Artificial intelligence has been transforming every sector of the economy from transportation to business intelligence and administration. It is a completely transformative technology that’s ushering in a new age. This also includes the healthcare sector. Thanks to AI, we’re improving healthcare rapidly both in the quality of the services and the quality of the distribution and delivery. If you’re interested in healthcare, you must learn about the transformative effect that AI is having on the sector, and this article will explain everything to you.
#1 Recognizing Who Needs Healthcare the Most
Healthcare is a scarce service: we can’t provide high-quality healthcare to everyone. There are a limited number of doctors, nurses, hospital beds, and machines. Recently, during the COVID pandemic, we saw how our healthcare services were overrun and the limits of our hospital beds and healthcare workers were on full display.
So, how can we decide who gets care first? This decision could mean the difference between life and death for some people. Learning how to effectively distribute our healthcare resources are perhaps more important than almost anything else in healthcare. It involves complex mathematical calculations, analyzing historical data, and cross-checking personal information.
Nothing can analyze this vast amount of data in a reasonable time than AI algorithms. By feeding the information of two patients into AI algorithms, they can mathematically calculate who has better chances of survival, who are more at risk and needs treatment immediately, etc. By making the right decisions, we can vastly improve health outcomes for the entire population and reduce overconsumption of healthcare that’s ripe throughout developed countries.
#2 Optimizing Insurance Costs
How does an insurance company determine insurance costs? Insurance is all about signing as large a number of people as possible while minimizing risk and spreading it so that no one person needs to bear a dramatic cost in a short period of time.
The core of the problem for insurance companies is to determine the individual insurance cost of each person and make sure there aren’t cost overruns. If insurance companies charge a minimal amount of money, a lot of people will sign up, but the company will start losing money really quickly. If, however, you charge a lot of money to everyone, a lot of sick people will sign up and healthy people won’t, which would make you bankrupt too.
That’s where AI algorithms can come in. By checking the family history, medical history, and personal circumstances of each individual, these algorithms can come up with a personalized price that would maximize the effectiveness of the insurance. It is truly a game-changer that would make insurance affordable to millions of new people around the world.
#3 Advancing Treatment Effectiveness
So far, we’ve only touched on the ways AI can more effectively deliver and distribute healthcare, but that’s not the only area where it excels. It has a lot of potentials to increase the quality of the care we receive. This could range from detecting cancer cells through computer vision or it could mean aiding doctors in prescriptions. The applications of AI in this area are limitless, and their position is only going to become more prominent in the future. So you definitely need to learn about machine learning for healthcare.