Introduction: Artificial intelligence in healthcare business process improvement
Artificial intelligence in healthcare business process improvement, has a huge role to play in global healthcare. Almost 50% of the global population doesn’t have access to key health services. Mainly driven by poverty, those who can’t cover the out-of-pocket costs, end up avoiding treatment for as long as possible.
UNCTAD statistics show that to keep up with sustainable development goals, more than $140 billion should be spent yearly between 2015 to 2030. Investing in artificial intelligence is expected to bridge that unaffordable health service gap to reach underserved patients. That leads to one question. What is the role of artificial intelligence in healthcare business process improvement? Here is my take on emerging markets.
Current Healthcare State and AI Impact
In 2017, the number of uninsured Americans skyrocketed for three whole years. It went from 26.7 million (2016) to 28.9 million (2019), increasing by 2.2 million. That is over a 10% growth. In many countries, healthcare is very expensive.
Improving access to healthcare is crucial to help everyone in our society become productive members of our community. Technology has always been here to provide better delivery of healthcare.
The first case of AI in this field was recorded in the 90s when machine learning (ML) became a key component in medical imaging and identifying cancers. The better it became, the more improvements it provided, enabling proliferation, analyzing, and tracking of massive amounts of data. So, what is it that artificial intelligence can offer in terms of business process improvement?
Also Read: Artificial Intelligence in Healthcare.
The Role of Artificial Intelligence in Healthcare Business Process Improvement
The confluence of AI and other digital tech has massive potential. The role of artificial intelligence in healthcare business process improvement can be seen in multiple segments. For example, assessing and aggregating patient data.
This can be used to boost risk analytics, imaging solutions, and ML platforms. But, most importantly, it can decrease unit costs of administration. All of that can be achieved with the help of automated scheduling. When physicians don’t have to pay that much attention to making notes or doing administrative tasks, they can free up some valuable time to care for patients.
Marketing experts believe that taking care of mundane medical records is costing $90-140 billion in doctor time annually. That’s a lot of money saved over something that’s done on a regular basis. But, there is more.
ML technology can hold a significant share of AI in the healthcare market. The demand to decrease healthcare costs and provide better data is driving the growth of this market.
Because of COVID-19, some AI applications were pushed ahead to accommodate the emerging markets. Take vaccine and drug research, for example. Then, we also have a surveillance and patient tracking system. These might all come in handy for predicting serious COVID cases.
How Companies Are Adopting AI Technology
Artificial intelligence adoption is prominent in sectors that are already profound digital adopters. Financial services, automotive, and high-tech industries are highly relying on AI technology. Unfortunately, health care has one of the lowest AI use.
The problem is, not many healthcare providers are truly ready to embrace an AI-driven workplace.
I think it has a lot to do with digital maturity. We can see that with the tourism and education sector. Media, retail and CPG, have already made some efforts to adopt some level of AI technology.
But, for an industry to thrive, particularly the healthcare sector, they should be working to boost their interoperability and access to data. Early AI usage can provide real value and could become a key force for distribution. For many, it is a crucial investment.
Here, I will delve a little deeper into how to make that happen.
How to Make the Most of AI for Healthcare Business?
To achieve true scale in the use of artificial intelligence, hospitals might have to establish trust with their patients. By first establishing a framework that takes care of patient data, algorithms that help with monitoring, governing, and more.
Many companies are already investing in AI for their healthcare business. The number of health-related technology deals and funding went up in the last decade.
It reached 800 deals and $15 billion in funding. However, in 2019, that interest slightly fell, only to grow yet again in 2021. By 2025, AI health in China is estimated to experience an annual growth rate of 52.8%.
The same forecast period is projected to provide growth in the diagnostics and medical imaging segment. AI healthcare can contribute to numerous factors by providing a volume of imaging data for various uses. Due to the shortfall of medical staff from the corona outbreak, AI tech can surely prove useful.
Once you take a look at these statistics, it is easy to see where those benefits are coming from. Overall, corporations and major players in the industry believe that AI has potential. In terms of business process and improvement, there is little that this technology can’t offer.
For a company that is constantly engaged with the use of Artificial intelligence in their industry, they can fortify its capabilities and provide top-quality care. Most importantly, they can aim to extend and improve their services. Something like this is always considered valuable within the healthcare field.
Countless people can’t afford proper healthcare. All those expensive out-of-pocket costs are making it difficult to cover the expenses. But, with AI technology, it is possible to revamp these services and provide more affordable treatment.
At the moment, many companies are already using Artificial intelligence. Because of its significant potential, it is easy to see why. When you think about the way AI can provide better business improvement for medical uses, it too has its positive sides. By taking some of the workloads of the physician’s shoulders, it is easier to focus on boosting patient care. All in all, healthcare facilities can use AI to build trust, productivity, efficiency, and convenience.