GENAI EXPECTED TO DOMINATE 2024!
The year 2023 was full of hype and promises about the potential of generative AI. But now, in 2024, it’s time for implementation to soar! With the launch of ChatGPT by OpenAI, the use of large language models using AI has become simpler. This is driving major innovation and change in the industry, making it easier for people to try AI out.
AI is revolutionizing healthcare, simplifying physician note-taking and improving back office efficiency in billing and invoicing. However, the clinical adoption of AI is being slowed down due to worries about risk and liability, especially in the United States. People are less tolerant of mistakes made by machines than those made by humans. This is fueling the need for regulations and laws to provide liability protection and regulation for AI.
The potential for AI to revolutionize healthcare and benefit health insurers is huge. It’s expected to help identify medical issues sooner, enabling better control of rising healthcare costs. The use of AI will democratize data analytics by allowing more people, beyond data scientists, to extract information from data and generate actionable conclusions based on it.
Even though the benefits of AI in healthcare are immense, there are still hurdles to overcome. Data needs to be collected, analyzed, shared and become part of the normal workflow. This means AI development is outpacing the ability of some providers and payers to integrate it into the clinical setting.
Despite the potential for AI to revolutionize healthcare, there are still challenges, such as democratizing its use and overcoming medical inequalities. AI for medical use will initially be for those patients who can afford it. Will AI democratize healthcare and benefit all patients? Comment below with your thoughts!
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