In comparison to the struggles the retail space has been having with the blurred lines between digital and physical, the healthcare sector appears to be the throes of a wide embrace of technologies that will alter the way doctors, pharmacies, insurers, and patients connect with each other. The alignment of the Internet of Things -- or in the case of a specific business segment identified by Accenture as the "Internet of Health Things" -- with artificial intelligence that powers "smart search" results provided by Amazon's Alexa or IBM's Watson is already altering the priorities of all facets of the health & wellness industry. To put a dollar figure on what all this change amounts to, Accenture cites an eMarketer's forecast saying the value of IoHT will reach $163 billion by 2020, with a Compound Annual Growth Rate (CAGR) of 38.1 percent between 2015 and 2020. And within the the next five years the healthcare sector is projected to be "number one" in the top 10 industries for Internet of Things app development. As a separate Accenture report notes, the insurance industry is primed for AI.
The past 10 years have given us some truly innovative technology; now, healthcare providers are beginning to figure out the best ways to use it. They would do well to follow other industries by listening to consumers – in this case, patients – to determine the best way to incorporate this technology into their workflows. In this guest post, Vinay Seth Mohta, a managing director at an artificial intelligence engineering services firm, offers three patient-focused AI applications that might be a good place for healthcare executives to start. Accenture's "2018 Consumer Survey on Digital Health" found that three-quarters of the patients surveyed use technology to manage their own health. In addition, patients said they were eager to incorporate a new kind of technology into their health care: artificial intelligence.
Artificial intelligence already is having a significant impact on healthcare, and that impact – both good, in terms of patient care and operational efficiencies, and bad, as some believe it is contributing to higher healthcare costs – is only just beginning. Those were among the findings in research and consulting giant KPMG's new study, "Living in an AI World: Achievements and Challenges of Artificial Intelligence Across Five Industries." The report looks at how 751 insiders representing five industries – including healthcare – view the future of AI in their sectors, and the steps they are taking to maximize its benefits and mitigate its challenges. In healthcare, while 53% of respondents say the industry is ahead of most others in AI adoption, they nevertheless believe it needs to happen much faster. But their impatience is a clear sign that they appreciate the current impact of AI, as well as its vast potential for transforming many facets of healthcare, KPMG contended.
CHICAGO & LONDON--(BUSINESS WIRE)--Artificial Intelligence (AI) is widely expected to drive important benefits across the health system, from increasing efficiency to improving patient outcomes, but it also may be key to making healthcare more human. Benefits range from increasing the amount of time clinicians can spend with patients and on cross-care team collaboration to enhancing the ability to deliver preventative care. According to a new study of more than 900 healthcare professionals in the U.S. and U.K. conducted by MIT Technology Review Insights with GE Healthcare, nearly half of medical professionals surveyed said AI is already increasing their ability to spend time with and provide care to patients. Additionally, more than 78 percent of healthcare business leaders who reported they have deployed AI in their operations also reported that AI has helped drive workflow improvements, streamlining operational and administrative activities and delivering significant efficiencies toward transforming the future of healthcare. "Of any industry, AI could have the most profound benefits on human lives if we can effectively harness it across the healthcare system," said Kieran Murphy, President and CEO, GE Healthcare.