The global healthcare industry has to meet various needs – of patients who have now become active participants from earlier being passive consumers; of physicians trying hard to satisfy the needs of these patients; and of insurance providers who are charged with streamlining healthcare models and payments to cope up with evolving healthcare services and financing models. Artificial Intelligence (AI) can empower the three key players to collaborate effectively and benefit each other.
Artificial Intelligence, which can potentially transform any industry, is gaining rapid adoption worldwide. The overall Artificial Intelligence market is predicted to reach USD16.06 billion in growth by 2022 at a CAGR of 62.9% between 2016 and 2022.
Realizing the potential of AI, many businesses across diverse industries are embracing the technology to augment their operations. Enterprises across the globe are leveraging Artificial Intelligence consulting services to identify AI use-cases and run pilot programs.
Application of Artificial Intelligence in Healthcare
The healthcare industry is witnessing the release of AI-powered health plans; however, organizations need to consider their business value, technology maturity, and the potential of AI across the value chain to choose the right use-case for implementation.
Owing to new technological developments and big data, Artificial Intelligence is poised to bring a profound, positive change in the healthcare industry.
- Enhancing patient engagement models
The increased engagement of patients in healthcare is more likely to deliver better health-related outcomes. Research reveals that the more a patient is engaged in healthcare, the more likely they will adopt preventative measures. This leads to fewer chances of patients getting hospitalized or requiring emergency healthcare services.
By harnessing the potential of apps and online portals, the healthcare industry can ensure better communication between healthcare providers (HCPs) and patients, which can further improve the engagement rate by 60%. Healthcare apps that collect, store, and share patients’ data over the cloud provide HCPs and patients with round-the-clock access to data.
Patients can leverage the apps to input details about their health and the apps can check the information shared by patients against an extensive database of information on diseases. As a result of a comprehensive data analysis, the apps can suggest measures that can be taken by the patients to alleviate the condition.
- Increasing system efficiency
Of late, many health insurers planned to exit health insurance exchanges due to expensive medical treatment that prevented people from taking health insurance.
Healthcare organizations can leverage business transformation consulting services to identify the right areas to integrate AI for clinical support. This can forge the path for streamlined hospital workflows and enhanced healthcare delivery. It has the potential to improve healthcare outcomes by 40% while reducing the treatment cost by 50%.
The application of Artificial Intelligence can benefit nearly every area of healthcare. Whether through intelligent care management or reducing the treatment cost, AI holds massive potential to deliver meaningful, transformational outcomes across the industry. Many of the enterprises have begun to comprehend the benefits of Artificial Intelligence and are navigating from mobile-led transformation to AI-led transformation.
Millennial Partners offers mission-driven Artificial Intelligence consulting services, helping global enterprises to embrace AI and harness its potential to bring value across their operations. Our intelligent AI strategy, complemented with a coherent roadmap, helps you to identify the right use-case and prepare your business for tomorrow.
Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.
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