Top 6 Ways Artificial Intelligence is Impacting Healthcare Industry
The successful deployment of Artificial Intelligence in the healthcare industry possesses the extraordinary potential to revolutionize the sector. According to a published study, the healthcare AI market can reach “28 billion dollars by the year 2025”. With such figures, we can expect that this new technology in the healthcare sector can drastically transform the industry.
Artificial Intelligence is a unique capability of a sophisticated computer program to perform specific tasks that typically require human intelligence. Bringing AI in healthcare can undoubtedly lead to better outcomes and meaningfully improve the productivity and efficiency of the healthcare industry. It will not merely improve the routine life of healthcare practitioners but on top deliver life-saving treatments to market faster. According to industry experts, AI is expected to have a substantial influence on several crucial healthcare areas, including chronic illness management and clinical decision-making.
New Ways For New Technology
Increased usage of AI in healthcare sector will surely have an impact on the new technology entrants, as well as on how doctors and other healthcare personnel operate in the future. In addition, AI-enabled systems will make an impact on improving the efficiency of nursing and managerial activities of hospitals.
Interestingly, the potential for transformational improvements in treating human illnesses and public health has piqued the interest of academics, clinicians, technology and program developers, and consumers in a variety of sectors.
According to a published study, hospitals will invest $6.6 billion yearly in AI-related technology by 2021. It is also said that AI applications might save up to $150 billion in yearly healthcare costs in the United States by 2026.”
Types of AI
AI devices in healthcare fall into two categories.
1. Machine Learning(ML).
2. Natural Language Processing(NLP).
ML deals with structured data like genetic and imaging data. It collects the traits of patients and accurately assesses the disease outcome probability. Source: Machine Learning Used in Healthcare Scalable Solution
On the other hand, NLP deals with unstructured data, like clinical notes. The primary aim of NLP is to turn texts into machine-readable data, which is analyzed by ML.
Apart from these two, deep learning is also strengthening the sector, providing great help to our healthcare workers. To know how deep learning is equally coming into the picture, you can visit: What is Deep Learning and How it Helps to Healthcare Sector?
6 Ways AI is affecting Healthcare Industry
There are several possible ways in which AI is positively affecting and bringing change to the healthcare industry.
1. Diagnostic Help
According to a published study, diagnostic errors account for around 60% of all medical errors and about 40,000 to 80,000 deaths each year in the U.S. Therefore, implementing AI-enabled technologies and applications can significantly bring down this considerable number and help to reduce the number of deaths which is made by human judgment.
Another intriguing study states that the AI-enabled system can correctly diagnose the disease of any ailments with 90 to 95% accuracy rates. This will not only assist the healthcare workers in a big way but also help them give quality treatment on time.
2. Reducing The Cost & Time In The Drug Discovering Process
The development of effective drugs is a complex process that demands time. Not only this, but it equally involves enormous costs, and any failure in the entire process can experience a tremendous impact financially. To discover a clinical drug sometimes the process takes years. Implementing AI-enabled solutions can help the industry save time and can discover & deliver the drugs on time without costing much.
For example, developing pharmaceuticals using clinical methods will take clinicians and researchers years and enormous costs. Therefore, using AI to restore parts of the discovery process of a drug will make the process cheaper, quicker, and safer.
3. Developing Advanced Radiology Tools
AI systems allow the medical industry to develop the next generation of radiology tools, which will encourage medical practitioners to accurately diagnose and treat the malady before it gets worse. According to leading experts, it will also help to replace the need for tissue samples sometimes.
4. Assistive Robots
Robots can support any physical limitations of patients in hospitals or at homes and assist them in daily activities. They can additionally provide diagnostic support to critical patients.
5. Managing Medical Data and Records
Managing the data is crucial and plays a vital role in Artificial Intelligence in healthcare, where the industry naturally generates a vast amount of data every day. Compiling and investigating data mark the essential steps in healthcare and even the slightest of the mistake can hampering the whole training material. Therefore, AI is extremely beneficial in managing medical records.
6. AI-enabled Chatbots
Availability of doctors round the clock is not possible. The patients who need regular care and checkups can get affected by this. So AI-driven chatbots can combat a majority of problems faced by both doctors and patients as they can assist the patients requiring daily attention.
Some other benefits of efficiently implementing AI systems in the industry are:
• More options available with the convenience
- Quick and easy appointment scheduling
- Convenient bill paying
- Less time spent completing medical forms
For medical practitioners and hospitals
- Reduced costs
- Reduced wait times
- Decrease the probability of human errors.
- Easier payment options
- Increased patient satisfaction
Although forecasting the future of AI in healthcare is difficult, but this advanced technology has a role to play as a partner in the sector.
As precision and personalized medicine become more common in the future, the avalanche of medical data in the form of clinical, genetic, and imaging data is only expected to grow. We expect the healthcare industry to become even more data-centric in the near future and by evaluating the enormous volumes and varied types of data that healthcare institutions collect in real-time, AI will assist the future demands of medicine.
We expect the technology to assist and enhance physicians by removing the mundane aspects of their profession, allowing them to spend more time with their patients.
While AI is unlikely to replace physicians in the near future, medical practitioners must understand both the aspects and how AI-based solutions can assist them in giving better outcomes at work.