Four ways Artificial Intelligence can make healthcare more efficient and affordable

UN Healthcare China 2018_

A home-based caregiver in a village near Kayar, Senegal, provides basic healthcare services, including malaria treatment for patients living in areas where there are no healthcare facilities. Photo: The Global Fund/Nana Kofi Acquah.

This article is brought to you thanks to the strategic cooperation of The European Sting with the World Economic Forum.

Author: Arnaud Bernaert, Head of Partner Development, Europe & North America, Head of Healthcare Industry,Member of the Executive committee, World Economic Forum Geneva & Emmanuel Akpakwu, Project Lead, Value in Healthcare, World Economic Forum Geneva.

To put this into context, the average waste per-person across the top 15 countries is 10-15 times more than the average amount spent by the bottom 50 countries on healthcare, who currently spend an average of around $120 per person. Even more concerning is the fact that the underlying reasons for this waste include preventable and rectifiable system inefficiencies such as care delivery failures, over-treatment, and improper care delivery.

Technologies such as artificial intelligence (AI) can help minimise such inefficiencies, ensuring substantially more stream-lined and cost-effective health ecosystems.

There has been much debate in the past decade around the potential applications of AI-driven technologies in a number of industries, including healthcare (if you weren’t blown away by Google’s recent lifelike AI assistant, then you’re most likely a time traveller from the future).

While we are not yet at the stage of autonomous robots doing your house chores and driving you to work – the traditional perception of AI – there is strong evidence pointing to a number of ways in which AI can help tame healthcare costs.

1. Guiding treatment choice

In today’s world, being able to effectively and accurately harness the power of data enables more efficient decision-making across most industries. Healthcare is no different. As healthcare providers begin to move towards a standardised format for recording patient outcomes, large sets of data will become available for analysis by AI-enabled systems which can track outcome patterns following treatment and identify optimal treatments based on patients’ profiles. In doing so, AI empowers clinical decision-making and ensures the right interventions and treatments are customised to each patient, creating a personalised approach to care. The immediate consequence of this will be a significant improvement in outcomes, which will eliminate costs associated with post-treatment complications – one of the key drivers of cost in most healthcare ecosystems across the world.

2. More efficient diagnosis

Repetitive, uncomplicated tasks such as the analysis of CT scans and certain tests can be performed more accurately by AI-enabled systems, reducing physician error and enabling early diagnosis and interventions before conditions become critical. As an example, an Israeli start-up has developed AI algorithms that are equally or more accurate than humans when it comes to the early detection of conditions such as, for example, coronary aneurysms, brain bleeds, malignant tissue in breast mammography and osteoporosis.

According to a recent article in Wired, AI has demonstrated 99% accuracy and is 30 times faster in reviewing and translating mammograms, enabling much earlier detection of breast cancer than humans are capable of. In cases such as osteoporosis, which costs the UK’s National Health Service approximately £1.5 billion annually (and that excludes the high costs of social care), the detection of vertebral fractures – an early indicator of impending osteoporosis which is commonly missed by human diagnosis – can substantially reduce the cost of this condition to health services.

3. Clinical trials optimisation and drug development

AI has the potential to enable faster development of life-saving drugs, saving billions in costs that can be transferred to health ecosystems. Most recently, a start-up supported by the University of Toronto programmed a supercomputer with an algorithm that simulates and analyses millions of potential medicines to predict their effectiveness against Ebola, saving costly physical tests and – most importantly – lives, by repurposing existing drugs.

In clinical trials, AI can optimise drug development using biomarker monitoring platforms – biomarkers allow for gene-level identification of diseases – and millions of patient data points, which can be analysed in seconds from a drop of blood using at-home devices.

4. Empowering the patient

AI has the potential to truly empower us as individuals to make better decisions regarding our health. Vast numbers of people across the world already use wearable technology to collect everyday information, from their sleep patterns to their heart rate. Applying machine learning to this data could inform people at risk of certain diseases long before that risk becomes critical. Mobile apps are already providing granular-level patient profile information that could help people living with specific chronic conditions to better manage their disease and live healthier lives. All of this can lead to healthier populations and a reduction of the overall cost burden.

