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Forbes Healthcare Summit: AI Boosts Healthcare Quality & Cuts Costs

2024-12-05

Dec. 4 (UPI) — At the 2024 Forbes Healthcare Summit in New York City, it was emphasized that artificial intelligence can significantly enhance the effectiveness and affordability of healthcare delivery. Ajay Shah, the co-founder and CEO of Cytovale, stated that AI tools are aiding patients in maintaining better health while caregivers are reducing their healthcare delivery costs. Cytovale is the producer of the IntelliSep AI tool specifically designed for diagnosing sepsis, a common, costly, and difficult-to-diagnose condition.When questioned about the healthcare benefits of AI tools like IntelliSep, Shah explained, "The conversation mainly revolves around the clinical operation and financial advantages for hospitals and healthcare systems." He further added, "Over the past year, we have been able to showcase a reduction in the length of stay by more than a day for each patient tested with IntelliSep. This is the result of enabling physicians and providers to make the correct diagnosis from the very first minute of a patient's visit, thereby dramatically altering their care pathways."Shah also highlighted the significance of addressing sepsis. "The long-term effects of sepsis are truly substantial. Promptly providing aggressive care to patients improves their long-term outcomes and reduces costs." The healthcare summit, an annual event sponsored by Forbes and attended by leaders in the $4 trillion healthcare industry, showcases the potential of AI.The National Institutes of Health reported in 2021 that AI is a powerful and disruptive area of computer science with the potential to fundamentally transform medical practice and healthcare delivery. It can assist healthcare systems worldwide in achieving the four-part goal of improving population health, patient care, caregiver experiences, and lowering healthcare delivery costs.The recent COVID-19 pandemic exposed the shortages in the available healthcare workforce and the inequities in accessing care. The NIH believes that AI could help alleviate these issues. "The application of technology and artificial intelligence in healthcare has the potential to address some of these supply-and-demand challenges," the NIH stated.President Joe Biden also recognizes the importance of AI. Last year, he issued an executive order requiring the federal government to "prioritize generative AI and other critical and emerging technologies" to accelerate their responsible use in healthcare systems and other industries.Biden emphasized, "AI holds extraordinary potential for both promise and peril. Responsible AI use can help solve urgent challenges and make our world more prosperous, productive, innovative, and secure. However, irresponsible use could exacerbate societal harms. Mitigating these risks requires a society-wide effort involving government, the private sector, academia, and civil society."The Healthcare Summit aligns with Biden's executive order. "The AI revolution is opening up new avenues for discovering drugs, personalizing medicine, and even managing a doctor's paperwork," the Healthcare Summit organizers stated. This invitation-only annual event at Murphy Alumni Hall, NYU Langone Health, is the 13th one held by Forbes.

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