ChatGPT: Boom or Bust?

Good morning! 

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

This week we dive deep into ChatGPT, the AI that passed US medical licensing exams, and its potential impacts on healthcare. We also look at Amazon's monthly subscription for generic drugs, and how FBI disrupts Hive ransomware. All that and more in this week's edition of Healthcare AI News.

In Today’s Email:

• Headline Roundup: Catch up on the latest developments in Healthcare.

• The Feature: Revolutionizing Healthcare with ChatGPT.

• Industry News: Run-down on the most important Healthcare sector news.

• Tech News: Stay tuned with the latest tech advancements.

• Deal Flow: M&A and partnership announcements.

Let's dive in.

HEADLINE ROUNDUP

• AI passed U.S. medical licensing exam. Two papers show that large language models, including ChatGPT, can pass the USMLE. (MPT)

• Federated learning AI models could lead to healthcare breakthroughs. (VB)

• Is ChatGPT HIPAA Compliant, and What Does it Mean for the Future of Healthcare? (MTI)

• Artificial intelligence tool reflects risk of cognitive decline, Alzheimer disease based on brain age. (PT)

• Orlando Health to launch AI-driven hospital-at-home services. The health system selected Biofourmis, which can analyze more than 120 biomarkers in real time, to extend hospital-level care to patients across central Florida. (HIT)

• Study: Telehealth use linked to lower cancer care costs. A study published in JAMA Network Open found that oncology care via telehealth was associated with time, travel and cost savings among cancer patients. (MHN)

• HLTH Foundation launches ‘Techquity for Health’ Coalition to help integrate health equity standards into healthcare technology & data practices. (PRN)

• Amazon launches $5 monthly subscription for generic drugs. RxPass, which will be available to Prime members, will offer generic drugs for common conditions like high blood pressure and anxiety. (MHN)

THE FEATURE

Revolutionizing Healthcare with ChatGPT

Imagine a world where healthcare is more efficient, accessible, and personalized. This vision is becoming a reality with the integration of AI technology, specifically with the introduction of ChatGPT. With the ability to process vast amounts of data and provide real-time insights, ChatGPT is revolutionizing the healthcare industry and improving patient outcomes. From data management to predictive analytics, ChatGPT is streamlining processes and making healthcare more efficient.

🔍 How it works

ChatGPT and other AIs have the potential to impact every corner of healthcare. This includes data management and predictive analytics to support clinical decision making. AI chatbots such as ChatGPT have the potential to supplement many repetitive tasks.

In the insurance industry, generative AI technologies are changing the game, from distribution to underwriting and pricing to claims. Policy pricing and purchasing can now be done in near real-time, and AI-driven language models are improving customer service by streamlining claims processing, providing personalized coverage recommendations, automating underwriting, and reducing risks through data analysis.

That said, forward-thinking companies like Zelros have already imagined a future with generative AI. Their roadmap for generative AI includes:

• Personalized messages on a case-by-case basis

• Generating personalized and engaging outbound campaigns

• Educating consumers about products and services in their native language

• Using foundation models trained on large volumes of data that can generalize new tasks at scale

Lemonade, another InsureTech company, uses AI Chatbots for claim processing and automating end-to-end operational tasks. This helped them save operational costs that leveraged them to offer reduced prices, increase customer acquisition, and elevate customer experience and engagement.

📊 By the numbers

Within a week of its launch, ChatGPT reached an astounding one million users. The chatbot currently receives 10 million prompts daily. It is forecasted to earn a revenue of $200 million this year and 1 billion dollars by the end of 2024. The World Economic Forum's Future of Jobs Report estimates that by 2025, 85 million jobs may be displaced due to shifts caused by emerging technology, including ChatGPT. Still, it predicts that 97 million new roles will emerge as the market evolves with the advent of AI-driven machines and algorithms. This major shift can be seen with Microsoft recently making a $10 billion investment in ChatGPT.

🤓 Lets geek out about it

Now that we've discussed the potential benefits of ChatGPT, let's take a look at how ChatGPT works. The language processing AI was built on top of OpenAI's GPT-3 family of large language models. It uses natural language processing technology, also known as NLP, by learning techniques, language translation, language modeling, and generating text for applications. All technical terms aside, ChatGPT is an advanced chatbot that responds to questions conversationally, allowing for follow-up questions in human-like interactions.

One of its more comical achievements thus far has been writing a biblical verse in the style of the King James Bible explaining how to remove a peanut butter sandwich from a VCR. On a more practical note, people have already used it to create recipes, write essays, and translate to and from different languages.

As impressive as it may be, ChatGPT still has its limitations; it has poor knowledge of events & facts after 2021. The model can also generate incorrect information, and if given too many prompts, it gets overwhelmed, leading to inaccurate responses.

The integration of ChatGPT into the healthcare industry holds immense promise for improving patient outcomes and revolutionizing the way healthcare is delivered. Its ability to process vast amounts of data and provide real-time insights and personalized recommendations has the potential to streamline patient communication, improve data accuracy, and make healthcare more efficient and accessible. As AI technology continues to advance, we can expect to see even more transformative changes in the healthcare industry, and ChatGPT is poised to be at the forefront of this revolution. The future of healthcare is exciting, and with ChatGPT, we are closer than ever to realizing a more efficient, accessible, and patient-centered healthcare system.

INDUSTRY NEWS

• Nearly half of U.S. gig workers report difficulty accessing health insurance, study finds. (BP)

• FBI disrupts Hive ransomware: A win for patient safety (HIT)

• Senators reintroduce bills to reform PBM industry. (BH)

• Cigna sues CVS, former exec Amy Bricker over noncompete agreement. (FH)

• CMS implements tougher Medicare Advantage audit rule. (BH)

• New Medicare $35 insulin benefit will cut costs for millions. Beneficiaries have all of 2023 to switch plans for a lower price on that diabetes treatment. (AARP)

• Three 2023 telemedicine trends that advance the 'new normal' in healthcare. A telehealth and remote patient monitoring expert points to ongoing momentum, market positioning and specialty care as keys moving forward. (HIT)

• Tidepool's diabetes management tool receives 510(k) clearance. The Tidepool Loop app connects to compatible continuous glucose monitors and pumps and helps Type 1 diabetes patients determine whether insulin levels should be adjusted. (MHN)

TECH NEWS

• How cloud and data innovations can accelerate health equity. (ITP)

• Interoperable Data and Payments are Healthcare’s Future, Says Bank of America. (PYMTS)

• How to approach CX in the metaverse. (ITP)

• Global healthcare IT market size and Forecast 2023-2027. (PRN)

• Cardiologists use video-based AI models to ID coronary artery disease. (CB)

• Leveraging patient engagement technologies to tackle health inequity.  (HIT)

• Study: New VR sensory room reduces anxiety in people with intellectual disability. Its frequent usage was also found to improve sensory processing. (MHN)

• Assistive technology for an inclusive society at CES 2023. (YF)

DEAL FLOW

• Cardinal Health teams up with Palantir to deliver a clinically integrated supply chain solution. (PRN)

• Digital-first health insurance provider Angle health raises $58 million to modernize access to comprehensive healthcare benefits. (PRN)

• Pearl Health clinches $75M backed by a16z to scale up value-based care tech. (FH)

• SDOH startup Spatially Health partners with Florida ACO amid new CMS rules on equity (FH)

• Elevance Health to Acquire Blue Cross and Blue Shield of Louisiana. (EH)

TOP 3 TWEETS OF THE WEEK

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