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There are at least two critical elements of any disruptive, emerging technology, including artificial intelligence (AI). First, there’s the obvious of finding adopters and usage cases – something analysts and investors have recently fretted about with regards to AI.
Second and related to the first issue is how a new innovative technology intersects with and enhances established industries – also pertinent when it comes to AI. Healthcare is among the most fertile territories when it comes to current and long-term AI adoption. Healwell AI is at the epicenter of that shift. The Toronto-listed company is a physician-led organization with a deep bench of executives focusing on helping clinicians and doctors detect diseases in patients early on.
Saying Healwell’s pursuits are important is an understatement. With the help of AI, doctors and hospitals can realize cost efficiencies and improved research capabilities. More important than those factors is the point that early detection, in many cases, leads to improved outcomes for patients.
Alone, Healwell AI’s ability to bolster the outlook and life expectancy for patients is compelling. So is the broader long-term trajectory for company, helped by its WELL Health Technologies Corp. unit. That’s Canada’s top digital health ecosystem and it’s relied on by more than a third of that county’s doctors. One of way of looking at that level of adoption is Healwell AI has vast long-term potential ahead of it because the intersection of AI and healthcare is still in its infancy.
Healwell AI Poised for Long-Term Growth
Two interesting elements of the Healwell AI product suite are its data-rich status and credible comparisons to non-healthcare “copilots” such as Adobe and Microsoft Office.
“We also have one of the largest digital platforms in the country that support about 37 percent of all physicians rely on. One form or another some of our digital tools to run their practices,” notes Healwell AI Chairman Hamed Shahbazi. “We have a lot of data. We have a lot of involvement in the healthcare ecosystem. We see where all the inefficiencies and challenges are and the ability to add AI to help physicians with copilots.”
Another advantage offered by Healwell AI is the ability of its products to “scrub” much of the “dirty data” doctors deal with, including their notes and observations. Think of that as AI-enhanced organization and record keeping, which sound benign but in reality are vital in the healthcare field.
“Basically get sucked into an electronic health record and all this data sort of sits there and imagine just how difficult and time consuming it would be to read everything and integrate the information. So the first thing that all this does is it just makes sense of it and or helps organize it,” adds Shahbazi. “And then what it does is that it takes all this complexity and creates. Simple, powerful insights, empowering health care providers to take preventative care actions, which really impact people's lives.”
Healwell AI Could Lower Healthcare Costs
One of the main reasons some patients, particularly those that are uninsured or those with high deductibles, avoid needed treatment is high costs. Likewise, some clinics, doctors and hospitals may be reluctant to provide certain services due to price.
Think about the healthcare expense situation in the U.S., which has some of the most exorbitant healthcare costs in the world. Compounding the direness of that scenario is the fact that many of those costs could be averted or trimmed by avoiding redundancies and improving data and record keeping. Good news: AI, including technology purveyed by Healwell AI, can ameliorate those scenarios, helping doctors and patients garner cost savings.
“We think that we can, with our AI technology, digitize, modernize, and AI enable CROs, and we don't think that there's anything more important than that for the pharmaceutical industry, because it's going to dramatically move that industry forward,” observes Shahbazi. “It's going to speed things up and pharmacy has a lot of. financial power, they're 15% to 20% of the entire cost of health care that we have the $4 trillion. Think about that. Fifteen percent to 20% of that cost is with the pharmaceutical industry, but they don't move fast.”
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