AI in Healthcare: Putting 2020 into Focus
Artificial intelligence (AI) will play a major role in healthcare in 2020.
While AI is still in its infancy, the revolutionary technology has already blazed new trails in diagnosing conditions and software for the management of medical records. In the next year and in the near future, AI will revolutionize several areas of medicine, including diagnostics, screening, remote monitoring, genetics research, and even improving outcomes in cancer care.
Many worry that AI will eventually replace doctors, but medical professionals are currently excited about the benefits of using artificial intelligence in patient care. AI is already performing as well as – or even better than – doctors when it comes to detecting and diagnosing certain illnesses. In research published in Nature Medicine in May 2019, a Google algorithm outperformed six radiologists in determining a patient’s risk of lung cancer. Other research shows AI can predict heart attacks and death from coronary artery disease better than humans can
Google and Verily are working together to develop an AI system to screen patients with diabetes for diabetic retinopathy (DR) and diabetic macular edema (DME), which are two leading causes of preventable blindness in adults. Wearable sensors, like the Apple Watch, will likely become an increasingly important component of AI in healthcare screenings. Research shows AI and wearable sensors could detect schizophrenia and heart disease.
Wearable sensors will also help doctors monitor their patients remotely. Current Health has recently received FDA clearance for home use of an AI wearable device that measures a patient’s temperature, pulse, respiration, oxygen saturation, and mobility. The technology uses machine learning to analyze the data it collects and to detect important changes in that data. AI and wearable technology will create a stronger connection between patients and their healthcare providers in 2020.
Artificial intelligence will increasingly use predictive algorithms to screen data more quickly and accurately in 2020 than ever before. Researchers have recently trained an AI algorithm to tell the difference between unhealthy and viable embryos; the AI system is “learning” how to predict how likely a 5-day-old in vitro fertilized embryo will result in successful pregnancy.
AI will provide more insight into cancer care in 2020. Researchers have recently used AI to analyze the effects of different drugs to determine which medicines could inhibit the growth of cancer. Other scientists are using AI to develop a system that can differentiate between different types of cancer cells, which is important when determining the most effective treatment.
Artificial intelligence will play a greater role in genetics research in 2020. Scientists will use machine learning to analyze understudied and poorly understood areas of the genome.
Promising Financial Outlook for AI in Healthcare
The Research and Markets study Global Digital Health Outlook, 2020 predicts AI, data analytics, care coordination, digital therapeutics, cybersecurity, and telehealth will drive the digital health market in 2020. The Dublin-based research group predicts digital health in general will enjoy an expected compound annual growth rate (CAGR) of 12 percent through 2023.
AI, also known as machine learning, will likely outpace other digital health technologies. In fact, Accenture Consulting expects the AI market will hit $6.6 billion by 2021 with a robust CAGR of 40 percent.
The American Medical Association (AMA) has recently established a billing code for the IDx-DR autonomous artificial intelligence (AI) system designed to detect diabetic retinopathy. While it does not yet assign a reimbursement payment, establishment of this CPT code 9225X paves the way for fair compensation when using AI in routine clinical practice.
Artificial intelligence will open untold opportunities for healthcare in 2020 for narrowing the gaps in mental healthcare, streamlining workflow with natural language processing, using smart speakers to capture and translate conversations into structures EHR documentations, identifying individuals at high risk of domestic violence, and reducing administrative tasks for providers.
owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.
My background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.
Mr. Frank Magliochetti MBA