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.
Artificial Intelligence or AI has emerged as the one technology that has the potential to completely change the world as we know it. This technology has already made its presence felt in other industries such as manufacturing, logistics, retail, etc. Now AI is trying to enter the healthcare segment to give it a complete overhaul and make it more efficient. We have already witnessed the rise of robotic-assisted surgeries. AI also has the potential to improve doctor-patient interactions and enhance hospital efficiencies with the use of self-learning algorithms that have the capability to perform clinical and administrative healthcare functions.
The factors negatively influencing healthcare are many but have been exacerbated by rises in life expectancy, and a growing complex aging population with multiple morbidities. Money is unlikely to be the solution to the ever-growing strain on healthcare exemplified by the NHS where the annual spend has increased every year since its inception 70 years ago. Instead suggestions have been made that we must find better ways to manage the current budget and indeed save while improving quality of care. To do this will not only require a radical change in the way in which healthcare is delivered but also in the way that healthcare professionals think in terms of embracing change and in the way, healthcare is administered. This can only be realised through co-production between academic researchers in the biomedical and data science space, healthcare professionals, policy makers and notably patients.
Nowadays, the healthcare sector is changing at a rapid pace. What once was a conventional industry that worked around many rounds of contact between doctor and patient almost always led to a shallow positive feeling that telemedicine has made the relationship between the doctor-patient real-time and without geographical constraints. A while back, we discussed the healthcare developments that would govern 2018, and now that we are getting ready to start a new year, it is only fitting that we look at where technology is going for the healthcare industry. Let us look at top healthcare trends for 2020 and beyond without further delay. AI is altering our view on the delivery of modern-day Healthcare.