Amazon is expanding its portfolio of health-related add-ons, allowing health firms to reduce costs.
A new Amazon software could allow health firms to reduce costs while improving clinical decision making.
The e-commerce behemoth is selling new natural language processing software that’s designed to help health firms quickly and accurately extract care-improving clinical information from unstructured medical records.
Named the Amazon Web Services (AWS), this software mines and organizes medical information from disorganized text formats like doctor’s notes, prescription orders, and interview transcripts, as roughly 80% of healthcare data is unstructured and may exist in silos, making relevant patient data inaccessible to providers when they’re evaluating treatment options, according to industry estimates cited by HIT Consultant.
If Amazon’s software can extract and organize this untapped data, providers could deliver more precise treatment decisions that result in better patient outcomes.
This software could also lower costs associated with clinical trials and drug development.
Amazon is positioned to outpace its U.S. tech competitors in venturing into the healthcare market, as other tech giants like Google and Facebook have pinned their claim in the healthcare cloud market with new partnerships and products in 2018.
According to Markets and Markets, Amazon is expected to pull ahead of Google and Microsoft in the healthcare cloud space and to generate significant revenue from a global healthcare cloud computing market that’s set to grow 18% annually from 2018 to reach $45 billion by 2023