Artificial Intelligence is impacting healthcare in the same way that OBD impacted automobiles a few decades ago. With the combination of data and machine learning, AI is moving healthcare to a much more automated, efficient, interactive, and intelligent state. But how will AI impact the future of Healthcare? The most significant way Artificial Intelligence has transformed healthcare is through data analysis and management. AI can store, connect, and skim through patient data to identify medical problems and diagnose them through highly accurate clinical decisions.
Akin to other industries, the healthcare sector is also undergoing the process of embracing artificial intelligence (AI) and machine learning, which provides a potential revolution in operations, patient care, and security. Creators of AI tools focus on AI and machine learning to leverage these technologies to improve the healthcare and other realms. The datasets of the healthcare sector are relatively smaller when compared to other consumer and business applications. Unlike AI tools of other sectors, healthcare AI tools depend on data sets having orders of magnitude much smaller and therefore demands AI developers to possess a deeper understanding of the data and industry knowledge since data interpretation and coding mistakes are amplified in smaller data sets. Additionally, the real world applicability should be a priority.
Intermedix Corp., the Nashville-based developer of cloud-based clinical and financial analytics technology, has acquired Brentwood, Tennessee-based WPC Healthcare in a move it says will improve its data science offerings. "Data science and machine learning are the future of healthcare," said Joel Portice, CEO of Intermedix, in a statement, adding that WPC will help Intermedix better assist customers in managing care and optimizing their revenue cycles. Intermedix helps more than 15,000 healthcare providers assess clinical, operational, utilization and financial metrics as they work to improve quality and efficiency. WPC Healthcare's machine learning and predictive analytics technology will bolster those capabilities, he said. The company's data science team will join the business analysts and data scientists from Intermedix at the company's innovation lab in Nashville.
Among healthcare organizations surveyed, 42 percent are using machine learning to reimagine processes and process change. Furthermore, 42 percent of US healthcare firms surveyed say they are using machine learning in at least one business process and 42 percent are using it to transform the human-machine work relationship. More than half (52 percent) are harnessing data to create exponential improvements in speed and key performance indicators (KPIs). Many healthcare organizations report that machine learning-enabled processes are reducing costs/improving revenue and also improving KPIs. More than half (51 percent) of healthcare organizations say that machine learning-enabled processes have helped to reduce costs to "service products after sales" by at least 50 percent.
Artificial intelligence is driving changes in almost every industry, healthcare included. The cost of healthcare has been rising rapidly for decades on end. Some studies have concluded that healthcare will account for over 20% of the GDP of the US by 2025. At the same time, healthcare professionals are working hard to treat the increasing number of patients with their high patient care expectations. Artificial intelligence could be the solution that the industry is desperately searching for.