In order to form a competitive advantage and empower organizational success, business, IT, and digital transformation come together to create a union point for information to be leveraged in new and innovative ways. Often, this unification is easier said than done.
Barriers, such as expensive data preparation, structural, cultural, and business politics, as well as vendor lock-in, can complicate conversion and possibly disrupt an advantageous market position.
Minority Business Enterprises (MBEs) are in a position where their creativity, inventiveness, and unique perspectives can aptly intersect with other enterprises, specifically healthcare organizations, to solve problems and create value for all stakeholders.
State of Healthcare
Healthcare providers throughout the world are working to evolve our current method of care to become more value-based. With this delivery system, hospitals and healthcare workers are paid on patient-health outcomes, not the traditional model of Fee-for Service.
Individual countries may be at different levels of value-based maturity, but they all share the common goal of reducing costs while improving quality.
This trend is making it more significant than ever for healthcare providers to classify risk across treatment procedures by isolating the direct link between cost and quality. However, there have been a few reasons this link has been difficult to isolate.
Considering 50 – 60% of patients with chronic illnesses miss doses, take the wrong doses, or drop off treatment in the first year, non-adherence not only creates cost and quality issues but multiple other issues:
- An estimated 125,000 lives are lost annually in the US due to non-adherence.
- An estimated $290 billion is spent as a result of non-adherence.
- 10% of hospitalizations are considered avoidable through improved medication adherence.
“Healthcare professionals have long recognized how poor-quality patient care leads to increased costs. Patients require more resources when they’re treated multiple times or readmitted to hospitals for the same, lingering problems. This contributes to $750 billion worth of unnecessary services, excessive administrative expenses, and other costs”, according to the Institute of Medicine.
Fortunately, there’s good news for healthcare providers that have been wrestling with value-based models. By capitalizing on electronic medical records (EMRs), quality indicator data, new cost strategies, and cloud technologies, organizations are developing deeper insight into identifying and mitigating risks, such as a lack of adherence . With this methodology, not only can providers give high quality patient care, but the options for giving the best possible patient care becomes more financially viable.
Healthcare with MBEs:
Dash, a recognized MBE, is on a mission to help healthcare become more efficient and build value through AI. Currently, Dash has created value in the healthcare sphere by implementing ML, AI, and IoT in five specific ways:
- Clinical Trials – By utilizing data from robust datasets, Dash helps researchers recruit and retain patients for clinical trials.
- Compliance – In order to securely send patient data, Dash has provided AI-driven privacy solutions for healthcare administrators.
- Drug Discovery – In order to find the most effective combinations of compound drugs, Dash uses AI to maximize the accuracy of drug discovery.
- Decision Making – By utilizing available data to assess healthcare quality with quantifiable, data-driven metrics, Dash has helped implement AI solutions to streamline hospital operations. (Read More: https://dashtechinc.com/white-paper/artificial-intelligence-integrated-operating-rooms/)
- Virtual Assistants – By creating completely customized Virtual Assistants for the operating room, Dash is working to build voice and AI-based assistants that can interact with patients and analyze their responses accurately. (Read More: https://dashtechinc.com/white-paper/empowering-operating-rooms-with-ai-technology/)
There are numerous other ways AI is being involved in healthcare. Imaging and diagnostics, as well as predictive analytics is bound to be heavily intertwined with artificial intelligence and machine learning in the coming years.
The influence of AI in healthcare is clearly a growing one. By having a partner that is well-versed in the ecosystem of improving healthcare in a sustainable manner, you could make your hospital run more efficiently and give your patients better plans for treatment, as well as cut costs.
To find out more, contact us: +1(614) 593-3274.
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