AI’s Potential to Fuel Economic Growth and Improve Governance in Healthcare

The growth of businesses in the healthcare sector is good for everyone. The healthcare industry contributes 17.1% of the US GDP and is a key element in keeping Americans healthy and safe. 

However, considering the physician shortage the healthcare sector faces right now, healthcare businesses are struggling to keep up — much less grow. Artificial intelligence has emerged as a technology that could change the healthcare industry for the better by enabling economic growth and making healthcare workers’ jobs easier in terms of governance and providing innovative patient care.

Artificial intelligence has already revolutionized several industries thanks to its ability to enable functions like automation, data analysis, and predictive analytics. When it comes to relatively monotonous tasks, AI models can complete them faster and more efficiently — and often even more accurately — than a human worker. This makes AI an invaluable tool for boosting the productivity of any organization.

How AI can be used by businesses in the healthcare sector

One of the most talked-about uses of artificial intelligence has been to boost productivity. In the healthcare industry, this takes the form of automating routine tasks and data analysis. 

Although patient care is the core function of the healthcare business, there are, of course, essential business functions necessary for the day-to-day operation of a practice. AI can help alleviate some of these pressures on healthcare practitioners by automating their routine administrative tasks and allowing them to focus more on caring for their patients. 

Similarly, business leaders in healthcare can use AI tools to help streamline their governance process. Healthcare businesses face a slew of regulatory challenges, and AI can be used to help business leaders analyze data to inform policy decisions, optimize resource allocation, and potentially reduce bureaucratic burdens. With the help of this tool, healthcare businesses can focus more on what matters most: their patients.

Artificial intelligence has also shown great potential as a catalyst for innovation. When used by researchers and inventors, AI can accelerate research and development processes, aiding in the creation of new products and services that could fuel economic growth and improve patient care. 

In healthcare, researchers can use AI during the drug discovery phase for purposes like analyzing molecular structures and predicting potential drug interactions. As a result, researchers will be able to introduce potentially life-saving solutions faster, more safely, and more efficiently.

Still, this is only the tip of the iceberg when it comes to integrating artificial intelligence technology into healthcare organizations. Pioneers have found a plethora of healthcare-specific use cases that could help those who work in the healthcare industry streamline their work and deliver an overall better experience for their patients. 

For example, artificial intelligence models can be trained to analyze patients’ charts and test results to aid in faster medical diagnosis and provide a personalized treatment plan according to their needs and medical history. The result is better patient care outcomes for all.

AI will transform the healthcare business

Although it may seem like the healthcare sector is not one that would be ripe for disruption by the artificial intelligence revolution, AI technology could have profoundly positive impacts on the healthcare workforce. By improving efficiency, streamlining governance, and encouraging innovation, artificial intelligence will help healthcare organizations provide better care and give patients a better experience, which will help businesses in the healthcare sector thrive and grow.