Transforming Healthcare With AI

According to predictions, the worldwide market for artificial intelligence (AI) in healthcare would expand from an initial valuation of $15.1B in 2022 to more than $187.95B in 2030, a compound annual growth rate (CAGR) of 37 percent. The North American artificial intelligence healthcare industry was worth USD 6.8 billion in 2022.

By 2024, artificial intelligence is expected to make great strides in the medical field. Deep learning algorithms improve the accuracy of X-ray, MRI, and CT scan interpretation, which is useful in medical imaging and diagnostics. AI plays a crucial role in the drug discovery process by sifting through large datasets in search of promising compounds and automating development. Using a patient’s unique genetic and molecular profile, personalized medicine employs AI to create individualized treatment plans. Using natural language processing to glean insights from unstructured clinical data, predictive analytics helps with patient outcome prediction and at-risk population management.

The research examines six key areas where AI directly affects the patient and three sectors of the healthcare value chain that might gain from more scaling of AI. It also looks at specific instances of current AI solutions in healthcare.

With the help of AI, telemedicine and RPM may provide patients with up-to-the-minute health information. To guarantee ethical AI use, legislative frameworks, and ethical concerns have come to the fore. Instead of seeing AI as a replacement for human healthcare providers, the focus is on how AI systems may work in tandem with them. The picture highlights the revolutionary integration of AI into several aspects of healthcare, which holds great promise for better diagnoses, personalized treatments, and overall patient care.

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10 Personal Healthcare Trends To Look Out For In 2024

AI and ML are transforming personal healthcare by enhancing diagnostics, treatment, and overall wellness.

Here are 10 trends to watch out for in AI and ML in personal healthcare in 2024:

