The role of artificial intelligence (AI) in healthcare continues to rise.
According to a June 2018 ABI Research report, the number of patient monitoring devices, which also includes AI for home-based preventative healthcare) that use data to train AI models for predictive analytics will be 3.1 million in 2021, up from 53,000 in 2017. That connectivity is predicted to save hospitals around $52 billion in 2021.
“We now have exponential increases in digital healthcare data due to the internet, electronic health records, personal health records, cell phones, wearable devices, digital medical devices, sensors and many other factors,” said Drew Gantt. partner and co-chair, Healthcare, Venable LLP. “This data will fuel algorithmic solutions, clinical decision support tools, and visual tools in the near term.”
Gantt says that healthcare businesses should focus on using AI technology to solve problems, uncover value, promote their mission and create competitive advantage rather than merely using it for technology’s sake or to have the latest thing.
Mount Sinai Hospital in New York announced a partnership on June 1, 2018, with the AI healthcare startup, RenalytixAI, to create an AI tool that identifies patients at the hospital who are at risk for advanced kidney disease.
In 2017, the Global Kidney Health Atlas reported that 1 in 1o people worldwide has chronic kidney disease. And, a patient with kidney disease traditionally won’t begin treatment until dialysis is needed.
Mount Sinai and RenalytixAI will put more than three million patient health records into the AI tool to identify at-risk patients. By automating the process of analyzing large volumes of data, the team hopes that this will help reduce diagnostic errors, expedite detection and free hospital staff to focus on care. Both parties indicate they hope to commercialize the new AI product Q2 2019.
“By partnering with a major healthcare system like Mount Sinai, we can really define the clinical impact of AI-driven products in kidney disease,” said James McCullough, Co-founder and Chief Executive Officer, RenalytixAI. “We can also focus on developing the reimbursement and regulatory pathways critical for adoption across health networks with large at-risk diabetes and minority populations.”
RenalytixAI is a spinout of EKF Diagnostics, a Cardiff-based point-of-care diagnostic company with a biomarker portfolio, which transferred its sTNFR biomarker to the company.