Healthcare AI poised for explosive growth, big cost savings

Artificial intelligence "is rewiring our modern conception of healthcare delivery," according to a new Accenture report that shows an array of clinical AI applications are already well on their way to saving the industry $150 billion over the next 10 years. In the shorter term, the report forecasts a 40 percent compound annual growth rate between now and 2021, with acquisitions of AI startups proceeding at a feverish pace. The technology represents "a significant opportunity for industry players to manage their bottom line in a new payment landscape," according to the report, which examined 10 different AI applications, ranked by their potential for cost savings. Robot-assisted surgery – $40 billion Virtual nursing assistants – $20 billion Administrative workflow assistance – $18 billion Fraud detection – $17 billion Dosage error reduction – $16 billion Connected machines – $14 billion Clinical trial participant identifier – $13 billion Preliminary diagnosis – $5 billion Automated image diagnosis – $3 billion Cybersecurity – $2 billion "As these, and other AI applications gain more experience in the field, their ability to learn and act will continually lead to improvements in precision, efficiency and outcomes," said Accenture researchers. But as the industry rushes headlong to embrace a technology that "thinks and pays for itself," there are some important considerations to keep in mind, according to the report.