Putting Impact Ahead of Technology May Help AI Gain Traction in Healthcare

For most fintech companies, profit is a direct reflection of progress. However, AI in healthcare does not have a well-defined success measure, and progress in healthcare is a mix of finance, health, and patient experience.

Unlike fintech companies that have gathered commercial success in utilizing AI technology, Healthcare and NHS have not garnered the same results in implementing AI technology.

The regulatory system for healthcare is complex and ever-changing. Rules like medical devices (SaMD), GDPR, and confidentiality seem to hold back innovation rather than protect the patient’s interest which was its original intent. AI innovations will see progress in healthcare once experts in regulatory affairs and other relevant systems are included in the conversation as critical sources of input.

There is also a need to put impact ahead of the rudiments of technology if AI is to gain ground in the healthcare system. Patients care about tangible benefits. Instead of AI companies getting lost in the maze of what the AI algorithm promises to offer, they should focus on translating this into valuable benefits that patients can relate to.

In addition, rather than assume clinicians understand the basic framework of an AI Model, breaking down the model efficacy may help in improving the implementation of  AI- technology in healthcare. Transparency and proactiveness are essential to demonstrating how a product works to explain its widespread performance benefits.