1. Personalized Treatment Plans: AI will analyze individual health data to create personalized treatment plans, including medication regimens and lifestyle recommendations. There will be an uptick in the number of chances for patients to get individualized healthcare in 2023. Precision medicine is a part of this, and it involves making individualized medicines and treatment plans for groups of patients based on characteristics like age, genetics, and risk factors, rather than using a cookie-cutter approach. By considering an individual’s genetic information, or genome, the most cutting-edge customized healthcare systems can assist doctors in determining the efficacy of medications and the likelihood of adverse effects. These forecasts are occasionally assisted by AI and ML systems.
2. AI for Mental Health: AI-driven mental health apps and platforms will provide therapy, counseling, and support for individuals dealing with mental health issues. Forecasts indicate that by 2023, the market for AI tools, particularly ML tools used in healthcare, will surpass $20 million. There is a lot of evidence that AI-aligned technologies like pattern recognition algorithms, computer vision, and natural language processing may improve healthcare. These technologies are now widely used in the industry and will only become more so as 2023 progresses. Drug discovery is one area where AI is used; it helps predict the results of clinical trials and the side effects of new drugs. Another area is medical imaging analysis, where AI is used to use computer vision algorithms to detect early warning signs of disease in X-rays or MRI scans. It has also shown promise in the diagnosis and treatment of neurological diseases, such as Alzheimer’s and Parkinson’s.
3. Wellness and Lifestyle Management: AI will help individuals make healthier choices by analyzing data from wearables and providing personalized fitness and nutrition guidance. In 2023, wearable technology will be more popular among both patients and doctors for remote patient monitoring and health and fitness tracking. Smartwatches that can do complex scans like electrocardiograms (ECGs), smart fabrics that can detect blood pressure and predict the likelihood of heart attacks, and smart gloves that can alleviate tremors experienced by Parkinson’s disease patients are just a few examples of the incredible growth of the “Internet of Medical Things” in the past few years. The development of wearable gadgets that can monitor and identify indicators of mental diseases is gaining attention alongside physical sickness. Medical wearables could soon include some of the features shown in research published this year that show how physical markers like sleep patterns, heart rate, and activity levels can be used to determine when someone might be at risk of depression.
4. Health Data Security: AI will strengthen data security by monitoring and identifying potential breaches and unauthorized access to personal health information. These trends indicate the increasing role of AI and ML in personal healthcare, with a focus on enhancing individual health, improving diagnoses, and making healthcare services more accessible and convenient. Staying informed about these developments will be crucial for individuals and healthcare professionals seeking to harness the benefits of AI and ML in healthcare in 2024 and beyond.
5. Remote Patient Monitoring: AI-powered wearables and devices will monitor patients’ health remotely, providing real-time data to healthcare providers for proactive care. Patients with non-emergency ailments may now see their physicians more quickly and inexpensively through remote, live video sessions utilizing their computers or mobile phones. This is due to the restricted access to healthcare staff. Patients can also message their doctors and organizations using telehealth technologies to ask questions about insurance or adjust their prescriptions. Additionally, it facilitates easy access to health education for patients. In addition, a patient’s whole medical history can be more easily accessible with telehealth systems as they enable the integration of data from various patient visits and test findings into electronic health records. Particularly for long-term health issues like hypertension and cardiovascular disease, telemedicine allows patients to stay active participants in their treatment when integrated with data from health wearables.
6. AI-Powered Virtual Assistants: Virtual health assistants will use AI to answer medical queries, provide health advice, and assist with appointment scheduling and medication reminders. Accenture found that 62 percent of those who use healthcare prefer virtual solutions. The same poll also indicated that 57% of people would prefer a way to have their chronic health conditions monitored remotely. Also, for regular checkups, 52% would choose virtual treatment. Given the chance, 42% of customers would “definitely or probably” go for a virtual option, even for disease diagnosis. Babylon Health and other health service companies are now offering new telehealth services.
7. Genomic Medicine: ML algorithms will assist in the interpretation of genomic data, aiding in the diagnosis and treatment of genetic conditions. Medications are usually made with a “one-size-fits-all” mentality, prioritizing maximum effectiveness with minimal adverse effects. Genomic research, digital twins, and artificial intelligence have all enabled doctors to take a more individualized approach, leading to medicines that are a perfect fit for each patient. While it has the potential to alleviate chronic pain effectively, it also carries the risk of side effects when taken in large quantities. Working together, pharmaceutical firms and healthcare facilities can develop individualized diagnostic and therapeutic instruments. Based on particular criteria such as blood sugar levels, personalized therapy offers individualized advice for exercise, nutrition, and disease management. It swiftly results in safe medications for long-term health problems like preventing heart attacks, arthritis, cancer, and Alzheimer’s.
8. Predictive Healthcare Analytics: AI will predict health trends and disease outbreaks, helping healthcare systems prepare for and mitigate health crises. Software like this may do things like remind patients of their next check-ins or find out if people tend to miss their appointments. Hospitals may enhance patient satisfaction and prevent staff overburden by optimizing wait times and staffing based on more accurate patient counts.
9. Drug Discovery: ML-driven drug discovery will accelerate the development of new pharmaceuticals, improving treatment options for various medical conditions. It can take a long time—and a lot of money—for pharma firms to bring a medicine to market. To save time and money, machine learning might sift through mountains of health-related or biological data for previously unseen insights. From the first idea to the final results of a medication study, machine learning is already an integral part of the process.
10. AI in Radiology: AI will continue to enhance radiological diagnostics, aiding radiologists in the detection of diseases and abnormalities with greater accuracy. The resolution of these photographs can be improved by artificial intelligence using upscaling algorithms. The use of image data augmentation techniques allows for the synthetic generation of data for these types of models. To complete the radiology workflow, other AI algorithms may be fed these improved pictures.

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Smart Use of Artificial Intelligence in Health Care

The MGI has investigated the potential effects of AI and automation on the future of employment. Healthcare is one of the industries with the least amount of time that might be automated—only 35% of the time, and this varies by job type—but automation will impact most employment across all industries to varying degrees. The possibility of automation and the probability of its implementation are distinct.

The research is based on a middle-ground scenario that predicts that 15% of healthcare workers’ current shifts will be automated. The following graphic displays, for a variety of healthcare vocations in certain European nations, the percentage of working hours that might be eliminated by automation by the year 2030. This doesn’t take into account the possibility of subsequent upheaval due to other variables, such as customization, which can transform healthcare by centering on a “portion of one.”

