🧠 AI-Infused EHR

Good morning! 

Welcome to Healthcare AI News, your weekly dose of the latest developments and headlines in the world of healthcare AI.

In this issue, we explore leveraging AI to turn EHR data into actionable insights, Elon's new AI company - TruthGPT, World’s first predictive AI for COPD, "Godfather" Scientist opinion on AI, and Merck's $10B acquisition.

Be sure to read on to see this week's Top headlines, Industry, Tech, and M&A news.

Let's dive in.

HEADLINE ROUNDUP

• Microsoft and Epic to bring generative AI capabilities in EHR (Read more)

• Why is the FTC blocking free market Healthcare solutions? (Read more)

• Elon Musk says 'TruthGPT' will be a 'maximum truth-seeking AI (Read more)

• Samsung Electronics unveils Samsung Health Stack 1.0 (Read more)

• How the FTC could slow OpenAI’s ChatGPT (Read more)

• Innovaccer launches self-serve conversational AI assistant (Read more)

• HIMSS23: Healthcare AI going forward (Read more)

• AT&T Teams up with Cambridge Innovator to bring AI-enabled radar technology to in-home health monitoring (Read more)

• Atlassian brings an AI assistant to Jira and Confluence (Read more)

• Oracle and Zoom join forces to expand access to Virtual Care (Read more)

💡 Keep reading to catchup on Industry, Tech & Deal flow

THE FEATURE

Leveraging AI to turn EHR data into actionable insights

About 80% of the healthcare data collected is unstructured or conversational, including radiology images, physicians' notes, or social media posts. This data type has incredible potential to help improve health outcomes and provide valuable insights, especially using AI-driven technologies.

Market Snapshot

• Nearly 90% of healthcare institutions in the US use electronic health records (EHRs).

• A recent report revealed that 90% of physicians believe that better patient data would increase their confidence in treating patients, and 85% believe faster access to data would improve the patient experience.

• According to American Hospital Association (AHA) annual Survey, as of 2021, 78% of office-based physicians and nearly all non-federal acute care hospitals (96%) adopted a certified EHR. This marks substantial 10-year progress since 2011, when 28% of hospitals and 34% of physicians had adopted an EHR.

EHR Benefits

Utilizing EHR data can help reduce healthcare costs while providing more effective, personalized, patient-centered care that drives better health outcomes. EHR data can be analyzed using predictive analytics to identify high-risk patients and develop clinical decision-support tools that provide real-time recommendations for actionable and timely interventions. EHR data can also be used to identify trends and patterns in patient populations. Quality metrics tracking tracks information such as hospital readmission rates, medication errors, and patient satisfaction. This data can also be used to monitor patients’ vitals in real-time and help catch early warning signs of deterioration.

Using AI on data from EHR has even more benefits inside and outside the clinical settings. From predictive analytics, natural language processing, and machine learning algorithms to AI-driven chatbots, emerging technologies facilitate deeper insights into patient health and develop personalized care plans, resulting in better health outcomes and more efficient healthcare delivery models.

Some challenges using EHR today

Leveraging EHR data for actionable insights has immense potential but comes with challenges. These include technical ability, especially with older systems in rural areas, staff resistance to learning a new system, privacy concerns, and inaccurate data. Healthcare organizations, HCPs, and insurers must address these challenges to unlock the full potential of EHR data.

Which companies are taking advantage of EHR data?

• Komodo Health uses Real World Evidence (RWE), which provides insights on patient journeys and clinical outcomes using real-world data, including EHR data, to aid healthcare companies in patient population identification, disease progression monitoring, and treatment plan optimization.

• Innovaccer's population health management systems integrate with EHR to offer insights into patient health, care utilization, and clinical outcomes. The Health Cloud allows care organizations to integrate and activate data from any source for a 360-degree view of the patient, resulting in valuable insights.

• Merative works with nine of the top ten US hospitals, utilizing EHRs, advanced analytics, and machine learning algorithms to aggregate data and provide healthcare providers with actionable insights that improve patient outcomes. Their platform analyzes EHR data to identify patients at high risk for hospital readmission and complications, driving proactive models.

• Flatiron Health uses EHR data to generate real-world evidence for cancer research. Their platform analyzes EHR data from multiple sources to create insights on cancer treatment effectiveness, patient outcomes, and clinical trial design.

The takeaway

The growing EHR market presents a significant opportunity for insurers and healthcare leaders to leverage EHR data to drive better outcomes and reduce costs. The EHR market is anticipated to touch 38.7 Billion USD by 2030 at a CAGR of 4.18% from 2023 to 2030. A multifaceted strategy is needed to unlock the full potential of health data; this includes investment in data management and integration solutions, safeguarding patient information, and implementing strong security and privacy procedures. Collaboration with outside specialists, staff training and development programs, and analytic expertise is also critical. With careful planning and implementation, the potential of EHR data to reveal actionable insights can be fully realized.

INDUSTRY NEWS

• 12 payers among nation's 'most trustworthy companies' in 2023, per Newsweek (Read more)

• Deloitte and Oracle collaborate to deliver better, more connected Health Systems (Read more)

• Workday sees continued momentum in Healthcare, helping Healthcare organizations drive transformation through operational insights (Read more)

• How Informatics, ML, and AI can better prepare the Healthcare industry for the next global pandemic (Read more)

• Amazon rolls out new Alexa Healthcare features (Read more)

• World’s first predictive AI for direct COPD patient care deployed in UK (Read more)

• What the recent failures of Mindstrong and Pear tell us about the future of digital mental health (Read more)

• Philips and MIT IMES develop enhanced critical care data set to give researchers and educators access to advanced clinical understanding and AI in healthcare (Read more)

• Salesforce: Healthcare workers agree data security is their responsibility, but survey shows massive gaps in practice (Read more)

• 3M Health information systems collaborate with AWS to accelerate AI innovation in clinical documentation (Read more)

TECH NEWS

• App cyberattacks jump 137%, with healthcare, manufacturing hit hard, Akamai says (Read more)

• 5 Key steps to consolidate technology In Healthcare (Read more)

• OpenAI’s CEO says the age of giant AI models is already over (Read more)

• After ChatGPT, revolutionizing Healthcare with OMED AI: Unleashing the power of Binance Blockchain (Read more)

• The insurance industry might be flirting with AI, but it's still lagging behind in CX (Read more)

• Philips joins forces with AWS to bring Philips HealthSuite imaging PACS to the cloud and advance AI-enabled tools in support of clinicians (Read more)

• 'Godfather' scientist says superhuman AI May eliminate humanity (Read more)

• Virtual appointments with teams - Integration into Epic EHR (Read more)

• Snowflake launches data cloud designed for manufacturers (Read more)

• Zero downtime deployment: Upgrade your dockerized app with the blue-green technique (Read more)

DEAL FLOW

• Merck Acquires Prometheus Biosciences, Inc. for $10.8 billion (Read more)

• GSK reaches agreement to acquire late-stage biopharmaceutical company BELLUS Health for $2 billion (Read more)

• Insurer Elevance Health tops 1Q forecasts on Medicaid growth. Earning $1.99 billion in the quarter (Read more)

• Arcadia a leading data analytics platform for healthcare, raises $125 Million in new financing from Vista Credit Partners (Read more)

• Define Ventures announces $460 million across two new funds to fuel Digital Health innovation (Read more)

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TOP 3 TWEETS OF THE WEEK