These examples represent a small fraction of what is possible when the full potential of AI is leveraged in the delivery of healthcare. The possibilities can neither be underestimated nor overemphasized, and cooperation between public and private sector industry stakeholders is vital if this potential is to be realised. As global populations live longer and the prevalence of chronic disease increases, the rising cost of healthcare will continue to remain an important topic amongst healthcare stakeholders. Perhaps it’s time to call in the machines.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

EU decides “in absentia” of civil society

Safer products: stepping up checks and inspections to protect consumers

Minority governments ‘à la mode’ in Europe but can they last long?

Jade Spring Meeting 2017 – day 2: Coporate workshops, general assembly and magna moment

South Eurozone urgently needs fairer distribution of taxation burden

UN rights office calls for action to end ‘repression and retaliation’ in crisis-torn Nicaragua

Samsung’s profits fall as cheaper smartphones gain market share

EU budget: Commission proposes most ambitious Research and Innovation programme yet

Brussels Vs. Google: The €1 bn EU fine and the US response

Here’s how we get businesses to harmonize on climate change

Neelie Kroes at the European Young Innovators Forum: Unconvention 2014

EU to spend €135.5 billion in 2014 or 6.5% less than this year

EU cracks under the weight of its policy on the Ukraine-Russia nub

Lack of investment and ambition means Youth Guarantee not reaching potential

Chart of the day: These are the cities where the World Cup threatens productivity the most

Trade in fake Italian goods costs economy billions of euros

At last a solid base for the European Banking Union

A young doctor from Glasgow reports: in the UK refugees are left to rot

“Airbnb and YouTube are two great examples of a crowd based capitalism”, key stakeholders outline the boundaries of the 4th Industrial Revolution in Davos

Easing funding woes for UN agency assisting Palestine refugees a ‘wise investment for today and the future’

UN Security Council welcomes results of Mali’s presidential elections

The cost of healthcare is rising in ASEAN. How can nations get the most for their money?

SMEs and micro firms sinking together with south Eurozone

Commission hardens its stance against carmakers ensuring emissions reductions targets

Syrian Refugees in Germany face distinctly different challenges than those in Lebanon

UN chief condemns attack targeting international forces in northern Mali

Access to health in the developped and developing world

COP21 Breaking News_08 December: Cities & Regions Launch Major Five-Year Vision to Take Action on Climate Change

Better protection against non-cash payment fraud

A new arrangement between Eurozone’s haves and have-nots

ECB: Reaching the limits of its mandate to revive the Eurozone economy

COP21 Breaking News_08 December: Global Business Community Comes to Paris with Solutions for Taking On the Climate Challenge Across the Board

Counting unemployment in the EU: The real rate comes to anything between 16.1% and 20.6%

Right2Water initiative: Is the Commission ready to listen to citizens?

More answers from Facebook ahead of Parliament hearing today

Happens now in Brussels: Green Week sets the EU and global climate policy agenda

China-EU Summit on 16-17 July 2018: “Work together to address common challenges”, by China’s Ambassador to the EU

EU-wide penalties for money laundering: deal with Council

Digital Single Market: New EU rules for online subscription services

The Parliament paves the way for the creation of the European Banking Union

EU Commission: Banking and energy conglomerates don’t threaten competition!

COP21 Breaking News_10 December: the final sprint of the Final Agreement Negotiations

Commission facilitates the activities of ‘merchants of labour’

EU Budgets: Europe hoping for Xmas gifts

JADE @ European Business Summit 2014: Youth Unemployment – a drive to Entrepreneurship

Sweden well ahead in digital transformation yet has more to do

Girls still being treated as aliens in medicine in the 21st century

Merkel had it her way with the refugees & immigrants but can Greece and Turkey deliver?

China Unlimited: an exclusive interview with the former Ambassador of Hungary to China

What UK and EU risk if Brexit “wins” these elections

The Fourth Industrial Revolution is changing how we grow, buy and choose what we eat

The COP22 is under full deployment while Donald Trump threatens openly to withdraw the US from the Paris agreement

India m2m + iot Forum Hosts Successful 4th Editions of India Smart Cities Forum and India Smart Villages Forum

Road to Brexit: the UK seeks early agreement on Data Privacy with the EU

EU’s unsparing question to UK: now what kind of future relations do you want?

Eurogroup president swallows statement on savings confiscation

EU-Turkey relations: Will Turkey manage to revive the EU accession process talks?

Rohingya cannot become ‘forgotten victims,’ says UN chief urging world to step up support

CHINA: five letters that could mean…

Politics needs to “Youth UP” in order the ensure the future of our democracies

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s