Artificial intelligence is one of the biggest technologies in the world that has the potential to radically transform it. Whether we choose to believe it or not, the foundation stone for the transformations has already been laid, while some are already being observed. AI along with its several domains are reshaping the societies and the dynamics that people share with each other. In many ways, it is proving to be great, while in some it is making people worried about the future.
AI is Changing the Dynamics of Society
But, there’s one thing that artificial intelligence is doing for sure. Taking up our existing social and technological challenges and aiding it with a plethora of advanced solutions. No matter any field of life we look at, we find artificial intelligence proliferating in it and causing an impact. On one hand, it is in fact, making our industries much smarter and efficient, while on the other hand, speeding up the process of performing a specific task.
Talking about innovation, artificial intelligence in the picture makes the process more than 100 percent authentic, fastidious and efficient. Since innovation is the key in today’s era to sustain oneself as a business in the market, most of the organizations are finding AI as the key to excelling at it. It’s amazing how researchers spent their entire careers solving a single problem that Ai can today do in an unimaginably small amount of time.
Take the healthcare sector as an example. Medical experts had to look at a wide number of parameters including various test results, patient’s history and other medical information to form a course of treatment for a particular disease. And if it was a rare disease or genetic condition, it would take an even longer duration of time to come at a concrete treatment plan. On the other hand, the same task can be done with a machine learning algorithm in a short amount of time.
Be it diagnosis, treatment or management, artificial intelligence, and machine learning are helping are one of the strongest pillars of the healthcare industry right now. They are not just aiding the industry to move forward and make substantial progress but also increase the quality of services in the industry.
Long gone are those days when the standard of the medical industry will rely on the number of patients it sees. With AI and Machine learning in the picture, it will be instead based on the quality of care imparted to its patients. The entire focus of artificial intelligence models will be to rehumanize the healthcare industry and improve care delivery rather than focusing on the numbers. And if you look around in various parts of the world, the waves of change have already begun. Organizations all around the globe are already jumping into the cutting edge technology to harness their potential for the healthcare industry. Here are some of the best startups that are swaying the world away with their innovative ideas and concepts, all leading to the more developed and progressive healthcare industry.
Innovative AI StartUps for the Healthcare Industry
As time passes by, the healthcare costs are expected to rise exponentially. Statistics suggest that they might hit a whopping $10 trillion globally by the year 2022. Take the United States of America as an example. Research states that the country alone spends about $3.65 trillion per year on medical care. But, the fact of the matter is that 23 percent of these costs are simply wasted in one form or the other. The costs wasted due to insufficiencies of the healthcare industry if out to the right technologies like AI can reform it and also form the basis of cheaper healthcare for patients.
With researchers and practitioners all over the world diving into deep AI and machine learning to come up with the most reliable and authentic use cases of the technology, the future seems far better than it is today. Not only will be focused on improving the existing services but also population health management and overall improving the quality of life for people.
The salt lake city-based organization, Health Catalyst raised a significant amount of money as a startup last year. Its main product is the Data Operating System or DOS which is basically an artificial intelligence-powered analytics platform with tons of various apps that the organization claims can improve the clinical workflows and financial outcomes substantially. When used at Unity Point Health, a Midwestern Network of Hospitals, DOS helped improve the management of blood transfusions. It is important blood transfusions are a life-saving therapy that can also cause significant harms to the human. Moreover, it is also associated with longer hospital stays, increased medical costs and even disease and death. The organization where DOS was used, Unity Point claimed to have reduced $17.4 million dollars and used as many as 58,000 less red blood cells.
Prealize health is another AI-based startup that channelizes its energy on the predictive capabilities of machine learning to figure outpatients with high risk and save lives along with money. Not only does the platform built by the organization identify people who could be high-risk patients but also accesses how they can benefit from early intervention. Most of the diseases and conditions escalate from hand because of operational delays in identifying and diagnosing their treatments. But, with the potential of ML models, it can be simplified to a great extent.
Artificial intelligence and machine learning can have a huge impact on the healthcare industry, of which the startups are evident telltales. Instead of fearing it or thinking that it might abolish the human touch, medical experts must be reluctant to adopt and implement it for life-saving characteristics.