The generative AI wave is catching the attention of more healthcare and real estate pros, seeking to use it to their advantage. In their second quarter report, Colliers Healthcare Services Group reported that global spending on AI is predicted to eclipse $300 billion in 2026, more than three times the 2021 volume.
"Early adoption has mostly focused on data analysis and administrative tasks, but the potential for AI usage ranges across the entire spectrum of healthcare services and functions," says Shawn Janus, Colliers' national director of healthcare services. His team notes that generative AI's healthcare real estate impact includes operational advancement and footprint-optimizing efficiencies, as well as site selection.
Shawn Janus, National Director of Healthcare Services, Colliers
Improving the Where in Healthcare
Health systems that are expanding services from large, in-town, on-campus health centers to more convenient, suburban, retail-like sites have found an ally in AI. Collecting and analyzing large amounts of population health data with AI can help determine the optimal locations for healthcare facilities.
"Computers recognize patterns in data more quickly and comprehensively than most humans," says Stephen Newbold, Colliers' US national office research director. The technology can also discern growth and other patterns in population, demographics and payor mix to help pinpoint which services should be targeted at which locations.
Stephen Newbold, National Director of Office Research, Colliers
More with Less
Technology helps companies do more with less. Generative AI means higher efficiency, resulting in a more effective use of space. Improved site utilization could translate into reduced operating and real estate costs, a goal of every business owner and property manager.
"From a talent and human resources perspective, repetitive tasks can be handled outside the human experience [with AI], allowing individuals to focus on higher-value activities and potentially reducing the real estate footprint needed within the facility," Janus said.
Optimized Operations
Generative AI can monitor patterns and tasks within a healthcare facility to help optimize throughput. The savings can extend from time to patient lives.
In St. Augustine, FL., Flagler Hospital used Symphony AyasdiAI's machine intelligence software to proactively identify care paths that prevent hospital-acquired conditions. It only took a few months of implementation for the facility to see length of stay, cost and mortality decreases. The hospital was then able to expand the application of this approach from pneumonia to 11 other conditions.
"The breadth and depth of healthcare data are growing exponentially. AI can process the rapidly expanding amount of data from sensors, medical devices, mobile apps and electronic health records," Colliers' Newbold said. "With its capability to provide constant monitoring and discover patterns or anomalies, AI augments human capabilities while allowing more time for healthcare professionals to focus on patient care."
For more insights and thought leadership from Colliers, click here.
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Brian A. Lee
Brian A. Lee is an Atlanta-based freelance writer and former editor of Western Real Estate Business magazine. The Wake Forest and University of Georgia graduate has covered commercial real estate since 2000.
