How Philips is reinventing healthcare with AI

Virtually every sector is embracing artificial intelligence in some way and healthcare is no different. Roy Jakobs, CEO of Royal Philips, joined TheStreet to discuss the intricate intersection of AI and healthcare, as well as how Philips is strategically positioning itself to navigate and capitalize on the ongoing AI revolution.

Full Video Transcript Below:

J.D. DURKIN: Obviously, it rightfully so, has been the splashy thing of the last year or so. It obviously is here to stay in terms of a technology, a burgeoning force that impacts so many publicly traded or public facing companies. Talk to me about the intersection of AI and health care and where you're positioning your company as part of the AI revolution?

ROY JAKOBS: Yeah, so AI is already very important in Philips every single innovation that we currently have. So in essence, every product of Philips has already AI in it. I think what was very exciting last year is that with the new generation generative AI, we can do even more and especially focusing on this workflow productivity. And I give you an example. If you look kind of making an image of a patient making a scan, there are a lot of steps involved where the current health care system has challenges. Patient scheduling, 25% of patients do not show up. How can you use algorithms to very quickly refill that position so that actually somebody else can then get the scan? 

You only want to take one scan because it's not a pleasant experience, patients might move. We have AI that helps to correct for movement of the patient in the scanner so that you don't have to do a retake, it's better for the patient, better for productivity. When you get the image, you actually can get AI to help you to make a selection on the most urgent and complex cases. So as you actually push them up in the line for the radiologists to actually put their most time on those. So we see already nowadays that actually you can really have practical applications of AI and there's so much more to come because AI for me is a very great help to fight routine tasks, become more efficient and have people in health care putting more hands on the patient, putting more hands on where they want to spend their time, and taking some of the stress and the burden away that goes with also the administrative part or the technical part of delivering care.