AI cultivates a patient-centric healthcare system

A shift in healthcare financing is also seen to be driven by patient preference.

Artificial intelligence (AI) plays a vital role in the healthcare system’s transformation towards a patient-focused approach, according to YCP Solidiance.

“The digital transformation means that AI will transform the market very significantly, because we need a patient-centred approach,” YCP Solidiance Director Shin Thant Aung said during the Healthcare Asia Summit 2024.

Shin said this transformation has started as hospitals integrate AI in their operations. This can be through patient care, medical imaging, research and development, healthcare management, blockchain, supply chain efficiency, patient-centric electronic health records, training, and even therapies.

He said that there are now AI-assisted diagnoses, as well as personalised treatment, and prevention based on this technology. Some hospitals are even utilising virtual assistants to cater to their patients.

Other emerging technologies will also enhance efficiency, costing, and effectiveness in the health sector, Shin said.

Shift to value-based care model

According to Shin, healthcare financing will also transform soon. “Healthcare financing models will move to the new financing model from fee-for-service to value-based care, especially in the government sector,” he said.

The fee-for-service model means a healthcare professional or provider is paid based on the service rendered.

This model is being applied in some countries, such as Singapore, Brunei, and Thailand, wherein the government allocates funding for healthcare, Shin noted.

Meanwhile, the value-based model focuses more on quality, performance, and the experience of the patient.

Shin said the healthcare system is currently more focused on the fee-for-service model.

“But in the future, we might need to go into the value-based care model,” he said. “This is something that will be going into the future.”

Shin cited some of the advantages of the value-based care model, namely interoperability, privacy, transparency, and responsiveness. Furthermore, this will make way for shared risk, shared savings, and global competition, he added.