The companies that have benefited the most from artificial intelligence (AI), at least so far, are arguably the technology leaders that provide various kinds of AI services. However, AI is disrupting every industry in some way, shape, or form. Companies in other sectors could leverage the technology to improve their operations.
Consider a field like healthcare. One company that is slowly benefiting from AI-enhanced healthcare is HCA Healthcare (HCA 1.07%), a leading hospital chain. Let's see what the company is doing and why investors should care.
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Deploying AI initiatives
HCA Healthcare has launched several AI-powered initiatives that could make small but meaningful improvements to its business over the medium term. Consider the company's AI-driven nurse staffing tool. It's no secret that there is a shortage of nurses and that nurses suffer from burnout due to high workloads.
Of course, this can affect patient safety -- tired and burned-out medical personnel are much more likely to make mistakes. HCA's AI staffing tool can help reduce the time administrators spend scheduling shifts and reallocate it to other important tasks. It also takes into account preferences and patient needs to optimize staffing. This isn't a revolutionary change, but it can make a difference.
NYSE: HCA
Key Data Points
HCA Healthcare is also working with GE Healthcare to build an AI-powered fetal heart rate monitor. Fetal heart rate tracings are recorded on strips in the form of graphs of a baby's heart rate and the mother's uterine contractions to assess the baby's health. But as HCA Healthcare points out: "There could never be enough human workforce to be able to watch every single one of those strips."
Doctors can cover more ground with the assistance of an AI-powered tool designed to do just that. Note what both of these efforts have in common: They focus on improving patients' health and outcomes, a key focus for the healthcare leader.
HCA's strong outlook
HCA Healthcare is one of the largest hospital chains in the U.S. The company has been exceedingly successful over the years, partly thanks to investing heavily in cutting-edge technology to attract more patients. We see the company doing the same with AI. So, the playbook hasn't changed for HCA Healthcare, and the company is still positioned to perform well over the long run.
With a vast, diversified network of facilities; deep relationships with physicians, insurance companies, and government payers; and rising healthcare spending driven by the world's aging population, HCA Healthcare could deliver solid returns over the long run. And AI might contribute to that. HCA is a top stock to buy for investors seeking companies poised to capitalize on AI-enhanced healthcare.
