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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.

This week, we're taking a closer look at how AI is revolutionizing mental health. We also explore the fast-paced AI chatbot race and CVS Health to acquire Oak Street Health. 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: AI + Mental Health: For better or worse?

• 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

• Google's Bard AI bot mistake wipes $100bn off shares (Read more)

• Health Care Bias Is Dangerous. But So Are ‘Fairness’ Algorithms. Medical systems disproportionately fail people of color, but a focus on fixing the numbers can actually lead to worse outcomes. (Read more)

• Natural Language Processing (NLP) creates an audit trail for risk adjustment. The RADV final rule comes after increasingly high-profile instances of apparent over coding from Medicare Advantage Organizations. (Read more)

• Spotify’s founder helped develop an AI-powered body health scanner (Read more)

• FDA approves AI ultrasound application for musculoskeletal imaging. (Read more)

• Predictive Analytics Tools Accurately Detect Pediatric Autism (Read more)

• From AI to regulation, making progress with the prior authorization process. (Read more)

• Biden calls for insulin cap extension, making boosted ACA subsidies permanent in State of the Union (Read more)

THE FEATURE

AI + Mental Health: For better or worse?

Did you know that the mental health crisis in the US is at an all-time high? Unfortunately, over 5.5 million adults with mental illness don't have insurance. But the good news is that technology is stepping up to the plate and offering new solutions to improve mental health care. In fact, experts predict that the global mental health market will reach a whopping $550B by 2030. With the current shortage of mental health professionals and high burn-out rates among doctors, it's more important than ever to explore the role of technology in improving access and outcomes for those in need.

💡 Are AI-fueled Chatbots the future therapists?

AI-powered chatbots, driven by language and cognitive models, are becoming a promising alternative for initial triage and screening in mental health. These chatbots can analyze and track emotions, provide targeted interventions, and mimic human interactions for confidential, continuous care. While not a replacement for human therapists, they can offer accessible support and complement traditional therapy.

👩‍💻 A look at the tech landscape

• Wysa, an artificial intelligence-based, emotionally intelligent bot, can help patients manage emotions and thoughts. So far, the bot has been used in 95 countries, helped 5 million people, and been featured in over 15 peer-reviewed publications.

• UK based mental health clinic called Ieso revolutionized therapy by incorporating AI and NLP technology. This innovative approach helps to analyze and understand the language used in therapy sessions, resulting in more effective treatment.

• Youper, a free mobile app, is an "emotional health assistant" that provides personalized feedback and insights based on daily text-based conversations with users. Youper has helped over 3 million people and 87% of those patients saw their symptoms improve.

• WoeBot, a chatbot launched in 2017 is designed with influence from cognitive-behavioral therapy (CBT), provides a therapeutic framework to help people change their thinking and behaviors leading to improved mood and decision-making.

🚧 Risks and challenges

Despite early advancements in AI-powered mental health care, the field is still in its infancy and presents numerous opportunities for growth. As with any new technology, it is important to be aware of the potential risks and challenges associated with its implementation. One such risk is the possibility of a poorly designed AI tool causing patients to avoid seeking traditional, in-person treatment. It is also important to note that information generated by chatbots can sometimes be inaccurate, leading to misunderstandings and potentially exacerbating a patient's mental health concerns. Furthermore, safeguarding patient privacy and ensuring compliance with relevant regulations are critical considerations when utilizing AI in mental health care.

Experts in the field are working to reduce the bias in AI algorithms. The more data AI receives, the more refined it becomes in its decision-making. However, AI cannot currently diagnose or treat all forms of mental disorders and lacks the human empathy that a therapist can provide. As a result, many experts do not recommend relying solely on AI for mental health treatment but instead suggest utilizing AI alongside therapists or as a starting point for patients.

📝 In brief

There is a wealth of potential for AI to revolutionize mental health care delivery. While some concerns have been raised about the technical, ethical, and regulatory implications of these technologies, AI has the power to transform the way mental health is assessed, treated, and incorporated into decision support systems. In the future, AI-powered solutions may allow practitioners to identify mental illnesses in their early stages and personalize treatments based on a patient's unique needs. Moreover, AI has the potential to detect early warning signs that may be overlooked by busy practitioners and provide patients with new skills and structured therapies such as cognitive behavioral therapy.

This is only the beginning of the journey towards a more AI-driven mental health care system, and we can already see the positive impact of AI solutions in this field. The future looks promising, and AI has the potential to significantly enhance the quality of care delivered to patients and improve their overall mental health outcomes.

INDUSTRY NEWS

• FTC reportedly hiring outside economists to probe Amazon's One Medical deal. (Read more)

• MyndVR announces first-ever payer partnership, expanding VR therapy to seniors in New York. (Read more)

• FDA clears new AI-powered cardiac imaging solution (Read more)

• CMS proposes small hike to Medicare Advantage, Part D plan payments in 2023 amid risk adjustment changes. (Read more)

• CMS proposes universal quality measures across all programs. (Read more)

• Cigna addresses MA overhaul, fresh off $6.7B in profit. (Read more)

• FTC orders GoodRx to stop sharing users’ health data with advertisers, issues $1.5M fine. (Read more)

• Diabetes prevention app users more likely to be female and obese vs the general population. (Read more)

TECH NEWS

• Big Tech companies use cloud computing arms to pursue alliances with AI groups (Read more)

• How Master Data Management (MDM) elevates governance in healthcare, manufacturing. (Read more)

• Mayo Clinic launches its first platform initiative. A strategic initiative to improve health care through insights and knowledge derived from data. (Read more)

• How 5G and AI will work together. (Read more)

• Code-generating platform Magic challenges GitHub’s Copilot with $23M in VC backing (Read more)

• Appdome Integrates with CircleCI to Automate Delivery of Secure Mobile Apps (Read more)

• GitHub Copilot vs. Amazon CodeWhisperer: What Developers Need to Know (Read more)

• Akamai offers micro-segmentation for Kubernetes clusters (Read more)

DEAL FLOW

• CVS Health to acquire Oak Street Health for $10.5B (Read more)

• Carlyle in talks to buy health tech firm Cotiviti for $15 billion (Read more)

• Cigna focused on partnerships not M&Ain care delivery strategy, CEO says. (Read more)

• Digital health funding and deals roundup: Ada Health partners with Pfizer. (Read more)

• ShiftMed clinches $200M in fresh funding as investors bet big on healthcare staffing companies. (Read more)

TOP 3 TWEETS OF THE WEEK

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