The Prescription for AI
A recent report published by Accenture, suggests Artificial Intelligence (AI) will lead to billions in savings within the US healthcare sector over the next four years. With commercialized and scaled solutions such as devices connected to AI-based predictive analytics models already in place, the healthcare industry is on course to save nearly $150 billion by 2020.
The same report also found that when presented with a variety of real-world AI scenarios, the majority of people were more comfortable with AI in a healthcare setting than within the banking or retail industry. With pharmaceutical companies investing in AI for drug discovery and AI-based pre-primary care apps already established in the market, this consumer comfort level appears to be growing.
Developing Cost Effective Healthcare
From predictive analytics to virtual assistants, evidence of the potential of AI to rescue the ever-shrinking budgets of healthcare institutions is mounting. With total healthcare spending projected to reach $5.7tn by 2026, harnessing the power of AI could see healthcare systems stream-lined and made cost-effective. As large sets of data from healthcare providers become more available, AI can improve clinical decision-making, ensuring the right interventions, at the right time. This improvement in patient outcomes, could significantly eliminate those expenses associated with post-treatment complications – one of the largest costs to the healthcare industry.
Improving Health & Saving Lives
With human lives at stake, the contribution of AI to the healthcare industry can’t just be an answer to improving cost effectiveness. AI-based solutions have the potential to save lives. Researchers at Houston Methodist Research Institute in Texas have developed artificial intelligence software that can accurately predict breast cancer risk. Demonstrating an impressive 99% accuracy rate and 30 times faster in reviewing and translating mammograms, AI has the potential to enable much earlier detection of breast cancer, saving thousands of lives. Clinical trials can cost millions of dollars and take years to develop. AI is already being deployed to optimize drug development using biomarkers and millions of patient data points, speeding up the process, along with making it more cost effective.
AI has the potential to truly revolutionize the healthcare industry. Millions across the globe cannot access affordable care and with healthcare spending rapidly increasing, embracing AI could not only produce more effective drugs and save doctors’ time, more importantly it could play its part in saving lives.