Artificial Intelligence (AI) influence on healthcare will be transformative in the coming years. Already more than $6.6 Billion is pouring into AI companies which are looking to make impact in the healthcare industry. From hospital care, clinical research, drug development, and insurance, AI will have tremendous impact in quality of care and patient outcomes. More than $150 Billion investment is expected by 2026.
The healthcare landscape which is fraught with inefficiencies is ripe for AI innovation to come and improve quality in all areas. These especially include the “iron triangle” which mean access, affordability, and effectiveness. Often improving one of these areas has negative impacts on another area but AI has the ability to improve them all simultaneously without letting them harm each other.
AI will have applications in robot-assisted surgeries, virtual nursing assistants, administrative workflow assistance, fraud detection, dosage error reduction, connected machines, clinical trial participant identifier, preliminary diagnosis, automated image diagnosis, and cybersecurity. Many tasks which are currently done by humans will be handled by AI and thus reduce the cost and labor involved.
The impact of these investments will likely be realized first in the operational and administrative side of the healthcare system rather than the clinical side, according to experts. Later as AI is integrated into patient care, it will become standard routine in care and many patients will not even realize how much AI is working in the background to provide their care.
Overall outcomes are predicted to be better in all areas. These include number of patients served, quality of patient care, cost of patient care, reduction of administrative costs, and improved patient outcomes. The lasting impact of some of these upcoming changes that AI is predicted to have on healthcare will be tremendous on both health of people in developed and under-developed nations. AI will truly be transformative in the nature of healthcare.
TiEcon 2021: AI and Healthcare tracks
The AI and Healthtech tracks at TiEcon 2021 are sure to provide many insights of the above-mentioned topics. It will help entrepreneurs and professionals greatly expand their vision of what’s expected in these arenas from true leaders in the fields. TiEcon 2021 will be virtual and will be happening on May 6-8, 2021 so be sure to attend.