What has the data done?
The world today is driven by data. With every passing day, data is coming closer to us and getting involved with our lives. You cannot separate data and the economy. Even your country’s economic indicators are generated with the help of huge data and its processing. Data has become essential in all sectors of the economy, be it consumer goods, real estate, healthcare, manufacturing or any other industry. You need data to drive your business and more essentially drive growth. With more and more applications of data, the world is moving towards or to be more precise undergoing the biggest economic and technological transformations of all time.
What is AI?
AI stands for artificial intelligence. AI is a game-changer. It is the next big thing with the application of which humans are being replaced by machines, robots, and similar innovations. Artificial intelligence uses a huge amount of data to process a task and makes a company do what is accurate and required. With the advent of artificial intelligence in the economy, everything has become data-oriented. From your food habits to your sleep pattern, everything is being tracked and translated into consumer behavior somewhere by someone. Artificial intelligence has caused a sudden disruption in the world of technology and it couldn’t have come at a better time. Today, the corporations have become more consumer-oriented than ever and to serve their consumer betters, they need to know their consumers better. So, the behavior of the consumers is monitored regularly and their consumption pattern is tracked regularly and the products that best suit their needs are displayed on their screens in forms of ads, posts, etc. All of this involves a huge amount of data and this data is put to good use by the means of artificial intelligence.
The Healthcare Industry
The healthcare industry is huge. It is made up of multiple elements:
- Hospitals and clinics: These are the infrastructural components of the health care industry. They act as a starting point for all kinds of medical needs. Once you visit a doctor, you pay the hospital a fee. Then he recommends you a certain number of tests and medicines paving your way towards all the other elements of the healthcare industry. People who are frequent hospital visitors or are health-oriented are also driven towards the medical insurance industry. It all begins with the hospital.
- The Pharmaceutical giants: They are one of the most important elements of the health care industry. These companies produce drugs and medicines and decide a price point of the drug depending on various factors like demand, rarity, etc. These companies have huge revenues and the economy cannot do without these pharmaceutical companies.
- The Medical Insurance Agencies: The human body is always exposed to medical uncertainties. The fear of spending more when a crisis creeps in acts as a bait for these companies to bring in customers. Individuals invest in medical insurances by paying a premium amount in installments and hence saving a huge amount when a medical emergency kicks in. These days private companies also provide medical insurances to their employees and family members, thus driving huge revenues for companies working in the medical insurance domain.
- Pathology and Lab tests: The medical test market is huge. From blood tests to large CT scans, people visit such labs and get their tests done regularly thus making it a need of the hour. Most people get their tests done to keep up with their general well being or if their doctor has recommended them to get those tests done. Whatever may be the reason, these labs are an important element of the healthcare industry.
The Healthcare Industry and AI
Artificial Intelligence is the new butter to the bread of all the economic sectors. The healthcare industry is one of the major sections of the economy was not left untouched by it. With every passing day, the healthcare industry is growing. This growth translates to more people concerned about their health which translates into more people taking up the healthcare chain i.e. going to the hospital and ending up spending money on the associated costs. With more and more people, more and more data are coming into the picture. And with the involvement of data, artificial intelligence is put to its best use for doing things better and just right. The application of artificial intelligence has proved to be a kind of symbiotic for both the parties – the ones who are driving it and the ones who are availing the benefits of it. The healthcare industry forms almost 12% of any developed or developing economy and is making the best use of the resources available with it which are stored in the form of data. The health data of billions are stored in the form of hospital records, medical prescriptions, pathology reports, etc. The artificial intelligence makes the best use of this data. Artificial Intelligence is driving the healthcare industry in the following ways:
- Optimizing cost plans and structures: With the huge amount of data available, various hospitals can plan better on where to spend and when to curtail. Also, these units can analyze what their consumers want and for what they can charge a premium. With big data, analysis of various costs and formulating strategies for better functioning of these medical units has become a cakewalk. With the growing number of people, economies of scale can be achieved and the benefits of it can be delivered to the ones seeking services and also to the ones who are driving such plans with the help of huge data present with them.
- Supply chain efficiencies for Pharma companies: With the availability of the huge amount of clinical and patients’ data the drug manufacturers, with the help of big data, can easily analyze the medical conditions and histories for a certain group of individuals and what medicines they would need regularly. With AI, these giants segregate zones based on Geopolitical boundaries, Medical similarities, Disease rarity, etc. and devise methods to deliver their medicines based on such parameters. Also, with the help of the huge data available with them, they use artificial intelligence to finalize price points of various drugs based on what diseases they cure. The pharma sector is making the best possible use of artificial agencies which in turn is making medicines accessible to the patients and also helping the pharma companies to expand their market share.
- Healthcare Insurance market: Patient data is now more accessible than ever, enabling the creation of customized insurance plans tailored to individuals’ specific medical conditions. This process is efficiently managed through medical billing software, which plays a crucial role in ensuring accurate billing and financial management. For instance, oncology billing software can effectively store and handle the treatment costs associated with cancer care, streamlining the process for both providers and patients. Moreover, people are often attracted to these tailored policies because, ultimately, everyone wants to save money on healthcare expenses. The medical insurance market possesses a vast database that includes information about individuals, their medical conditions, and details about their family members. This wealth of information provides insurance companies with a significant advantage, allowing them to offer more precise and relevant coverage options. Additionally, the integration of artificial intelligence into this data management process enhances their ability to analyze and utilize the available information, leading to more effective and personalized insurance solutions for consumers.
- The Fitness Industry: The fitness industry is a multi-billion-dollar industry. People keep a tap on their health and well-being all the time. Applications like Google Fit are installed in phones and these apps track all your information be it your heart rate, your sleep cycle or your food habits. They generate a huge amount of data every second. This data can be both generic and individual specific. Corporations track consumer needs through such kind of applications and then use these insights for providing tailor-made solutions and hence earning a truckload of money. With the help of artificial intelligence, the healthcare industry is operating digitally and that too successfully.
- The Government: The government makes use of this health data to come up with various schemes. With the help of artificial intelligence, the government can also track the performance of the healthcare industry which translates into an economic indicator of growth and progress. The Government also uses this huge amount of data to keep a constant tap on the number of hospitals in a particular area, the medical supplies needed on a regular basis, availability of doctors and nurses in a particular area, outbreak of various calamities and communicable diseases, eradication of serious diseases like polio, malaria, dengue, etc. With the help of this data, the government educates a lot of people and help them in the upkeep of their well-being.
With artificial intelligence coming into play, the healthcare industry has drastically evolved. The whole industry has been taken away by the wave of digitization and this big wave has help companies to track information and bring in data points every minute. The healthcare industry has trillions and billions of dollars involved. This industry comes with huge chunks of data. One can track real-time information with the help of this evolution. Hospitals are getting more efficient, planning out their staff better, becoming more available for people so that they can reap the best out of it and a lot more. The pharma companies are generating huge revenues by supplying medicines to countries where they have a demand and hence, channelizing their supplies and revenue streams. The insurance market is becoming bigger and better. The availability of data is being translated into sales and revenues every hour. The healthcare industry and the amount of data involved in it take the whole world by surprise. Also, the money this application of data and artificial intelligence is driving is insane. Will artificial intelligence prove to be a boon or a bane is the debate of the future but right now it is making the world fast and the health space small and close.
