Using and Proving AI for Healthcare

Below are the companies using AI for healthcare service delivery for their patients and those that provide AI services in healthcare: 

Cohere Health

Bacancy Technology

Flatiron

Takeda

Wrapping Up  

AI in healthcare is reshaping how you diagnose, monitor, and treat patients. It ensures personalized treatments and accurate diagnoses and streamlines various services within healthcare facilities. AI can leverage efficiency, effectiveness, and competitiveness in healthcare. Along with streamlining various functions effectively, AI reduces medication dosing errors, and a study shows that it can save $16 billion. AI throughout healthcare services can change the picture of how the healthcare industry looks. You, the most valuable healthcare provider, don’t wait; just adopt AI wholeheartedly and witness the magic!