Artificial Intelligence might be the key to unlocking how the health care industry grows in the future.
As machine learning and artificial intelligence become more prevalent in technology, the healthcare industry continues to evolve. Between 2017 and 2023, Insider Intelligence predicts that spending on artificial intelligence in medicine will grow by 48% annually.
Below, we will be looking at what AI is and how it affects the health care industry positively and negatively.
What Is AI?
As a general rule, Artificial Intelligence (AI) is known for its ability to perform tasks for us that the human mind is capable of, like problem-solving. However, it is less well understood how AI is being applied in specific industries, such as healthcare.
Clinical decision support (CDS) based on machine learning could increase physicians and hospital personnel revenue by providing data-driven clinical decision support (CDS). Healthcare providers can gain automated insights using deep learning, a subset of AI designed to identify patterns.
What Benefits Will Artificial Intelligence Provide The Health Care Industry?
Healthcare administration can benefit from AI integration by automating tasks and analyzing large patient data sets to deliver better, faster, and more affordable healthcare.
Healthcare administrative tasks account for 30% of healthcare costs, according to Insider Intelligence. By automating some of these tasks, such as preauthorization insurance, following up on unpaid bills, and keeping records, AI can help ease the workload of healthcare professionals and ultimately save them money.
AI can analyze big data, allowing us to gather patient insights and use them for predictive analysis. The healthcare ecosystem can discover critical areas of patient care that must be improved by quickly obtaining patient insights.
In addition to wearable healthcare technology, AI can also serve patients better. Smartwatches and FitBits that use artificial intelligence can analyze data to alert users and healthcare providers on potential health issues and risks.
Through technology, one can assess one’s own health and prevent unnecessary hospital visits and remissions.
How Does AI Help The Health Care Industry?
Ten percent of all US deaths in 2015 were caused by a misdiagnosis of an illness or medical error. One of AI’s most promising applications in healthcare is to improve the diagnostic process.
Human errors can occur when medical histories are incomplete, and caseloads are large. Artificial intelligence can predict and diagnose diseases at a faster rate than most medical professionals since it is immune to these variables. According to one study, an AI model using algorithms and deep learning diagnosed breast cancer at a higher rate than 11 pathologists.
Robotic surgery has been pioneered by intuitive’s da Vinci platforms. Over 18 years ago, the FDA approved the first robot-assisted surgery machine, which features cameras, robotic arms, and surgical tools for minimally invasive surgery.
To improve future surgeries, the da Vinci platform continuously collects information and provides analytics to surgeons. Currently, da Vinci has assisted in over five million operations. The platform collects data continuously and provides analytics to surgeons to help them improve future surgeries.
Final Thoughts
It is estimated that the AI industry will reach a $150 billion market by 2026, having been valued at about $600 million in 2014.
Machines that can predict, comprehend, learn, and act are redefining modern healthcare, whether by finding new connections between genetic codes or by assisting surgeons during surgery with robots that use artificial intelligence.