HomeRoots Pitch Deck | Investor Insights | April 2024
Artificial Intelligence Use in the Healthcare Industry
1. Artificial Intelligence Use in the
Healthcare Industry
AI is used in healthcare in
diverse treatment methods as
well as to provide important
solutions such as medical
transcription service.
Medical Transcription Services
United States
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Today, technology plays an important role in every industry including healthcare.
Advancements in the medical industry have allowed physicians to diagnose and treat
patients more efficiently and save countless lives. Technology use in healthcare range
from diverse methods of treatment offered to patients to various types of software and
techniques used to provide important solutions such as medical transcription service.
Artificial intelligence (AI) is a technology being increasingly implemented across the
healthcare industry with around 86% of healthcare provider organizations, life science
companies, and technology vendors to healthcare using it, according to a 2016 CB
Insights report. It is estimated that by the year 2020, these organizations will spend an
average of $54 million on AI projects.
Uses of AI in Healthcare Industry
➢ Chronic Disease Management: With AI, medical companies can assess
patients’ medication needs, read biosensors and automate the administration of
medications and other treatments using a connected mobile application. For
instance, for patients with diabetes, insulin administration can be done with the
help of automated technology and the healthcare industry has been using this
solution for many years successfully.
➢ Internet of Things (IoT): Companies are incorporating technologies of AI and
IoT to monitor patient diligence and adherence to treatment protocols. Monitoring
patient care in critical conditions will ensure that the best care can be provided
based on the data received.
➢ Medical Record Management: This is a widely used application of artificial
intelligence and digital automation. Here robots collect, store, re-format and trace
data. Faster and more reliable access to data is ensured.
➢ To Perform Repetitive Jobs: Robots can more quickly and accurately perform
repetitive tasks such as data entry, analyzing tests, X-Rays, and CT scans.
Cardiology and radiology specialties that have large volume data to analyze can
benefit from the service of robots.
➢ Medical Imaging: Companies are using AI to enhance the clarity and accuracy
of images without much exposure to harmful radiation. Clearer images help
determine the actual care required and this in turn helps improve clinical
outcomes.
➢ Robotic Surgery: AI is being used for surgical procedures from simple
tonsillectomies to complex brain surgeries. The main advantage of AI over human
intelligence is the capability of endurance. An AI robot can perform a surgery for
hours after human endurance would have been tapped out. AI has the ability to
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adjust to unforeseen situations that may arise, and allow the required changes to
be made in the procedure and duration.
➢ For Digital Consultation: AI can be used effectively to provide medical
consultation via apps, based on the patient’s medical history and common
medical knowledge. Patients can report their symptoms into the app, which
employs speech recognition to compare against a database of illnesses. The app
then provides a recommended action taking into account the patient’s medical
history.
➢ Virtual Nurses: Digital nurses have been developed to monitor the patient’s
condition and follow up with treatments, between physician visits. For example, in
2016, Boston Children’s Hospital developed an app for Amazon Alexa that
provides basic health information and advice for parents of children who are ill.
➢ Pharmaceuticals Development: This process can be made faster and cheaper
with the help of AI programs such as the one developed during the Ebola virus
scare to scan existing medicines that could be redesigned to fight the disease.
This program identified 2 medications that could reduce Ebola infectivity in one
day.
➢ Monitoring Health: FitBit, Apple, Garmin and other manufacturers have
developed wearable health trackers that can monitor heart rate and activity
levels. These applications can send alerts to the user to get more exercise and
share the information with physicians and AI systems.
➢ In Precision Medicine: AI can help body scans spot cancer and vascular
diseases early and predict various health issues people may face based on their
genetics.
In 2017, the MiniMed 670 system introduced insulin pump designed for diabetes. People
who had trouble monitoring and controlling their blood sugar can wear this pump that
delivers a constant supply of insulin and glucose.
Philips Healthcare is a leader in wearable biofeedback technology. In fact, analysts
estimate that this will be a $25 million sector of the healthcare industry by 2019.
GE Healthcare designed a new product, services and technology to improve the speed
and accuracy of CT scans. Increase in speed means less radiation exposure for patients
and caregivers.
Technology has also changed the traditional method of medical transcription. Today,
physicians can use speech recognition-enabled EHR systems in their offices, or utilize the
services of a medical transcription company that provides EHR-integrated transcription
via HL7 interface. The latter option is proving to be more practical because with speech
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recognition technology, some hurdles still exist. These include punctuation errors, proper
nouns, and difficulties with fast or mumbled speech and foreign accents. Natural nuances
and variations present in speech deter AI programs. Even more advanced technology
produces transcripts that often need to be checked by a human transcriptionist.