Artificial intelligence and machine learning continue to make their mark in nursing homes and assisted living facilities, with both technologies being implemented in health and safety tools for residents, as well as to streamline staffing and operations. So perhaps it’s no surprise that investments in AI and ML in healthcare have increased over the past two years, according to a new study from an investment and real estate firm. commercial. Jones Lang LaSalle.
Total U.S. investment in healthcare AI and ML has increased overall in recent years: from $8.6 billion in 2020 to $13.9 billion in 2021, and down slightly in 2022 to $10.1 billion, according to JLL. This investment has been used to fuel several advancements in senior living and retirement homes, including in the areas of healthcare and security monitoring via sensors and other gadgets.
“AI is transforming every industry and healthcare is no exception,” said Amber Schiada, senior director and head of Americas Labor Dynamics and Industries Research at JLL. “The impact of AI and ML on senior housing goes hand in hand with the impacts on the healthcare sector as a whole, including for patients: better personalized care, medication and wellness tracking. being and for the business: improved data analysis, cost savings, and more efficient workplaces.
AI and ML are not without challenges, however: researchers have noted that privacy, accuracy, and performance are the main issues facing technology implementations in healthcare. Retirement homes are no stranger to this, with an expert recently highlighting the error potential of AI in electronic health records, leading to potential gaps in patient care. And 20% of Americans cited confidentiality as one of their main concerns regarding AI technology used in healthcare.
On a more positive note, JLL cited many benefits of AI, including streamlining charting and patient communication, which lessens the impact of understaffing. For example, UK company Cera, with a funding round in 2022, offers an application that uses ML to reduce the time health workers spend on administrative work.
These new technologies also play a role in predictive analytics: for example, Monogram Health, which received $375 million in January 2023 from companies including CVS Health, is using predictive analytics to improve kidney care and slow the progression of the disease.
In the EHR space, private equity firms and healthcare and technology players are taking note. Microsoft is working with Epic on AI integrations in its Azure Cloud. Bain Capital has invested in several healthcare management platforms such as LeanTaaS, which uses AI to improve space utilization and reduce wait times.
Investors also see the value of AI in terms of streamlining real estate operations, which could also impact the construction of new nursing homes and assisted living facilities, researchers say.
