The global healthcare industry is witnessing rapid growth in artificial intelligence (AI), with the market forecasted to rise from $20.7 billion in 2023 to nearly $188 billion by 2030. Major retailers such as Walmart and Amazon are entering the healthcare sector in North America, offering advanced wearable technologies and online telehealth consultations to consumers. However, the increasing consolidation and entry of big retailers into clinical settings have raised concerns about the processing and protection of personal consumer data in the healthcare space.
As medical technology evolves from paper-based records to electronic health records (EHRs) and AI tools, the healthcare sector faces a crucial point where innovation meets responsibility. The use of AI and large language models in healthcare may lead to greater cybersecurity risks as cyber-attacks become more prevalent. Companies venturing into the healthcare space need to prioritize data protection and privacy as healthcare information is considered sacrosanct.
Well Health Technologies, a digital health player and operator of Canada’s largest healthcare ecosystem, emphasizes the importance of patient data protection. With an expected 7.5 million care interactions this year, the company has implemented measures to ensure data integrity and privacy. By closing the loop and bringing all healthcare services under one brand, Well Health can better control and manage data. The company has built its business around enterprise-level security controls and data management tools to minimize information leaving the loop and enhance patient care experiences.
Well Health views AI as an opportunity but emphasizes responsible implementation to ensure patient and practitioner safety. The company’s founder and CEO, Hamed Shahbazi, emphasized the importance of security, privacy, and ethics when implementing AI tools in healthcare. Shahbazi highlighted the need for proper data clearance, guardrails, and adherence to privacy regulations and ethical guidelines to protect sensitive healthcare information. Well Health’s investment in companies like HealWELL AI focuses on improving rare disease identification and personalized treatment options to enhance patient outcomes.
Data safety and patient trust are critical in the healthcare sector, as patients must feel confident that their sensitive information is protected. Well Health holds itself accountable for data privacy and employs ‘red teaming’ to continuously test and improve cybersecurity measures. While cybersecurity can never be perfect, constant testing, improvement, and high-security standards similar to those used in banks can provide peace of mind to customers. The company invests millions of dollars into data protection to prevent any breaches and ensure the security of valuable healthcare information.
As the healthcare industry undergoes rapid transformation with data-driven innovations, companies must maintain high data safety standards to facilitate growth and innovation. Well Health describes cybersecurity as the balance between fueling business and innovation while managing risks appropriately to move faster and implement new features and technologies. By implementing AI responsibly and ensuring data privacy, retailers entering the digital healthcare space can drive growth and innovation while maintaining responsibility toward patient care, data protection, and ethical considerations. The potential of AI in reducing clinician burden and improving patient experience is significant, and companies like Well Health are committed to implementing AI safely to enhance patient care experiences.
