🤓 Smart Marketing, Smarter AI

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 Harnessing the Power AI for Healthcare Marketing, Nvidia may have just solved AI's biggest problem, HealthGPT, Telehealth companies grapple with regulatory uncertainty and Kaiser acquires Geisinger 

NEW: Check out the Q1 earnings summary report on the top 5 leading companies in the Healthcare sector.

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

Let's dive in.

HEADLINE ROUNDUP

• US Regulators warn they already have the power to go after AI bias and they’re ready to use it (Read more)

• Nvidia may have just solved AI's biggest problem (Read more)

• Apple is reportedly developing an AI-powered Health coaching service (Read more)

• Britain jumps on AI bandwagon with $125M taskforce for education and Healthcare (Read more)

• Avenda Health announces first commercial use of Unfold AI on prostate cancer patients in the US (Read more)

• Amazon closing Halo health division lays off staff while offering hardware refunds (Read more)

• How Artificial Intelligence is accelerating innovation in Healthcare (Read more)

• MIT Artificial intelligence is infiltrating Healthcare. We shouldn’t let it make all the decisions (Read more)

• AI to help fight next public health crisis, top Chinese scientist says (Read more)

• Suicide rates spike; AI platform could fill gap in mental Healthcare, says Boston researchers (Read more)

• Georgia is paying hackers to break into its Medicaid portal (Read more)

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

THE FEATURE

Let AI Be Your Healthcare Marketing Consultant

Thanks in part to technological advancements, the Healthcare industry has experienced significant growth. In fact, the Healthcare AI market is predicted to reach $6.6 billion by 2028, with total AI spending expected to reach $102.7 billion. One application of AI in Healthcare is marketing, which has the potential to revolutionize how organizations connect with their target audiences and deliver personalized experiences.

The Power of AI in Healthcare Marketing

AI can analyze vast amounts of data from various sources, such as electronic health records (EHRs), social media, and patient feedback. This data enables Healthcare marketers to gain insights into their target audience, identify trends, and predict consumer behavior. AI-driven marketing strategies can lead to more effective campaigns, improved patient outcomes, and increased return on investment (ROI).

Predictive Analytics and Precision Marketing

AI can utilize predictive analytics in healthcare marketing, which helps organizations identify patterns and trends in data to make better decisions. By using AI algorithms, Healthcare marketers can develop more targeted and precise marketing campaigns that cater to individual patient needs and preferences.

DeepIntent is an AI marketing platform utilizing precision marketing. The platform has partnered with top Healthcare clients like Bayer, AstraZeneca, Merck, and Johnson & Johnson to create customized HCP and patient audiences. DeepIntent helps clients optimize advertising strategies and improve ROI by analyzing massive medical datasets and daily provider-level data.

AI Chatbots for Marketing

AI marketing applications in healthcare primarily focus on saving time fielding inbound queries or reducing the time it takes to convert a lead.

AI chatbots and curated FAQs can give patients and Healthcare providers a more personalized online experience, so they don't need to sift through tons of unrelated content to get what they are looking for. AI can use a combination of an individual's medical status or specialty, order history, and recent queries to predict the products they might need and present information on those first. With increased projected lifespans on the horizon and the myriad of specialties it creates, quickly narrowing down a client's concerns via demographic data is important.

The biggest success story along these lines is Sophia, an AI chatbot by Novo Nordisk who is helping tens of thousands of patients and care providers find the right treatment paths and prescriptions for their Diabetes. Implementers saw a massive spike in usage between 11 PM and 2 AM when people had time to consider self-care issues just before bed.

AI for Healthcare Marketing Optimization

AI algorithms can also help optimize marketing campaigns by examining a product's market segmentation and defining the target audience better. This enables healthcare organizations to allocate their marketing resources more efficiently, resulting in more targeted and effective campaigns.

Ethical Considerations and Data Privacy

While AI offers numerous benefits in healthcare marketing, addressing ethical considerations and data privacy concerns is crucial. AI systems must be designed to protect patient data and comply with regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR). Additionally, organizations must ensure that AI algorithms are transparent and unbiased, avoiding potential discrimination or negative impact on patient care.

The Future of AI in Healthcare Marketing

As AI continues to evolve and mature, its role in healthcare marketing is expected to expand further. AI has the potential to revolutionize healthcare marketing by offering unprecedented insights into patient behavior, enabling precision marketing, optimizing campaigns, and providing interactive chatbot experiences. By harnessing the power of AI, healthcare organizations can build stronger connections with their target audience, improve patient outcomes, and ultimately drive business growth.

INDUSTRY NEWS

• VA suspends rollout of Oracle Cerner electronic health record system as part of major ‘reset’ (Read more)

• Unveiling the hidden biases in medical AI: Paving the way for fairer and more accurate imaging diagnoses (Read more)

• Artificial Intelligence continues to assist in cough detection (Read more)

• Telehealth companies that provide abortion pills grapple with regulatory uncertainty (Read more)

• Claims inflation causing pain in Healthcare insurance market (Read more)

• Impact of Artificial Intelligence on Ophthalmology (Read more)

• Service As A Platform: A New Way To Think About Healthcare Delivery (Read more)

• Is Medicare Advantage a disadvantage for patients with cancer? (Read more)

• House, Senate craft separate healthcare packages (Read more)

• Case Western, UH researchers apply AI to cardiovascular risk assessment (Read more)

Q1 EARNINGS SUMMARY

UnitedHealth Group, Elevance Health, CVS Health Corp, Cigna Group, and Humana Inc released their quarterly earnings, demonstrating strong performance across the board.

UnitedHealth Group reported solid Q1 FY2023 earnings with a 15% YoY revenue growth, while Elevance Health's revenue grew by 10.6%. CVS Health Corp saw strong revenue growth in Q4 FY2022, and Cigna Group exhibited growth in both the most recent quarter and the full year of fiscal 2022.

Pharmaceutical and medical device companies such as Johnson & Johnson, Eli Lilly, Merck & Co., AbbVie, Pfizer, Abbott Laboratories, Stryker Corp, Intuitive Surgical, Boston Scientific Corporation, and Becton Dickinson and Company also posted positive earnings. These companies experienced revenue growth and continued product development, highlighting the overall strength and progress in the healthcare industry.

Click here to read the entire Q1 Earnings Summary

TECH NEWS

• Will AI replace low-code/no-code? (Read more)

• Google releases security LLM at RSAC to rival Microsoft's GPT-4-based Copilot (Read more)

• HealthGPT, a GitHub repository by Stanford BDHG (Read more)

• AI technology could lead to errors in EHRs, researcher warns (Read more)

• How Edge Computing is transforming Data Analysis on the cloud (Read more)

• Can Rust beat JavaScript in 2023? (Read more)

• Apigee rolls out new AI-powered API protection features (Read more)

• GitLab's new security feature uses AI to explain vulnerabilities to developers (Read more)

• Big data and machine learning can usher in a new era of policymaking (Read more)

• PentestGPT GitHub Repo (Read more)

DEAL FLOW

• Kaiser Permanente to acquire Geisinger (Read more)

• Medtronic is partnering with Nvidia to create potentially Game-Changing tech. Is the stock a buy? (Read more)

• LexisNexis Risk Solutions acquires Human API (Read more)

• J&J Aims up $43 Bln Valuation consumer Health Unit Kenvue (Read more)

• Orbital Therapeutics secures $270 million in series A financing to unleash full potential of RNA medicines (Read more)

• GNS Healthcare raises $23 Million led by Cigna Ventures (Read more)

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