Hartford HealthCare, a comprehensive and integrated healthcare system serving more than 17,000 people daily across its 400 locations, recently announced its decision to launch a novel research initiative with Ibex Medical Analytics.
Ibex is the pioneer in AI-powered cancer diagnostics and will use its AI solution ‘the Galen Breast’ to help cancer diagnosis and improve patient care.
This initiative is a natural progression in Hartford HealthCare’s ongoing digital transformation. The AI assistant could provide a greater safety net with minimal effort when pathologist staffing and recruitment are becoming more challenging due to the fast-increasing number of cancer cases. The initiative underlines the growing importance of intelligent analytics in improving diagnostics and patient care.
While everyone agrees on the importance of good health care, medication errors alone cost about US$ 42 billion each year. 4 out of 10 patients suffer during primary and ambulatory healthcare, and often, these errors are related to diagnosis, prescription, and use of medicines. Healthcare experts believe patient engagement is the key to safer healthcare and can reduce the harm and the subsequent cost by up to 15% annually.
The growing concerns in the healthcare industry have put the spotlight on intelligent analytics to help clinicians and caregivers improve patient outcomes.
Intelligent diagnostics rely on Artificial Intelligence to create new pathways for healthcare
Due to its ability to analyze massive amounts of data with efficiency and accuracy, AI plays a transformative role in healthcare. It paves the path for analytics. It empowers healthcare professionals with clinically-relevant insights to diagnose diseases correctly. Artificial Intelligence is now part of the everyday workflows of top healthcare organizations. No wonder AI spending in the healthcare and pharmaceutical industries is predicted to surge.
From US$ 463 million in 2019 to US$ 2 billion in 5 years, the growth is being attributed to the vital role AI has been playing during the pandemic. Companies like Alibaba, YITU, Graphen, and Google DeepMind have been involved in building tools that could detect the virus and analyze the virus to predict its potential protein structure and track its geographical footprint.
Typically, intelligent analytics helps healthcare companies integrate insights derived from medical device data with patients’ health records to improve workflows and gather evidence of clinical outcomes. Data comes from different sources such as clinics, hospitals, medical insurance, medical equipment, and medical research.
When analytics in tandem with Artificial Intelligence, Machine Learning, and the Internet of Things is applied over big data, it provides actionable insights to make smarter decisions, optimize resources, and offer high-quality patient care. It helps caregivers with the required algorithms to create a value framework for all.
In the healthcare industry, intelligent analytics can be:
- Descriptive – that examines and describes an event that occurred in the past
- Diagnostic – that looks into the factors that caused the event
- Predictive – that analyzes trends and historical data to predict such events
- Prescriptive – that outlines the actions to be taken to prevent such events and attain future goals efficiently
Connecting the dots in healthcare with intelligent analytics
Intelligent analytics works for diverse use cases in healthcare, including early detection, identifying at-risk patients, preventing equipment downtime, and improving patient outcomes. It accelerates decision-making radically since caregivers have access to the necessary information.
Would surgery lead to any complications? If complications arise, would the patient be able to survive them? What are the odds of a patient getting readmitted to the intensive care unit after showing recovery symptoms?
These questions can be daunting, but analytics has all the answers!
While clinicians have been making quick choices in times of uncertainty, intelligent analytics allows them to make informed decisions. It provides predictive algorithms, and organizations are quick to acknowledge its benefits. As per a survey, 42 percent of those who embraced it have seen improvement in patient satisfaction, while 39 percent have seen significant cost savings.
Let’s look at the top applications to understand why intelligent analytics is an absolute must for the healthcare sector.
Early detection of anomalies in scans
The global anomaly detection market is up for massive growth, with its value predicted to touch US$ 8.6 billion by 2026. Also called outlier detection, it points out events and instances that seem suspicious compared to the rest of the data. In healthcare parlance, detecting anomalies early on can help prevent insurance fraud. It allows clinicians to differentiate the normal from the abnormal based on algorithms derived from data.
Especially when different anomalies exist, anomaly detection plays a critical role in ensuring accurate diagnosis.
AI company InformAI is highly focused on healthcare, offering products that improve radiologist productivity. One of the leading medical imaging companies developed AI-enabled image classifiers and patient outcome predictors to speed up medical diagnosis at the point of care. With access to colossal medical datasets, the company comes with key differentiators.
Services facilitating early detection of anomalies offer:
- Direct access to the best medical experts and proprietary AI data augmentation
- Model Optimization
- 3D neural network toolsets
The precision medicine market is growing, too, as it continues to transform the healthcare business. It involves a thorough examination of patient-specific data that plays a pivotal role in identifying and treating diseases. Even though it is a relatively new strategy, it is expected to touch US$ 278.61 billion by the end of 2030.
It is growing at a CAGR of 11.13% for the forecast period from 2020-to 2030, enabling ground-breaking research and treatments. It investigates a variety of illnesses by analyzing the genetic composition of patients and then creating a customized treatment plan for each patient.
Genoox, the company attempting to build the largest, most diverse real-world evidence dataset to provide answers to any genomic question, is making an impact with the most up-to-date genetic information. It helps healthcare professionals with precision insights to personalize treatments by translating genomic data into accurate, actionable insights at the point of care. It attempts to uncover the unknown with AI-powered technology to offer a real-world genomic evidence dataset.
Services leveraging genetics in precision medicine help:
- Identify defects in newborns
- Assess risks associated with inherited diseases
- Understand drug prescriptions and dosage
- Offer targeted therapies
Chronic disease management
The chronic disease management (CDM) market is predicted to reach US$ 14,329.15 million by 2029 as CDM continues to assist individuals impacted by a chronic condition with knowledge, resources, and medical care. The growth can be attributed to the prevalence of chronic diseases that necessitate better solutions and services, the increasing geriatric population, and the rise in chronic diseases.
Chronic disease management leverages artificial intelligence to efficiently process data and respond to it. Remedy Health, a leading AI-powered digital platform committed to empowering caregivers and healthcare professionals, offers information and insights to help deliver the best care.
It gives them access to expert opinions and tools and helps them uncover chronic illnesses via phone screening interviews. Early detection is the key to ensuring proper treatment, care, and desired patient outcomes. While competitors depend on sparse medical details provided to them only after the patient is admitted to the hospital, those using this platform capture a vast amount of clinically-relevant data for timely decision-making.
Chronic disease management services allow you to:
- Offer care throughout the patient journey with actionable health and medical facts, insights, and applications
- Maintain patient-specific models to determine risks and optimal treatment
- Personalize treatments for chronic heart problems and life-threatening diseases like cancer and stroke
- Ensure remote patient monitoring and self-management via support from wearable devices
- Detect warning signs of illnesses and prevent disease progression with early intervention strategies
AI and analytics are now an integral aspect of health care. They aid in robotic surgeries empowering surgeons with precision and efficiency. These technologies form the core of administrative workflows, bridging the gap between patients and caregivers. AI-powered virtual nursing assistants also play a pivotal role in modern healthcare settings.
The question is – Are you leveraging AI-powered tools and applications well?
Give your business the power of intelligent analytics with Trigent
The stupendous growth in AI and analytics emphasizes the importance of these technologies in navigating through the healthcare landscape. We can help you explore the full potential of analytics and MedTech to offer value to your customers. Our technology experts can guide you to ensure you make the right AI investments, eliminate data silos, and create cutting-edge healthcare solutions.