When it comes to healthcare, how many jobs will be eliminated by AI and automation? The truth is that there is a huge and predicted growing manpower gap in the European healthcare sector. As an example, the present supply of 8.6 million nurses, midwives, and healthcare assistants across Europe will not be enough to fulfill present or expected future demand, according to the World Health Organization, which forecasts overall need for healthcare professionals to climb to 18.2 million across Europe by 2030.4Care providers essential to the daily lives of European people, such as home health aides, licensed practical and vocational nurses, and others, will be in high demand in the future, according to MGI’s demand analysis of healthcare activities. It shows that automation has the potential to help with healthcare manpower shortages, as demand for healthcare jobs is expected to rise. For instance, even though around 10% of nursing tasks might be eliminated by automation, the overall number of nursing employment is projected to rise by 39% by 2030.

More than only employment gains or losses, the workforce will feel the effects of changes to the nature of work itself. Any shift in perspective is a chance to reevaluate and enhance patient care. Up to 70% of a healthcare provider’s time is devoted to mundane administrative duties; AI can assist in eliminating or significantly reducing this burden.

As a result, healthcare education will need to evolve to place more emphasis on creativity, entrepreneurship, lifelong learning, and collaboration across disciplines rather than rote memorization of data. The most significant shift will be the requirement for healthcare companies to include digital and AI capabilities. This includes training frontline employees to use AI in their daily tasks as well as doctors to alter the traditional consultation model. Practitioners, organizations, and systems must all work in tandem to bring about this massive shift in corporate culture and capabilities.

Read: 10 AI ML In Banking And Finances Trends To Look Out For In 2024

The idea that this kind of AI employment would be both popular and controversial-free was a common thread running across the interviews. AI is capable of more. Improved patient outcomes and treatment quality are possible benefits of its ability to supplement various clinical activities and provide healthcare practitioners with access to relevant information. It has the potential to facilitate remote monitoring and patient empowerment through self-care, increase the speed and accuracy of tests, and make more information available to practitioners more quickly and easily.

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Hi Amalia, welcome to our AiThority Interview Series. Can you walk us through your journey to becoming Division President for Financial Services at Amdocs?

I began my military service when I was 18 and with this came my first access to a STEM education. At the time, technology as a career was still a relatively new concept. Given this, I did not have what most would consider a traditional path into the field. I am not of the “digital native” generation – in fact, there wasn’t even a computer in my home growing up.

When I started in the military, I had the opportunity to join a prestigious technology program. I am someone who always seeks out opportunities for new and unexplored terrain and I saw this as just that – I challenged myself to be a part of this program, which served as a launching pad for my career.

I joined Amdocs as a programmer and progressed quickly to a designer, and eventually to team lead at Amdocs. As a woman, this required a lot of confidence and belief in my abilities – a challenge that I find often holds back many women from success because, especially at the start of our careers, we often lack confidence in our capabilities.

At Amdocs, after five years of working with some of the largest telecommunications names in the United States and during a huge merger for a client, I made the most of an incredible opportunity, which led to being promoted to General Manager.

Through almost 30 years at Amdocs, I continued to raise my hand and take on new challenges, ultimately leading to my current role focused on diversification, as Division President for Financial Services.

Amdocs is disrupting banks’ digital transformations.

Could you please highlight its unique selling point?

Amdocs has been the dominant player in the digital transformation of telecommunications firms for decades, working with the world’s leading brands like AT&T, T-Mobile, and Comcast. In fact, Amdocs was entrusted with the world’s largest cloud migration in 2019. Amdocs’ success in telco –a dominant market share – comes from a combination of factors. First, our unique business model includes accountability and long-term strategic partnerships with customers. We back that with leadership and technological innovation along with the ability to implement complex projects. We also adapt to the changing needs of customers with solutions and services. When it comes to digital transformation, we offer unmatched depth and breadth of experience. We bring that all to the financial services industry. Today, we’ve helped more than 50 banks create winning strategies for competing in today’s market.

As a company that has existed for four decades, we have a strong track record. We are not a new fintech startup. We focus on delivering IT agility with approaches that include AI and automation, with an end goal to drive better customer experiences.

Could you please explain what a next-gen banking platform is?

What are the challenges banks normally face with legacy core banking systems?

After years – or even decades – of hesitating, banks have now recognized the need to replace, upgrade, or outsource their core legacy systems or run the risk of falling far behind on their ability to meet the tailored banking demands of today’s customers. In fact, banks that continue to hold onto these legacy cores are seeing growing technology debt. These outdated systems turn what should be routine projects into slow, complex undertakings and this means that customers are left waiting for offerings that modern competitors are moving faster on.

