AI in healthcare and other emerging technologies: PwC

The future of healthcare lies in the hands of those who are willing to explore, adapt and transform their organizations to capitalize on the potential of emerging technologies.

Payer and provider health services executives are gearing up for growth in many of PwC’s Essential Eight technologies, with artificial intelligence (AI) far and away a top priority for investment, a PwC survey shows.

When asked for their top three emerging tech investment priorities over the next 12 months, executives noted AI followed by the Internet of Things (IoT), augmented reality (AR) and virtual reality (VR). The other Essential Eight technologies — advanced robotics, blockchain, quantum computing and neural interfaces were also featured among health executives' plans.

Health services’ priorities for emerging technology investments

Artificial intelligence

%

Internet of Things (IoT)

%

Augmented reality

%

Virtual reality

%

Advanced robotics

%

Blockchain

%

Quantum computing

%

Neural interfaces

%

Q. Where does your company plan to prioritize investment in emerging technology over the next 12 months?

(Ranked in top three.)

Source: PwC’s 2023 Emerging Technology Survey: HI base of 56

Artificial Intelligence (AI) tops tech priorities

Seventy-seven percent of health executives say AI is among their top three priorities for investment in the next 12 months. AI can ease pain points in healthcare for patients, physicians and payers. This is a moment of acceleration, as the industry is looking at AI to solve deepening administrative burdens and help reinvent business models. AI is an active area of change, with documented success in providing care management that’s personalized, digital and consumer-centric.

AI can help lead to better patient diagnosis and treatment by analyzing vast amounts of data, identifying patterns and providing personalized insights. In the past three years, healthcare organizations have increasingly explored AI to improve efficiency, accuracy and patient outcomes. Looking ahead, AI is expected to play a crucial role in predictive analytics, precision medicine and enhancing the overall patient experience.

IoT, AR and VR also highly prioritized

Forty-three percent of health executives say IoT is a top three priority investment over the next 12 months, continuing IoT’s proliferation across the patient landscape. IoT provides an interoperability backbone that can contribute to social determinants of health efforts as well as deliver contextually qualified, just-in-time information for critical support models and provide real-time care guidance. IoT has seen adoption in health services through wearables and remote monitoring systems that enable real-time data collection, remote patient monitoring and improved communication between patients and healthcare providers. Looking ahead, IoT is expected to play a significant role in preventive care, remote diagnostics and personalized medicine.

Virtual and augmented reality offer many opportunities to improve healthcare delivery. Thirty percent of health executives say AR is a top three priority investment over the next 12 months, with almost as many saying the same for (29%) VR. These technologies are demonstrating the potential to transform medical training, increase knowledge retention for care professionals, provide patient education to focus patient-provider time on highly complex conversations, reduce anxiety and perform surgical procedures prep with simulations. Telehealth and remote health continue to accelerate since the pandemic and, while that trend has since slowed, sustained growth is expected to continue.

In the next three years, sector executives expect VR and AR to become more integrated into healthcare practices, enabling immersive training experiences and improving patient engagement.

Other areas for technology investment focus

Here’s a closer look at the potential and relevance of other key technologies for health services business and technology leaders. PwC’s 2023 Emerging Technology Survey includes more on how companies are experimenting and shining a light on future opportunities.

Blockchain can help health organizations continue the road to data interoperability and telehealth through enhanced data security, interoperability and transparency. It can also streamline clinical information exchange, offer more fluidity in payments and accelerate opportunities for care management. In the next three years, blockchain is expected to play a vital role in improving data exchange, helping to reduce fraud and enhance patient trust.

In advanced robotics, momentum is gaining in healthcare for its potential to automate repetitive tasks in the physical space, such as operating personalized care via semi-autonomous robots navigating hospital rooms and interacting with patients while gathering ESG signals about infrastructure management. Over the past three years, healthcare organizations have increasingly used robotics to enhance surgical precision and improve patient safety. Advanced robotics is expected to play a crucial role in telemedicine, elderly care and surgical procedures.

Quantum computing can help solve complex clinical issues and accelerate research that may contribute to developing drugs for rare diseases, genetic analysis and hyper-personalized care plans. Over the past three years, healthcare organizations have recognized the power of quantum computing combined with AI, providing much required hardware acceleration for complex computational needs. Its adoption and the way it will be used in research and development is not yet apparent as there are pros and cons related to cost, complexity and availability.

Neural interfaces have the potential to revolutionize the way we interact with technology and healthcare devices. Neural interfaces enable direct communication between the brain and external devices, creating opportunities for brain-computer integration and neuroprosthetics. Over the past three years, healthcare organizations have explored the use of neural interfaces to improve the quality of life for individuals with disabilities and neurological disorders. In the next three years, neural interfaces are expected to enable new therapies and interventions for various conditions, while also speeding up the interaction between humans and systems, accelerating interaction with systems and changing the way operations are structured.

Steps to prepare for the future

The exploration and adoption of the Essential Eight technologies present an opportunity for healthcare organizations to transform their business models and the way they deliver care. Organizations can leverage these technologies to better serve their patients and enable their providers and care teams. To harness the potential of these emerging technologies, organizations should consider several key steps:

Embrace a culture of innovation: Foster a culture that encourages curiosity, experimentation and continuous learning.

Build cross-functional business and technology teams: The successful integration of emerging technologies requires collaboration across various departments and business leaders.

Redesign business models and operational models: The adoption of emerging technologies often necessitates a reimagining of traditional business and operational models. Healthcare organizations should proactively assess how these technologies can reshape their workflows, patient engagement strategies and care delivery models.

Empower providers and care teams: The successful implementation of emerging technologies relies on the engagement and empowerment of providers and care teams. Organizations should invest in training programs, provide ongoing support, and create incentives to encourage adoption and utilization of these technologies.

Embrace a strategic and holistic approach: Emerging technologies in healthcare require a strategic and holistic approach. The innovation process should consider a capital/skillset allocation that allows for exploration of each of these technologies and the impact they might have on reinventing the business.

About the survey

Between August 16, 2023, and September 13, 2023, PwC surveyed 1,026 executives in the United States (468 in business roles, 558 in technology roles) on topics related to emerging technologies. Respondents are from companies across industries that have at least $500 million in revenue. Health services executives represent 5% of respondents.