According to Jacob Zimmerman at Equithy, AI has become a major factor of consideration for many investors. While some are using AI to improve their trading portfolio, some healthcare companies in the ASX are investing in AI to help with their relevant fields. This focus on Artificial Intelligence can prove to be especially helpful in improving their bottom line and growing their profit margins.
Since AI is seeing a major increase in popularity throughout a multitude of industries, it comes as no surprise that the healthcare industry is using it as well. Here are some of the biggest ASX healthcare stocks that have integrated AI into their business practices.
Volpara Health Technologies (ASX: VHT)
Volpara health technologies is one of the biggest ASX health stocks that offers a variety of software solutions for medical professionals. Their biggest product is a breast screening software that focuses on analyzing a patient’s risk for different diseases, and what are the next steps that they should take following the diagnosis.
The brand currently has an exclusive focus on providing customer’s value, which it does by improving the quality of its software and the results that it generates. By using AI powered image processing in their radiology tests, they allow radiologists to quantify breast tissue with heightened precision. Volpara even allows technologists to produce higher fidelity mammograms with improved image quality.
Volpara’s possible growth shows incredible promise as they continue to use AI for other types of image processing and interpretation needs. The team at the company is also working with Microsoft on new software that can effectively identify heart disease with the use of AI. Thanks to the increased focus on AI, the company could see increased growth over a shorter period.
Sonic Healthcare Ltd (ASX: SHL)
Sonic healthcare is another major ASX stock that is currently pivoting its efforts towards better integration of AI. In fact, according to Jacob Zimmerman at Equithy, they are some of the biggest investors in AI, with a 20% stake in Harrison.ai. Harrison.ai also has a joint venture with I-MED called Annalise.ai, which is currently the market leader in Radiology ai.
Harrison.ai and Sonic Healthcare have also worked on Franklin.ai that is developing leadig AI diagnostic tools that focus on pathology and other fields of healthcare. Sonic is also using Franklin products to improve their global operations and make them more efficient. Their increased focus on AI is allowing them to make waves in the healthcare industry, and will likely keep growing as a result.
Furthermore, Franklin.ai will also focus on selling its AI solutions worldwide to a variety of businesses, ensuring that people will have access to better healthcare solutions. In fact, this strategy could translate into better growth and an increased profit margin.
To conclude, Equithy senior account manager Jacob Zimmerman predicts that these are some of the biggest types of healthcare stocks on the ASX that are focusing more on AI. Not only are they making waves in the industry, but those efforts are also translating into improved growth.