A next-gen platform uses a modern code base and is cloud-based.

The cloud allows for greater agility, scalability, and resilience. As banks make this move, they need to tailor and scale their offerings to customers.

At Amdocs, we are supporting both core modernization and/or hollowing the core through products and services. An example of this is our Product & Pricing Catalog. This offering empowers banks with dynamic product personalization. What does that mean? It means banks can tailor products, pricing, and more to customers, who get customized products that meet their unique needs. Banks see higher retention rates because customers perceive that their bank understands them.

How is AI/ML playing a role in the future of banking?

AI and machine learning have the potential to personalize the banking experience in unprecedented ways. People can get more tailored advice, support, and recommendations. Banks can become more like financial coaches and assistants.

Just as crucially, AI and machine learning can boost productivity for bank employees. Imagine being able to use natural language to create and refine a new product.

Of course, there’s quite a bit of hype around AI at the moment. We’re helping banks and leaders in other industries to focus on use cases that can deliver near-term value.

A few key areas that we are helping banks explore the incredible potential of AI include underwriting, risk management, anti-fraud, code generation, marketing, customer assistance, and data generation.

We have developed use cases that showcase where banks can begin using AI to create a hyper-personalized experience for their customers. AI has the potential to quickly identify banking gaps for each individual customer, alert them to these, and create individualized offerings.

For example, a customer can use AI to help them monitor accounts they control for their children.

Or, AI can assist a business owner by predicting a cash flow issue and recommending a resolution.

These use cases take advantage of our genAI framework. It’s called amAIz. We engineered amAIz for highly regulated industries, especially communication services and banking. This AI tool uses open-source technology with large language models. Amdocs amAIz addresses industry-specific challenges of security, data privacy, scalability, and the complexity of data governance, all of which are essential for financial institutions.

There is no limit to what AI can help banks achieve – but implementing this safely and securely is key.

Working with a partner like Amdocs, where we can house all of this exploration and testing without risk for customers, is a good first step.

Why must banks embrace core modernization or be prepared to fall by the wayside? Could you please give illustrations?

The banking landscape is evolving quickly. Customers are smarter. They have the power to easily research their options.

Plus, there are no geographical limitations to banking. Competition comes not just from other traditional institutions but also from the neo-banks. What this means is that banks need to embrace transformation to gain the agility that comes with it, or risk losing the next generation of customers to the competition.

Consider everything banks get with core modernization. Think of enhanced agility, scalability, resilience, improved security, and regulatory compliance.

All of that enables the banking experiences and levels of personalization that customers want now – and will demand in the future.

When it comes to the brands they work with, from telecommunications to banking, customer personalization is no longer just a nice-to-have. This is why, according to research by Omdia, 23% of CIOs have ‘Personalized Customer Experience’ as the top IT project for this year.

But how can banks realistically embrace a digital transformation?

They already have a wealth of data about their customers they can use to achieve personalization goals. But, only if they can break down data silos, transform their core system and fully leverage this data. By modernizing their core, they can offer a hyper-personalized experience, offering everything from the right mortgage or credit card at the right time, to meeting evolving family needs, to creating the perfect offerings for a small business.

Could you talk about some of the other innovative banking/fintech platforms in the industry that according to you are set to be new game-changers?

This is an exciting time in the world of banking. You’re seeing incredible technology, transformation, and the convergence of traditional and digital banking capabilities.

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I recently had the opportunity to discuss with other industry experts the rise of neobanks, or digital banks, and their impact on the traditional banking landscape. Despite what many think, neobanks and traditional banks should not be enemies. In reality, traditional banks thrive alongside neobanks by embracing innovation and agility. Traditional banks will not be overshadowed by digital banks.

Instead, these digital banks will push the traditional banks to adapt, become more agile, and be part of the digital ecosystem.

A good example of a bank doing just that is Trust Bank, Singapore’s first digital bank. It’s backed by a traditional bank.

Amdocs was honored to be a Trust Bank partner as they took on the challenging task of launching Singapore’s first digital bank. Since Trust Bank started operating in September of last year, they have grown to 500,000 users, gaining a great foothold in the Southeast Asian financial market. This makes them one of the world’s fastest-growing digital banks.

