Empowering Healthcare: The Transformative Role of Technology in Improving Patient Care

The following is a guest article by Josh Coleman, Managing Partner at Treacy & Company by Cherry Bekaert

Healthcare has undergone massive changes over the past few years. In response, healthcare providers and organizations have accelerated their efforts to leverage technology to keep up with new customer demands and provide high-quality care to patients.

Artificial Intelligence (AI) is one of the technologies rapidly transforming the healthcare industry and changing how healthcare is delivered. From wearable patches that monitor vitals to 3D printing life-size replicas of organs, AI has enabled healthcare providers to improve patient care and outcomes while reducing costs. However, using AI in healthcare also raises concerns about job displacement and the need to focus on people and quality. In this article, we look closely at how AI is being used in healthcare and the innovations in store for the near future.

Nurse and Physician Satisfaction and Productivity

In the past, the patient’s health was always the number one concern. The alarming rate of burnout and job displacement among healthcare professionals has led to more emphasis on their well-being, more than ever before. Artificial Intelligence-enabled tools have been developed and are being tested and implemented in health systems to help reduce the burden on healthcare providers.

One of the most significant benefits of utilizing AI in a health system is the ability to automate repetitive tasks that can contribute to burnout. Charting or documenting a patient’s medical records is time-consuming for nurses to do by hand and can become a problem if handwriting is difficult to read, leading to errors or misinterpretations. AI-powered charting software uses NLP algorithms to identify and extract key data points, like medical conditions or drug dosages. This data is then automatically entered into the patient’s electronic health record (EHR) in a structured format, which can be easily searched, analyzed, and shared among healthcare providers.

The software can also identify patterns in a patient’s health data over time and alert practitioners to complications, and recommend appropriate interventions. By automating charting, healthcare workers spend more time on high-value tasks like interacting with patients while ensuring that accurate and up-to-date medical records are maintained.

Returning to Profitability Post-Pandemic

The healthcare industry took a hard hit during the pandemic—the American Hospital Association estimates a $200 billion loss nationwide from March through June 2020. Some of the biggest hospital chains are seeing business rebound to pre-pandemic levels, but the industry as a whole has a ways to go. Artificial intelligence-enabled software has helped healthcare organizations identify cost savings opportunities and improve revenue cycle management to return to profitability. 

One way this is accomplished is by analyzing electronic health records (EHRs) to identify patients at low risk of developing certain conditions, such as heart disease or diabetes. The software can then assign a risk score to each patient based on the patient’s demographics, medical history, and lifestyle factors. Low-risk patients can likely bypass certain diagnostic tests, which can reduce unnecessary testing and costs. On the other hand, by identifying high-risk patients, AI systems can flag them for interventions and possible early treatment, which can improve patient outcomes and reduce costs in the long term.

By analyzing patient data and workflows, AI can help healthcare organizations reduce waste and unnecessary testing, which can save costs and improve patient outcomes and satisfaction. 

Improving the Quality of Care for Patients and Expanding Access

One of the biggest selling points of using AI as a tool is reducing human error, and in a setting where there’s little to no room for error, AI is proving to be a game changer. AI-powered robots are assisting doctors and surgeons with complex medical procedures, catching critical mistakes, and improving precision. Using machine learning algorithms and other advanced technologies, these robots can provide real-time guidance to surgeons and improve surgical outcomes. Moreover, AI-enabled systems can monitor patient vitals in real-time and alert healthcare providers to potential issues, allowing proactive interventions and improving patient outcomes.

Additionally, use of AI can facilitate remote consultations, permitting healthcare providers to reach patients in remote or underserved areas without traveling. AI-powered telehealth platforms can provide patients with remote access to healthcare services, such as consultations, monitoring, and self-care management tools to increase population health. 

While AI can greatly benefit the healthcare industry, it should not be solely used for profitability. There are many other factors to consider that can result in increased profitability if implemented wisely. If a greater emphasis is put on improving population health, quality of care, and outcomes for patients, nurses, and physicians, AI has the potential to revolutionize patient care for patients and providers alike.

About Josh Coleman

As Managing Partner at Treacy & Company by Cherry Bekaert, Josh Coleman brings over 15 years of experience advising senior executives on issues related to growth and innovation. He has a background in strategy and has helped companies with corporate strategy, marketing strategy, organizational design, and innovation program development. Josh brings a broad perspective to his position and is an expert source to discuss corporate strategy within healthcare, life sciences, industrials, financial services, consumer products, as well as the public sector.

   

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