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Good morning! 

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

It’s been another big week for Healthcare AI, and we’re exploring will AI replace Healthcare jobs? We also look at SVB's collapse and it's impacts to Healthcare. Plus Google's Healthcare AI updates. 

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

Let's dive in.

HEADLINE ROUND

• Google flexes its Healthcare AI muscle (Read more)

• The SVB collapse — and what it means for Healthcare (Read more)

• OpenAI unveils GPT-4, look for "GPT-4" section below for in-depth coverage

• SXSW ’23: Startup that beat Elon Musk’s Neuralink in Brain Tech (Read more)

• AI re-creates what people see by reading their brain scans (Read more)

• How AI could write our laws (Read more)

• AI model can help reduce drug-resistant bacteria (Read more)

• Microsoft lays off it's entire ethics and society team (Read more)

• ChatGPT recently passed the U.S. Medical Licensing Exam, but using it for a real-world medical diagnosis would quickly turn deadly (Read more)

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

THE FEATURE

Will AI Replace Jobs in Healthcare?

According to the World Economic Forum's Future of Jobs Report, AI has the potential to replace 85 million jobs by 2025. However, the same report suggests that AI will create around 40 million new jobs by 2030, particularly in the fields of digital health and data analysis.

Burnout and Shortages

You may have heard that there's a major shortage of qualified professionals, and burnout rates are reaching as high as 25% and 75% in some specialties. As the previous generation retires, they’ll take their expertise with them, leaving a shortage of 15 million professionals by 2030. McKinsey predicts a shortfall of 9.9 million physicians, nurses, and midwives worldwide despite the potential for new jobs in the global economy.

So, what can we do about this? Enter AI technologies like Robotic Process Automation (RPA), Natural Language Processing (NLP), chatbots, and virtual assistants. Organizations can improve efficiency and reduce workload by using these tools.

The healthcare industry is changing rapidly with the rise of AI and automation. While some may worry about job displacement, AI is more likely to shift the focus of healthcare payers and providers

AI Support for the Healthcare Workforce

Let's break down how AI can benefit Healthcare Professionals (HCPs):

• Nursing: By taking on administrative tasks, AI-driven automation can help nurses focus on delivering high-quality patient care, and increase productivity by 30-50%.

• Diagnostics: AI like Stanford's CheXNeXt can read chest X-rays for 14 pathologies in under two minutes, whereas radiologists take up to four hours. In the US there is only one radiologist for every 6,827 people, allowing AI-driven automation to make medical imaging faster, safer, and more efficient.

• Clinical Decision Support: AI can assist clinicians in making decisions by providing real-time recommendations, analyzing data, and recognizing patterns. According to Frost & Sullivan, clinical decision support systems powered by AI can lower diagnostic errors by up to 80%. In hospitals, clinical surveillance tools can generate actionable insights based on real-time data and predictive analytics.

• Precision Medicine: Lark Health and Roche Diagnostics have teamed up to create Lark Heart Health, an AI-powered virtual care program specializing in preventing and managing atherosclerotic cardiovascular disease (ASCVD) and coronary artery disease (CAD) to provide more personalized care.

• Patient-Provider Communication: AI can analyze health data and provide insights to HCPs for informed decisions and personalized care journeys. Chatbots powered by AI can also assist patients by answering their questions and directing them to appropriate care.

• Prompt Engineering: Using AI models to automate tasks, provide real-time suggestions, and help HCPs make informed decisions, prompt engineering can lead to better patient outcomes and higher efficiency.

• Claims adjusters, Underwriters, and Fraud analysts : AI can automate repetitive tasks, resulting in improved efficiency and cost savings. Therefore, enabling these professionals to focus on higher value tasks and making informed decisions, while leaving the more mundane tasks to the AI.

Is AI a Threat to the Healthcare Workforce?

As the healthcare industry embraces AI, concerns have been raised about the potential impact on jobs. However, experts believe that AI will complement the work of HCPs rather than replace them. According to Accenture, the adoption of AI in healthcare could save the industry $150 billion by 2026. The market for AI healthcare is expected to reach $36.1 billion by 2025. AI's benefits include improved efficiency, reduced costs, better outcomes, and enhanced patient experiences. Therefore, AI is not a threat to jobs but rather an opportunity for the industry.

