Press Release - AI in Hospital Management

As per FABRIC, Over the last two years, the healthcare industry has become a major proving ground for artificial intelligence (AI) capabilities, with both startups and venture capital (VC) investors analyzing the massive growth that AI solutions can offer for improving patient care, expanding the reach of services, and reducing healthcare costs. Healthcare led AI investment, topping the $2.2 billion raised by financial and insurance AI.

Hospital management systems can benefit from medical AI in all ways like inpatient and outpatient scheduling, improved medical records and treatment solutions, automation in CRM, Tracking vital stats of ICU Patients, Health insurance verification and simplification, decoding lab reports, and imparting finding by using NLP in different applications.

Artificial Intelligence is enabling hospitals management centers to use predictive analytics for improving hospital work processes. These centers can prioritize activities that will help provide better patient service and faster solutions. Certain areas positively affected by AI include an ability to acknowledge a greater number of patients, attend to critical cases on priority, recognize patients with complex medical conditions, send the ambulances faster and accelerate the patient discharge process among others. AI in healthcare is displaying a lot of potentials and there are numerous new and innovative AI-based healthcare solutions that are being created regularly. Hospitals, technology companies, and data scientists are working together to generate beneficial solutions that address real-time problems. However, long-term advantages are still to be seen. Several traditional hospitals are nowhere close to merging these new tech solutions in their centers. How long will it take for AI to reach many healthcare environments; it is still to be seen.

Investments:

Precision medicine company Tempus, is using AI to analyze health data, gained $200 million in total funding, and drug discovery company Recursion Pharmaceuticals locked in $121 million in a series C funding round.

Freenome, a company using AI for early cancer detection, closed a $160 million series B financing round in July.

Other healthcare AI companies that landed big funding deals in 2019 include PathAI, a startup that uses AI for pathology services and diagnostic tools, which raised $60 million, and BenevolentAI, which raised $90 million in equity funding in September.

For example:

Atomwise uses AI to tackle some of today's most serious diseases, including Ebola and multiple sclerosis.The company's neural network, AtomNet, helps predict bioactivity and identify patient characteristics for clinical trials. Atomwise’s AI technology screens between 10 and 20 million genetic compounds each day and can reportedly deliver results 100 times faster than traditional pharmaceutical companies.
Combining AI, the cloud and quantum physics, XtalPi’s ID4 platform predicts the chemical and pharmaceutical properties of small-molecule candidates for drug design and development. Additionally, the company claims its crystal structure prediction technology (aka polymorph prediction) predicts complex molecular systems within days rather than weeks or months
Microsoft partners with KenSci, which developed an artificial intelligence and machine learning-powered risk prediction platform
NVIDIA collaborates with Paige.AI, which uses AI for cancer pathology
Google has teamed up with Suki, an AI-powered, voice-enabled digital assistant for doctors.

From Supply Side in AI technology providers we have companies such as NVIDIA (US), Intel (US), IBM (US), Microsoft (US), Xilinx (US), and Alphabet (US). Softbank (Japan), Hanson Robotics (China), Amazon (US) Blue Frog Robotics (France), and Promobot (Russia) are a few major manufacturers of AI-integrated robots. These player includes AI software and platform suppliers such as AIBrain (US) and DataRobot (US).

From Supply Side companies like Google, Microsoft, NVIDIA, Tencent and Sequoia Capital are collaborating and investing in forming applications for AI in healthcare management

Whereas companies like Xtalpi, Berg Health, Bioxcel Therapeutics, Atomwise are adoption of this technology for efficiently diagnose and reducing error.

FABRIC has investigated AI in Hospital management and offers 7! cross segments. Avira's market intelligence platform FABRIC has synchronized 235 high importance market activities using Machine Learning and Data Science Algorithms. We would love to exchange our methodology, datasets, and observations on the quick demo of FABRIC.

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