As AI becomes increasingly adopted in healthcare, Philips (PHG) CEO Roy Jakobs joins Morning Brief to discuss how the technology is revolutionizing the industry.

Jakobs points to Philips's SmartSpeed algorithm as a way to increase the speed of its MRI machine imaging by three times. "We see 25% penetration of that algorithm on all the MRs (magnetic resonance imaging) that are in Japan from Philips. That's a significant uptake in a very short amount of time because it just doubles the productivity of that MR in the market," he tells Yahoo Finance.

He argues that AI is supporting the healthcare industry, rather than replacing it amid staffing shortages tied to post-COVID rates of burnout.

"So actually, we cannot get enough people to step into the practice," Jakobs explains. "We are supporting the doctors with better tools to do diagnosis faster, to do minimally invasive therapies, or actually to monitor patients in a more predictive manner."

Jakobs adds that this all helps in cutting down the workload for medical technicians and other staff: "And we're helping the nurses so that actually we can expand, for example, the ratio of how many patients they can watch after in an ICU from 1 to 7 by the use of a tele-ICU application. So distinct needs areas where actually this is enhancing the staff currently, not replacing them."

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This post was written by Melanie Riehl