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Monday, May 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

AI and Autonomy

WELL Health and HEALWELL AI bring artificial intelligence platform to healthcare providers

The system accurately identifies more than 110 complex or rare diseases often missed by conventional methods

WELL Health and HEALWELL AI bring artificial intelligence platform to healthcare providers
Photo by Ani Kolleshi via Unsplash

Doctors in Canada will be able to offer hope to patients and identify complex diseases often missed by conventional methods after integrating an artificial intelligence-based platform.

On Wednesday, WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) and HEALWELL AI (TSX: AIDX) announced the launch of the WELL AI Decision Support service for healthcare providers on Wednesday.

WELL AI Decision Support is a highly adaptable service set to expand over time. Initially, it provides the ability for healthcare providers to accurately identify more than 110 complex or rare diseases often missed by conventional methods, offering hope to numerous patients across Canada.

This marks the first joint endeavour between the two firms after their agreement earlier this month. Both companies see it as the start of a long-term, mutually beneficial partnership driven by a shared vision and commitment to continuous innovation.

Developed by HEALWELL, in collaboration with physicians, researchers, data privacy experts, pharmaceutical companies and other domain specialists, this rigorous development process has resulted in validation within both Canadian and U.S. healthcare systems.

“We firmly believe the physician experience of the not-too-distant future will involve a number of safe, secure and helpful digital diagnostic tools that will better support healthcare providers in detecting acute and chronic diseases earlier,” said Hamed Shabazi, founder and CEO of WELL.

“The launch of ‘WELL AI Decision Support’ perfectly aligns with our core strategy to empower healthcare providers with transformative technology, enhancing their capacity to improve patient outcomes and promote preventative health.”

Shares of WELL Health declined by 2.2 per cent to $3.95 on Wednesday on the Toronto Stock Exchange.

Read more: Around 25% of business executives anticipate workforce reduction: MIT Tech Review

Read more: Artificial Intelligence can support early detection of ALS

AI shows strong potential to revolutionize healthcare

AI has the potential to revolutionize healthcare by improving diagnosis, treatment, patient care and healthcare system efficiency while reducing costs and increasing accessibility to quality healthcare services.

Several leading medical companies and organizations are at the forefront of AI experimentation in healthcare.

Merative (formerly IBM Watson Health) and Alphabet (NASDAQ: GOOGL) subsidiary, Google Health are actively advancing the integration of artificial intelligence into healthcare solutions.

Merative innovates with AI-driven diagnostics and drug discovery while Google introduced Med-PaLM 2, a version of PaLM 2 fine-tuned for the medical domain, which can assist healthcare organizations by drafting responses, summarizing documents and providing valuable insights.

Meanwhile in Europe, Siemens AG (FWB: SIE) medical spinout, Siemens Healthineers, has curated a portfolio comprising over 63 AI-driven solutions designed to streamline and standardize workflows, as well as enhance intricate diagnostic processes, all tailored to cater to individual patient requirements.

Additionally, Philips (NYSE: PHG) medical subsidiary, Philips Healthcare has blended AI and with clinical expertise to develop programs seamlessly integrated into the workflows of healthcare providers and individuals’ daily health regimens, offering support across the entire health spectrum.

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