Lack of technical expertise and quantitative skills among the professionals in the healthcare industry is one of the reasons why healthcare industry has failed to leverage the power of big data analytics. Secondly, the data storage is a big issue in healthcare industry. Estimates indicate that 90% of the data that is generated within the healthcare industry is not stored properly. This is mainly because of lack of standards. In addition, the technical systems that format and store these data sets are strikingly different, both within the industry and outside the industry, creating data integration issues.
In the past few years, the healthcare industry has undergone an ample amount of changes. These changes are more in the ways how the healthcare industry stores data. Moving backward in our distant past, remind us of the old paper-based method to keep health records. It doesn't exist anymore in our present. Instead, we have new data-keeping methods, i.e., online digital records where storing & sharing information is easy.
Artificial intelligence has been playing a critical role in industries for decades. AI has only recently begun to take a leading role in healthcare. According to Frost & Sullivan, AI systems are projected to be a $6 billion dollar industry by 20211. A recent McKinsey review predicted healthcare as one of the top 5 industries with more than 50 use cases that would involve AI, and over $1bn USD already raised in start-up equity2. With such exponential growth, what does this mean for your organisation?
From diagnosis supported by artificial intelligence (AI), to 3D printing, virtual reality pain management, nanomedicine, and telemedicine – technology is transforming the healthcare sector. In many ways, technology is a boon to the industry. According to the Association of American Medical Colleges, the US faces a shortage of between 40,800 and 104,900 physicians by 2030. Emerging technologies can help with this problem by expediting diagnoses and allowing physicians to focus on complex cases. However, change almost always comes hand in hand with new risks.
AI is no longer just science fiction! And thankfully it is bringing life-changing transformation in the healthcare industry. AI can collect data over time, access data stored in other systems. And it can go over data written on the online books, internet. Gathering all the information together, it can research notes in a matter of seconds! And finally, it can make an educated decision based on all the data it has been over.