According to OECD estimates, 20% of healthcare expenditure is wasted globally. This accounts of an average of between $1,100 and $1,700 of healthcare expenditure wastage per person annually for those among the 15 countries. This waste is preventable by rectifying system inefficiencies such as care delivery failures, over-treatment and improper care delivery.
Technologies such as artificial intelligence (AI) can help to reduce inefficiencies and establish automated and cost-effective health ecosystems.
Guiding treatment choice
As healthcare providers utilise a standardised procedure for recording patients’ medical results,
an extensive volume of data will become available for analysis by AI-enabled system which can trace outcome patterns following treatment and identify optimal treatments based on patients’ records. Subsequently, AI can lead to the empowerment of clinical decision-making and warrant the right interventions and treatments for patients; thereby creating a personalised approach to care and eliminating unnecessary costs.
More efficient diagnosis
Constant, straightforward tasks such as the analysis of CT scans and some tests can be carried out with greater precision with AI-enabled systems; thereby scaling down the possibilities of physician errors and make possible for early diagnosis and interventions.
Clinical trials optimisation and drug development
AI allows for rapid advancement of life-saving drugs, saving significant amount of spendings that can be transferred to health ecosystems. While in clinical trials, AI can optimise drug development using biomarker monitoring platforms and various patient data points, which can be done through a quick analysis via a drop of blood using indoor devices.
Empower the patient
AI can empower individuals for better judgements in relation to our health with the use of wearable technology to collect daily information. Regulating machine learning using this data can help individuals preempt the potential risks of certain diseases before they become critical. Mobile apps are now providing patient profile information sufficient for people with certain chronic conditions to better manage their illnesses and lead healthier lifestyles. All these can result in healthier populations and a reduction of the total expenditure.
Source: World Economic Forum
Participate in the upcoming QS Subject Focus Summit – Medicine under the theme of “Advancing the Medical and Health Sciences: Education, Research & Collaboration” from 10-12 October 2018 in Surabaya, Indonesia.