AI’s Role in the Future of Healthcare

The future of healthcare is exciting as AI continues to transform patient care. Healthcare leaders need to identify where AI can complement existing systems and gradually introduce AI tools that improve safety, simplify processes, and prioritize patients. The use of AI must respect patient privacy, adhere to ethical and legal standards, and healthcare professionals must be trained to use these tools effectively. Collaboration with AI technology providers and continuous monitoring and evaluation of the impact of AI on the workforce and patient outcomes can create a culture of innovation and pave the way for a brighter future in Healthcare.

INDUSTRY NEWS

• A new systematic review suggests that AI models for psychiatric diagnosis display a high risk for bias and poor clinical applicability (Read more)

• The expanding battle over the abortion pill (Read more)

• Why Medicare is suddenly under debate again (Read more)

• Advancing unconscious bias training for Healthcare Professionals (Read more)

• Does TikTok's bold glamour filter harm users' mental health? (Read more)

• Google is making it easier to find low-cost healthcare centers in search results (Read more)

• Novel genes that may increase risk for Schizophrenia identified (Read more)

• Sleep disturbances linked with higher Dementia risk, study finds (Read more)

• Surgalign announces release of HOLO™ AI insights for spine Imaging (Read more)

• Why Healthcare boards lag other industries in preparing for cyberattacks (Read more)

GPT-4 Announcement

OpenAI has just released its newest language model, GPT-4, which promises to be significantly more advanced than its predecessor, GPT-3.5. With a range of impressive capabilities, GPT-4 is set to revolutionize the world of language models.

Key Points:

• GPT-4 is significantly smarter than its predecessor, GPT-3.5. It performs in the 90th percentile on the Bar Exam, whereas GPT-3.5 only managed to hit the 10th percentile.

• Its visual skills are impressive, with the ability to analyze and apply logic to images, as demonstrated by the creation of a website based on a simple napkin sketch.

• Steerability has been upgraded, allowing users to control the model's writing style in the direction they prefer, with a capacity of over 25,000 words.

• GPT-4 has improved behavior, responding to 'disallowed' content 82% less often than GPT-3.5.

• Several companies, including Khan Academy, Stripe, Duolingo, and Be My Eyes, have already started using GPT-4 to support their users.

GPT-4 is a powerful language model that can revolutionize Healthcare by generating more accurate medical reports, helping to create personalized insurance policies, improving diagnosis and treatment recommendations, and facilitating patient communication and education. With its ability to analyze vast amounts of patient data and generate personalized content, GPT-4 has the potential to improve health outcomes, reduce costs, and enhance patient satisfaction.

TECH NEWS

• Microsoft Power BI: the next big step for Healthcare (Read more)

• How Healthcare CIOs can leverage increased data exchange (Read more)

• 5G in Healthcare Market: AI is gradually being integrated into 5G Healthcare solutions (Read more)

• Microsoft Zero-Day Bugs allow security feature bypass (Read more)

• Oracle’s Ellison: Healthcare AI ‘More Important’ than ‘Very Cool’ ChatGPT (Read more)

• Google announces AI features in Gmail, Docs, and more to rival Microsoft (Read more)

• ChatGPT is now available in Azure OpenAI Service (Read more)

• Google Cloud Healthcare Data Engine: A comprehensive guide to Healthcare data analytics (Read more)

• How Siri, Alexa and Google Assistant lost the AI race (Read more)

• Mini robot enters blood vessels, completes surgery (Read more)

• Do companies need a Chief AI Officer? (Read more)

DEAL FLOW

• Pfizer to acquire Seagen a cancer drugmaker for $43 billion (Read more)

• Sanofi to acquire Provention Bio for $2.9 billion (Read more)

• Health Gorilla partners With CLEAR to empower consumers to securely access and control their health information (Read more)

• Fifth Third announces acquisition of Big Data Healthcare, a payments company serving National Health Systems, physicians (Read more)

• Avaneer Health launches its decentralized network and platform to transform Healthcare Administration (Read more)

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TOP 3 TWEETS OF THE WEEK