In Australia, heart failure affects over half a million individuals, making up over 150,000 hospitalisations per year, over 60,000 deaths, and a cost of over $3 billion. Globally, heart failure affects more than 60 million people and is the world’s leading cause of hospitalisation in people over 65 years. It makes up 17% of all US healthcare expenditures.
Clearly, the cost of heart failure is high for both people and hospitals. Now imagine if AI could be the solution (to some extent) to these pressures.
Artificial intelligence and medical technology company Echo IQ (ASX: EIQ) has developed a novel AI algorithm for detecting heart failure. To check its validity, the Company has entered into an agreement with an Australian research institute, St. Vincent’s Institute of Medical Research (SVI), to advance a clinical study using the new AI solution to detect the risk of heart failure.
Echo IQ Chairman Andrew Grover said, “This agreement and clinical study with St. Vincent’s Institute considerably broadens the Company’s commercial opportunity, and we are extremely excited by the clinical and commercial applications for this innovative new solution.
“Heart failure is a significant health issue, with more than 50% of sufferers currently dying within 3-4 years. Given the seriousness of this condition and its impact on hospital readmission rates, we are pursuing a clear pathway to obtain insurance reimbursement codes for this solution as a priority.”
Some forms of heart failure are notoriously difficult to diagnose despite established guidelines. Symptoms can include breathlessness, leg swelling and fatigue. Treatment for heart failure has a significant impact on survival, so making an accurate diagnosis is of great importance.
The Company expects its AI-backed solution may assist in the early detection of the condition and improve a doctor’s ability to expedite recommended treatments, which include medication and general lifestyle improvements.
EchoIQ’s algorithm for heart failure leverages its exclusive access to the NEDA (National Echo Database of Australia) database of echocardiographic (heart ultrasound) records. This new algorithm reliably identified the heart failure phenotype even when important information was not measured during the echo examination, in contrast to current diagnostic techniques that fail to generate a definitive conclusion in more than 50% of cases.
The diagnosis of heart failure combines an echocardiographic review with the clinical examination of the patient. The ability to provide physicians with a clear risk assessment (based on echocardiographic measurements) prior to physical examination is expected to positively impact patient care leading to improved access to treatment and earlier risk warnings.
Heart failure affects millions, leading to costly emergency hospital admissions and financial penalties for US hospitals due to high patient readmission rates. As the leading cause of hospital readmission globally, solutions for early detection and risk prediction of heart disease are highly sought after.
Echo IQ’s advisors believe its solution qualifies for US insurance reimbursement, potentially alleviating hospital costs and generating revenue through usage fees. With over 30 million echocardiograms performed annually in the US, more than 7 million of which are covered by Medicare for heart disease evaluation, Echo IQ’s solution could significantly impact health economics.
The new solution is expected to improve health and economic outcomes in a $89.90 billion per annum healthcare market.
Once it completes the clinic studies for this algorithm, EchoIQ will submit an application for FDA clearance with the 510(k) pathway.
Alinda is a Business Reporter for The Sentiment
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1 Comment
Shraddha13
Thank you for sharing! To explore further
Replyhttps://www.360iresearch.com/library/intelligence/cardiac-ai-monitoring-diagnostics