All across the medical practice landscape, artificial intelligence (AI) is being implemented to leverage data-driven decision-making to improve efficiencies at scale. Artificial intelligence applications in healthcare leverage complex algorithms to streamline, automate, and optimize key operational processes.
The result is a more seamless care environment that links medical researchers, doctors, scientists, and laboratory clinicians to advanced machine learning (ML) capabilities driving much more efficient and precise decision-making. AI holds the processing power to dramatically improve the way doctors evaluate, diagnose, and treat patients across community health settings.
Healthcare expenditure on artificial intelligence is projected to grow 40% in 2023, from $4.4 billion in 2022 to over $6.2 billion in the new year according to Omdia Forecasts. Over 96% of healthcare organizations surveyed across 2022 reported feeling confident or very confident about AI’s ability to deliver better medical outcomes and business results for providers.
“Healthcare is going to grow faster than most other industries, and according to our forecasts, we expect spending on AI in the healthcare sector to be ranked second only to consumers in 2027,” said Andrew Brosnan, Principal Analyst in Omdia’s AI & Intelligent Automation Practice.
“Healthcare companies historically are conservative when it comes to adopting new technology because of the high stakes of patient care and privacy, security and regulatory concerns but that’s changed rapidly since the 2020 COVID-19 pandemic. The use of AI during the pandemic and proof-of-concept projects is bolstering confidence in the value AI can deliver in healthcare.”
Healthcare IT has never been a more important quotient of medical success as clinical success, operational efficiency, and practice innovation hinge more and more on the ability to leverage cloud-based software to build the right technology stack. Your organization’s digital health ecosystem needs to deliver robust interoperability to fuel data exchange among stakeholders without compromising privacy or HIPAA compliance.
Artificial intelligence, machine learning, and natural language processing (NLP) are transforming the way medical professionals connect with technology to serve their patients. The future of healthcare service delivery is intrinsically linked to the innovative potential of cutting-edge AI-based technologies coming out of the research and development pipeline. In this article, learn more about the innovative solutions shaping the future of healthcare AI.
Data-Driven Decision Making: Leveraging AI to Improve Clinical Efficiencies at Scale
One of the areas of the healthcare landscape where artificial intelligence has already made a tremendous impact is the pharmaceutical industry.
Data-driven decision-making and the ability to leverage automation are streamlining the drug discovery and clinical trial processes making it easier for researchers to discover new drugs and get them to market even quicker. As data-sharing capabilities improve, many medical researchers believe AI will play a vital role in allowing physicians to offer their patients more highly specialized treatments according to their unique physiology and genetic makeup.
They believe that as community health data sets expand and public health records are analyzed at scale, researchers will be able to respond to emerging community health concerns at the macro level faster while offering more effective micro-level interventions in line with new person-centered care directives. AI enhances the ability of pharmaceutical research teams to gain more robust real-time visibility into the success of medical interventions.
In the near future, as digital health services connect regional medical centers, laboratories, specialist clinics, and other spokes in the healthcare nexus it will be much easier for manufacturers to expedite production timelines and deliver life-saving medicines when and where they are needed by leveraging advanced medical, social, geographical, insurance and other types of data relevant to the drug discovery process.
Healthcare AI Use Cases Driving Innovation and Improving the Quality of Medical Care
Healthcare spending on artificial intelligence solutions is expected to expand at a compound annual growth rate (CAGR) of 29% to reach a value of $13.8 billion by 2027 when it is expected to be the fastest-growing business sector in the world.
Over the last 5 years the adoption of AI in healthcare has increased by over 300% and more than 83% of healthcare providers consider completing strategic investments to improve AI software capabilities to be a key goal for 2023.
These improvements are in no way limited and encompass every touchpoint linking physicians and patient consumers across the community health system.
Here are some of the broad use cases defining the growth of healthcare AI across the healthcare, medical, pharmaceutical, and wellness industries:
- Enhance Clinical Efficiency With Automated Decision Support
One of the most powerful areas where AI is transforming healthcare is in the way doctors are using EMR/EHR systems. AI helps physicians to interpret patterns more accurately to deliver more reliable medical treatments. The software acts as an extension of the human clinician’s expertise and offers the patient a more detailed understanding of what is actually going on based on all the available clinical information. - Streamline Information Sharing Between Stakeholders
Rules-based robotic process automation (RPA) makes it much easier for clinicians to capture the information they need to stay ahead of compliance demands while also providing patients the access they need to stay on top of their care. Automated rules-based information sharing ensures that patients and providers have access to the personal health information they need without compromising HIPAA compliance. - Optimize Professional Development Services
AI is transforming the way healthcare organizations work with information. This includes the information driving their training and professional development procedures. As organizations continue to adopt telehealth solutions and services there are more and more continuing education opportunities being offered using artificial intelligence, machine learning, and NLP applications. - Deliver on the Promise of Person-Centered Care
In recent years, the medical industry has rallied around the concept of offering patients access to more personalized services. AI is delivering on those promises and making it much easier for patient-consumers to navigate the healthcare nexus and get the answers, access, and opportunities they need to reduce the overall cost of care while receiving a higher overall quality of care. - Secure Business Success
Robotic process automation, machine learning, and augmented reality applications are being used by healthcare decision-makers to model complex processes and create real-time models of multi-faceted business processes. The result is a much deeper understanding of what is driving success and how to secure partnerships, contract terms, and opportunities to maximize revenues and limit exposure to risks and liabilities.
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FAQ
- How much is healthcare expenditure on AI expected to increase between 2022 and 2023?
Healthcare expenditure on artificial intelligence is projected to grow 40% in 2023, from $4.4 billion in 2022 to over $6.2 billion in the new year according to Omdia Forecasts. - What percentage of healthcare organizations are considering using AI?
Over 96% of healthcare organizations surveyed across 2022 reported feeling confident or very confident about AI’s ability to deliver better medical outcomes and business results for providers. - How much will healthcare spending on AI increase over the next five years?
Healthcare spending on artificial intelligence solutions is expected to expand at a compound annual growth rate (CAGR) of 29% to reach a value of $13.8 billion by 2027 when it is expected to be the fastest-growing business sector in the world. - What percentage of healthcare decision makers consider investing in AI a goal for 2023?
Over the last 5 years the adoption of AI in healthcare has increased by over 300% and more than 83% of healthcare providers consider completing strategic investments to improve AI software capabilities to be a key goal for 2023.
