Responsible Artificial Intelligence (AI) for Value Formation and Market Performance in Healthcare: the Mediating Role of Patient's Cognitive Engagement

The Healthcare sector has been at the forefront of the adoption of artificial intelligence (AI) technologies. Owing to the nature of the services and the vulnerability of a large section of end-users, the topic of responsible AI has become the subject of widespread study and discussion. We conduct a mixed-method study to identify the constituents of responsible AI in the healthcare sector and investigate its role in value formation and market performance. The study context is India, where AI technologies are in the developing phase. The results from 12 in-depth interviews enrich the more nuanced understanding of how different facets of responsible AI guide healthcare firms in evidence-based medicine and improved patient centered care. PLS-SEM analysis of 290 survey responses validates the theoretical framework and establishes responsible AI as a third-order factor. The 174 dyadic data findings also confirm the mediation mechanism of the patient's cognitive engagement with responsible AI-solutions and perceived value, which leads to market performance.

Automated summary

The study highlights the importance of responsible AI in the healthcare sector, showing its role in evidence-based medicine and improved patient centered care for healthcare firms. In the developing AI market like India, there is still significant room for implementing responsible AI practices. The findings demonstrate that patient's cognitive engagement with responsible AI solutions and perceived value are crucial factors influencing market performance.