Insightin Health, a company that delivers healthcare guidance, announced in February 2021 that it had raised $12m to develop artificial intelligence (AI) capable of improving patient outcomes and reducing healthcare costs.
Healthcare costs have been on the rise for the past decade and will continue to increase. This is largely due to ageing populations and the increased burden of disease. According to the UN, there will be approximately 1.5 billion people aged 65 and over by 2050. Healthcare spending as a percentage of GDP is also rising. According to GlobalData, in 2019, health expenditure represented 17% of GDP in the US, up from 16.3% in 2010.
AI is being used to solve complex problems across all industries. GlobalData estimates that the global AI platform market will be worth $52bn in 2024 (up from $29bn in 2019). The healthcare industry tends to be slow when adopting new technologies. However, AI adoption is being driven by ever-increasing healthcare costs and the Covid-19 outbreak. As healthcare becomes more technologically advanced, AI will be used to reduce costs and minimise errors.
By utilising AI, Insightin Health can create a more personalised healthcare experience that provides recommendations for each health plan member. For instance, the platform encourages sick members to make outbound calls and schedule in-person appointments whenever possible. The company has also launched a machine learning platform to provide support during the pandemic. It launched a product that provides real-time risk analysis that detects and identifies vulnerable member populations via its platform at a county-wide level. This platform is based on a combination of medical, clinical, and social determinants of health that could potentially attract other plan providers that service known health insurers such as Medicare and Medicaid.
AI platforms like those developed by Insightin Health will be a key driver of healthcare innovation. As the ageing population is more prone to develop diseases, there will be an increasing demand for AI to increase care quality. AI can draw insights from the enormous amounts of data collected by healthcare providers. These insights can be used to design treatment plans, improve diagnoses, increase decision-making speed, enhance care coordination, and reduce the administrative burden. Additionally, advances in AI and other technologies should allow the healthcare industry to deliver complex healthcare options without taxing resources.