😟 ChatGPT Flunks Exam

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:

✅ Feature: Big Data and Health Insurance: Transforming Healthcare With AI

✅ Headline: Medical AI's Weaponization

✅ Industry: Scientists Accidentally Invent An Anti-Addiction Drug

✅ Tech:  2023’s Top Cybersecurity Threats

✅ Deal Flow: Astellas To Acquire Iveric Bio For $5.9 Billion

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

Let's dive in.

HEADLINE ROUNDUP

• ChatGPT flunks American College of Gastroenterology exams, Feinstein Institutes report (Read More)

• Biden-⁠Harris administration takes new steps to advance responsible AI research, development, and deployment (Read More)

• Medical AI's weaponization (Read More)

• Meet Dave, the world’s first AI chatbot for cancer patients (Read More)

• 30 Healthcare IT influencers worth a follow in 2023 (Read More)

• Apple says health data not shared with third parties without 'explicit permission' (Read More)

• Intel unveils Aurora genAI "Generative AI Model" for science, up to 1 trillion parameters (Read More)

• Generative AI Is stoking medical malpractice concerns for medical doctors In these unexpected ways, says AI Ethics and AI Law (Read More)

• AI May detect early Alzheimer’s in speech patterns (Read More)

• Point32Health confirms Harvard Pilgrim health Care member data stolen in ransomware attack (Read More)

• How AI is learning to read the human mind (Read More)

• FDA announces contract for automation in drug performance analyses (Read More)

💡 Keep reading to catch up on Industry, Tech & Deal flow

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THE FEATURE

Big Data and Health Insurance: Transforming Healthcare with AI

As The Economist famously noted in 2017, data is the new oil. Its sheer scale and importance has only increased in recent years. In fact, one estimate is that 1.1 trillion megabytes of data are created every day.

The importance of big data is especially relevant in the healthcare industry. From electronic health records to wearable devices, healthcare professionals have already incorporated big data to offer better outcomes for patients and doctors.

That being said, we are still in the early innings here—especially when it comes to big data in the health insurance industry. By combining advanced analytics and massive amounts of data, health insurers can provide more personalized coverage, encourage healthy habits, and lower premiums for their customers.

Some Big Data Applications in Health Insurance

Already, we have seen health insurers incorporate big data into their operations. Some of the many applications include:

• More effective marketing: Like businesses in many other industries, health insurers use big data to create more tailored marketing campaigns. They can better ensure that their marketing dollars are being spent on the warmest leads and prospects.

• Rapid troubleshooting: Big data helps health insurers answer client queries and deliver the best possible service.

• Client retention: With most business occurring from existing clients, health insurers want to raise their client retention rates. Big data helps insurers understand why clients are leaving, making it easier to correct mistakes and increase retention.

• Automating routine tasks: Big data—combined with the power of machine learning and artificial intelligence—can take care of rote tasks. This saves health insurers money and helps them focus on more complex tasks and projects.

However, There Are Some Challenges and Concerns

While there are many other applications, these four are already making waves within the health insurance industry. However, as with all types of technological innovation, there are already some ethical and moral considerations.

For starters, there are the inevitable concerns around privacy. As described in Nature Medicine, a significant amount of health data is not covered by HIPAA. This can include health care data recorded by life insurance companies, as it is outside the specific definition of covered entities and business associates. The Washington Post has even reported on health apps sharing consumer data with advertisers.

There are also concerns about whether large data collection is equitable. Marginalized populations may be missing from large data sets, making them biased against those populations. Then, there are some technical challenges. Implementation costs can be substantial for instance, a custom patient engagement solution requires significant capital investment.

These larger issues still don’t have clear answers. At the same time, health insurers are grappling with these questions to both protect patients and leverage the benefits that big data offers.

The Future of Big Data and Health Insurance

Even with these concerns, big data isn’t going away. The health insurance industry continues to embrace big data and innovations in AI to provide even more value to consumers. For instance:

• Cigna and UnitedHealthcare are working on targeted medical interventions through data obtained from claims documents. Using AI, they can better determine if a specific patient is at risk of being diagnosed with a certain ailment or condition. 

• Shift Technology is a French tech startup that relies on machine learning algorithms to detect fraud in insurance claims. In 2021 alone, the company identified more than $5 billion in claims fraud.

• Anthem announced a partnership with Google Cloud to create a synthetic data platform. This platform would allow Anthem to both better detect fraud and offer more personalized service to its customers. 

Clearly, there is an immense amount of innovation here. It makes sense, as large data sets and increasingly sophisticated AI can better predict patient outcomes.

The great news for insurers? AI is only getting better. The rapid advancements in large language models and user-friendly tools (like ChatGPT) will mean that insurers will have even more granular insights into their customers, making it that much easier to add value.

The Takeaway

Big data and AI are two massive technological waves that are only gaining steam. Because the health insurance industry is so data-driven, it’s natural for insurers to already be gaining value from these trends. While the future is always difficult to predict, it’s hard to see these trends fading anytime soon. 

INDUSTRY NEWS

• AI-powered ‘Lifesaving Radio’ helps surgeons operate with greater efficiency and accuracy (Read More)

• Paralyzed man walks again after AI system connects his thoughts to his legs (Read More)

• Inovaare launches Usher, a generative AI-Powered compliance assistant for Healthcare Payers and Providers (Read More)

• Biden-Harris administration announces proposal to advance prescription drug transparency in Medicaid (Read More)

• Scientists at DeepMind and Meta press for accelerating work in life sciences (Read More)

• Addressing the ethical use of AI In Healthcare (Read More)

• AI tool can outperform humans in stroke identification (Read More)

• New app from January AI is an AI-powered health coach, uses generative AI to predict blood sugar response to 32M+ foods (Read More)

• Canary Speech accelerates AI Speech analysis technology with Microsoft Cloud for Healthcare integration (Read More)

• Did scientists accidentally Invent an anti-addiction drug? (Read More)

• US Surgeon General says social media may be hazardous to teen health (Read More)

• Philips presents study findings showing AI’s potential to predict ventricular tachycardia at HRS 2023 (Read More)

TECH NEWS

• Microsoft launches Fabric, a new end-to-end data and analytics platform (Read More)

• The Role of Data Mining in Healthcare and Why it matters (Read More)

• AI-powered automation enhances job fulfillment for nearly 60% of workers (Read More)

• Introduction to red teaming large language models (LLMs) (Read More)

• Forrester predicts 2023’s top cybersecurity threats: From generative AI to geopolitical tensions (Read More)

• Cloud computing the prescription for modern healthcare challenges (Read More)

• Samsung Display demos long rollable and a health-sensing OLED (Read More)

• Vaultree sets a new benchmark in Healthcare Cybersecurity with industry-first, fully functional data-in-use encryption solution (Read More)

• Highest paying programming languages for software engineers (Read More)

DEAL FLOW

• Ironwood to Acquire VectivBio for $1B (Read More)

• Siemens Healthineers and Commonspirit Health agree to acquire block imaging (Read More)

• Anthropic raises $450M to build next-gen AI assistants (Read More)

• AVROBIO announces agreement to sell cystinosis gene therapy program for $87.5 Million to Novartis (Read More)

• Bioventus completes $85M sale of wound care business to LifeNet Health (Read More)

• Florence acquires Zipnosis to solve clinical capacity constraints and create omnichannel transformation across telehealth and hybrid care (Read More)

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