APPLICATION OF IOT AND AI IN HEALTHCARE BUSINESS ADMINISTRATION BY HOSPITALS: A FUTURISTIC APPROACH

Abstract

Healthcare in this century is dynamic, and multidimensional, and depends onmultilateral actors that affect the efficiency andeffectiveness of the hospital and other healthcare providers. The modern business environment is termed as VUCA: (1) Volatility, (2) Uncertainty, (3) Complexity, and (4) Ambiguity. All these four terms characterized the uniqueness of the modern business system, and it proved during the pandemic period. The use of the Internet of Things (IoT) and Artificial Intelligence (AI) is normal and a must for business entities, especially in healthcare. Hospitalsuse ICT (Information, Communication, and Technology) tools years ago in various positions of patient care, like the telemedicine segments. Every modern innovation affects the healthcare sector, and it adopted various technological and scientific innovations whenever it has a chance. From patient care, medicine, intervention techniques, and medical records to billing, management information systems, insurance, and cashless services the hospital uses modern technologies. In this chapter, the discussions are based on the importance and applications of the Internet of Things (IoT) and Artificial Intelligence (AI) in inpatient care management, mainly in corporate hospitals to adopt the new business models which are based on more personalized care, continuous monitoring for diagnosis & treatment, and online platform. It showcases the areas of business administration in the healthcare field, which has a direct impact on the services provided by hospitals and the consumer behavior of the patients or patient relatives. Continuous improvements and quality assurance by hospitals are also related to the Internet of Things (IoT) and Artificial Intelligence (AI) applications and are hereby discussed in this chapter.