Artificial Intelligence to play a role in Preventive Healthcare

For patients of diabetes and heart disease, an important part of the treatment is staying healthy outside the hospital. And, not to return to the doctor’s clinic with further complications. Nonetheless, there involves probability factor to reach out to the most vulnerable patients at the time of need than clinical assessments.

Artificial intelligence displays the potential to play a role here. The role to help clinicians handle such problems. It does so by examining large datasets to spot patients that would benefit most from preventive measures.

Nonetheless, in order to leverage artificial intelligence, this requires healthcare organizations to employ their own data scientists. Alternately, healthcare organizations can settle for one-size fits all AI solutions that are not optimized for all patients.

New Analytics Solution suitable for Raw Patient Data

To address this, the startup is playing a role. It is helping healthcare organizations leverage the power of AI with flexible analytics solution. Employing this solution, it enables healthcare organizations quickly feed their data into machine learning models and obtain actionable results.

Importantly, the platform is being used to help determine the patients that have higher probability to miss appointments, benefit from routine check-ups, acquire infections like sepsis, and more.

Furthermore, the platform finds use for health insurers as well. Health insurance companies are using ClosedLoop for population-level predictions. Such predictions are around things such as patient readmissions and the start or progression of chronic diseases.

“ClosedLoop developed a healthcare data science platform to be suitable for any kind of data that organizations have, build models specific to patients and deploy the platform,” stated the CTO of ClosedLoop.

The platform developed by ClosedLoop is of immense value. It provides the ability to use somebody’s raw data in the way it is in their system and to convert it into a model that can be readily used.

Artificial Intelligence holds Promise to Mitigate Healthcare Revenue Cycle Waste

Following patient care, artificial intelligence is now seeking opportunities for improvements of administrative processes in the healthcare sector. With maturation of the technology and its increasing viability, revenue cycle management is one area wherein artificial intelligence is evident.

Meanwhile, several current revenue cycle processes result in lot of friction and waste. According to an industry data cited at a HIMSS20 digital presentation, inefficient revenue cycle practices in the healthcare system can result in administrative waste amounting to as much as US$200 billion. The waste generated in the system between providers and payers is due to lot of inefficiency, lack of transparency, inaccurate documentation and coding, and lack of awareness regarding certain steps on both sides.

According to statistics provided by technology enterprise Optum360, hiring data illustrates administrative spending has increased. While hiring for physicians has increased since 1970, but administrative hires have increased by 3,000% since then.

AI to translate into Positive ROI for Administrative Applications, says industry statistics

Owing to this, the sentiment of healthcare professionals towards the technology to mitigate waste is positive. According to data provided by Optum, 97% of healthcare personnel trust AI to handle clinical or administrative applications, whereas 85% are currently developing or implementing some kind of AI strategy. About 55% healthcare personnel, which is more than half, expect to achieve positive ROI in less than three years.

Organizations on an average are investing US$39.7 million on implementation of AI over the next five years. At present, almost one-third of health plans, employers, and providers are automating processes such as customer service or administrative tasks, and almost 56% of health plans are using technology to combat waste, fraud, and abuse. Furthermore, the technology finds use y thirty-nine of providers to personalize care recommendations.

Presence of handful of players Leads to A Highly Competitive Landscape

San Francisco, California, March 27, 2018: A recent report by TMR Research, titled, “Artificial Intelligence Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” projects this market to bode well in terms of depicting a magnificent growth thanks to the world of technology growing with leaps and bounds.

Technology in every field is mostly progressing towards attaining not only high efficiency, but also a need to simplify processes. These two crucial driving factors are highly responsible for the global artificial intelligence market to grow rapidly in forthcoming years. A bright future for this market has been predicted to occur owing to a high demand for artificial intelligence in several sectors such as BFSI, retail, health informatics, E-Commerce, and others.

The global artificial intelligence market covers North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America, from a regional perspective. From these, North America has accounted for a spectacular revenue valuation, which is further expected to continue in the near future. This is mainly due to a large uptake and adoption of artificial intelligence systems and their requirements in different work sectors. Presence of several renowned players dealing with research and development of new artificial intelligence has also been responsible for this region to hold a leading stance.

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The global artificial intelligence market showcases a relatively nascent competitive landscape, as many players are finding it difficult to develop prototypes for their underlying technology. Thus, the vendor landscape is highly consolidated due to the presence of very few players in the global artificial intelligence market. Most companies focus at gaining maximum funding from various private as well as governmental organizations as a prime strategy. IBM Corporation, QlikTech International AB, Next IT Corporation, Nuance Communications, Microsoft Corporation, IntelliResponse Systems Inc., Google Inc., Brighterion Inc., and eGain Corporation are key players operating in this market.