So, we see traditional banks looking to the success of Trust Bank, and using this as the catalyst to launch their own innovations and digital brands.

What are some of your thoughts on how the current world situation will impact the use of the banking/fintech segment?

There’s no doubt that Generative AI (GAI) is one of the greatest technological forces impacting the world right now, and banks are already exploring how they can leverage it to improve productivity. It’s important that banks take a cautious, but proactive, approach to GenAI.

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For instance, banks should view genAI as their employees’ new “superpower,” improving their productivity – not their unsupervised replacement. In the future, we see GenAI being used at every stage of the product-development cycle to significantly reduce time to market.

What is your smartest AI/ML-related shortcut or productivity hack?

My smartest, go-to AI/ML-related shortcut for productivity has been leveraging AI-powered virtual assistants like Siri and intelligent chatbots such as ChatGPT. Siri, with its voice recognition capabilities, allows me to seamlessly manage my schedule, send messages, and access quick information using voice commands. Additionally, ChatGPT serves as a valuable text-based assistant. I often use this to help draft emails, reports, and research documents more efficiently.

There is a great synergy between Siri and ChatGPT which has significantly enhanced my productivity as an executive, enabling me to navigate my daily tasks with ease and providing me the ability to give more of my focus to strategic endeavors.

Tag (mention/write about) the one person in the fintech industry whose answers to these questions you would love to read!

Chun Schiros, SVP and Head of Enterprise Data Science at Regions Bank has a compelling background and is at the forefront of one of our industry’s most exciting technologies – AI. She worked on a timely risk management project that detected which business customers were likely running out of money during the pandemic in order to proactively offer funding before their situations became dire. I’m also personally inspired by people who adapt to and seek change, which makes Chun’s story of shifting from an electrical engineer to a data scientist especially compelling.

Tell us about some of the top FinTech/Other B2B events that you’ll be participating in (as a speaker or guest) for 2023-24.

Our Amdocs team is looking forward to being at Money 20/20 USA in Las Vegas, where several of my colleagues will be speaking. Between our booth experience and the sessions we are a part of, I’m confident the show will be amazing. I had the honor to speak on two panels during Money 20/20 Europe and plan to attend again in the coming year.

Thank you, Amalia! That was fun and we hope to see you back on AiThority.com soon.

[To share your insights with us, please write to sghosh@martechseries.com]

• About Amalia
• About Amdocs

About Amalia

Amalia Avramov is the President of Financial Services at Amdocs. In this role, Amalia is responsible for overseeing and driving the growth of Amdocs’ suite of solutions and services that are specifically developed to meet the needs of customers in banking, financial services institutions, and the fintech industry. Under her leadership, Amdocs is helping customers across the financial space embrace digital transformation and reshape the future of finance.

Previously, Amalia headed Amdocs SmartOps, the company’s operations and managed services practices, empowering Amdocs customers to grow their business and brand value through agile, efficient, and smooth operations, as well as ensuring a seamless experience for their end users.

At the same time, she was also responsible for Amdocs Optima, which serves innovative communication contenders, MVNx, enterprise, and smaller cable/PayTV providers.

In other General Manager roles in the company’s Services group, Amalia held responsibility for the APAC and EMEA regions, ensuring the successful delivery of some of the company’s largest and most complicated transformation projects.

Diversity and inclusion are top priorities for Amalia. She is an advocate for the promotion of diversity, cultivating leaders, youth empowerment, and women in technology. As part of this ambition, she serves as a board member of the Edmond de Rothschild Foundation (Israel) which is committed to Israel’s pioneering spirit. She is also a board member of Aharai!, a nonprofit organization that nurtures underserved youth leadership development.

Amalia holds a BSc in computer science and economics from Bar-Ilan University, Israel.

About Amdocs

Amdocs helps those who build the future to make it amazing.

With our market-leading portfolio of software products and services, we unlock our customers’ innovative potential, empowering them to provide next-generation communication and media experiences for both the individual end user and enterprise customers.

Our 31,000 employees around the globe are here to accelerate service providers’ migration to the cloud, enable them to differentiate in the 5G era, and digitalize and automate their operations. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.58 billion in fiscal 2022.

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