Artificial intelligence (AI) is not just for Amazon’s Alexa anymore. Health care patients are starting to see more mainstream uses of AI-enabled tools, such as:1
- Robot-assisted surgery
- Virtual nursing assistants that stay in contact with both patients and providers
- Connected health management devices that you can download on your smartphone, wear on your body or track online
- Diagnosis assistance by reviewing symptoms and medical images
Spending is on the rise for AI uses in health care, with a survey of health care organizations finding that they expect to invest an average of $32.4 million over the next five years in the technology. The survey also found that 94% of the respondents expect the investment in AI technology to eventually lead to more “equitable, accessible and affordable health care.”2
In the meantime, health care costs today are as unpredictable as health care itself. It’s a good idea to have a plan to pay for health care expenses, particularly during retirement when you are likely to be on a fixed income. If you would like to discuss strategies for paying for health care during retirement, please give us a call. We’d love to help.
As a refresher, AI isn’t a singular technology. It’s a categorical term that refers to a wide swath of tools that utilize deep learning, machine learning and natural language processing to operate similarly to the ways humans engage in learning and reasoning. Here’s the simple breakdown:3
- Deep learning — Learning from repetitive action by adjusting for errors to hone the accuracy of the output
- Natural language processing — The interpretation of speech and text
- Machine learning — Using advanced statistical techniques to identify data patterns and make predictions
AI is being used for a wide variety of applications across the health care spectrum, from prevention to diagnosis to follow-up. In a recent report, Morgan Stanley Research’s Medical Tech and Services team found that the new learning technology can be deployed to enhance productivity, reduce the cost of treating patients and drive growth in the health care industry.4
Over the next five years, Morgan Stanley expects the global market for AI-enabled health care to swell from $1.3 billion to $10 billion, growing at a 40 percent annual compound rate.
Content prepared by Kara Stefan Communications.
1 Cognilytica. 2018. “9 ways in Which AI Is Transforming Healthcare.” https://www.cognilytica.com/wp-content/uploads/2018/07/8-ways-in-which-AI-is-Transforming-Healthcare-CGIG0072.pdf. Accessed April 1, 2019.
2 Fred Donovan. HIT Infrastructure. Nov. 16, 2018. “Healthcare Firms to Spend Average of $32M on Artificial Intelligence.”https://hitinfrastructure.com/news/healthcare-firms-to-spend-average-of-32m-on-artificial-intelligence. Accessed April 9, 2018.
3 Forbes. April 1, 2019. “How Is AI Working For Health Care?” https://www.forbes.com/sites/optum/2019/04/01/how-is-ai-working-for-health-care/#6c05adce10c0. Accessed April 1, 2019.
4 Morgan Stanley. Feb. 26, 2019. “Could Artificial Intelligence Transform Healthcare?” https://www.morganstanley.com/ideas/medtech-artificial-intelligence. Accessed April 1, 2019.
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