Artificial Intelligence in the healthcare sector is not news, since AI technology has been making a considerable impact by adding its efficiency and accuracy to the healthcare processes. And now, the tech giant, Microsoft Corp. is all set to take a giant leap with healthcare artificial intelligence.
Microsoft Corp. is all set to acquire Nuance Communications Inc., which is tied to Siri voice technology. Through the acquisition, Microsoft aims to create solutions that will add a streak of ease to the work of doctors, freeing them of the note-taking duties and helping them to predict the needs of the patient with more efficiency. Though there isn’t complete clarity regarding the matter, as per the information from people who are familiar with it, the company might announce the deal on Monday depending on the success of the ongoing talks and discussions.
According to the estimates, Nuance might be valued at a price of $56 a share. This will prove to be Microsoft’s largest acquisition after that of LinkedIn Corp.
Microsoft and Healthcare
Microsoft has been working towards building inroads into the healthcare sector. This is evident from the fact that the company has been selling cloud software to hospitals. Over the past two years, the company has been working with Nuance on artificial intelligence software that facilitates clinicians to capture discussions with patients, which are then integrated into electronic health records. By combining the speech technology products and teams chat app, telehealth appointments are also made more convenient.
Nuance’s shares have rocketed to 3.4% this year. With this, the company has gained almost $13 billion market value. By working together, Microsoft and Nuance will be able to tap into the nuances of healthcare paving the way for remarkable progress. As the AI software gains more efficiency with language and prediction of patient needs, it will facilitate the development of a technology that will help in better patient care by searching for particular words in health records and giving better suggestions to doctors on improved healthcare.
Microsoft scaled the mountain of artificial intelligence years ago with its research projects and an early focus by co-founder Bill Gates to find easier ways by which people can communicate with computers in plain English.
The recent acquisition will prove to be a power boost for Microsoft, helping it to cope with the rapidly increasing competition in the artificial intelligence space. The company sees artificial intelligence as the key towards a better future journey and progress and the acquisition of Nuance will positively add to its growth trajectory.