Healthcare AI Guy Weekly | 6/25

Our Picks ✨

Highlights if you’ve only got 2 minutes…

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Healthcare spending expected to reach $7.7T

CMS projects healthcare spending to reach $7.7 trillion by 2032, making up roughly 20% of the U.S. economy. US healthcare spending is projected to have grown 7.5% in 2023, which is faster than the nominal GDP growth rate of 6.1%, and to have resulted in a slight increase, to 17.6%, in the total share of the economy devoted to health spending.

CMS’ Office of the Actuary projects spending on healthcare will increase an average of 5.6% per year over the coming decade, faster than during most recent years.

The US already spends significantly more on healthcare compared to other high-income countries and seems to be continuing this trend. When it comes to data, operations, and logistics, the current state of healthcare leaves endless opportunity for improvement. $765 billion is wasted annually, with the main driver being human administrative overhead. This is a large reason people are excited about AI. As reported last week, McKisney projects successful AI, traditional machine learning, and deep learning to result in net savings of up to $360B in healthcare spending. Everyone in the industry knows we need to reign this in and it seems like technology is the best path forward. (link)

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AI blood test for Parkinson’s

Researchers just developed an AI-powered blood test that can predict Parkinson's disease up to 7 years before symptoms appear, potentially revolutionizing early diagnosis and treatment.

• The AI analyzes key markers in blood samples linked to inflammation and protein degradation, attempting to predict which patients would develop the disease.

• In a 10-year study, the test correctly identified 79% of patients who later developed Parkinson's.

• The AI model predicted Parkinson's up to 7 years before clinical symptoms emerged in some cases.

• Researchers hope to develop a simple finger-prick version for widespread screenings.

AI’s ability to find subtle patterns in previously undetectable biological data is unlocking new diagnostic capabilities. By catching a disease years before the onset of symptoms, patients can get earlier access to treatment aimed at prevention — another win for AI in healthcare. (link)

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Healthcare automation divide

Philips’ Future Health Index 2024 report shows leaders in healthcare are increasingly turning to automation and AI to address the significant financial and operational pressures caused by staff shortages. However, some staff are still skeptical. Here are some of the highlights:

• 92% of healthcare leaders see automation as a necessary tool for addressing staff shortages.

• 85% of leaders are either investing in or planning to invest in genAI, aiming to streamline processes and reduce delays in patient care.

• 66% report heightened burnout, stress, and mental health issues among their workforce, leading to a deterioration in work-life balance and reduced morale.

• 65% of leaders say their staff is skeptical about over-automating their workflows.

With staff being chronically stretched, healthcare leaders are turning to automation to alleviate the burden on clinicians. But they also face skepticism from staff about its use. It will be important to focus on quality assurance when automating processes, ensuring that staff continue to develop expertise that automation supports rather than replacing their professional judgment. (link)

Tools & Partnerships 🔧

Latest on business, consumer, and clinical healthcare AI tools and partnerships…

TOOLS

• Anthropic has a fast new AI model: Anthropic has launched its latest AI model, Claude 3.5 Sonnet, which it claims can match or surpass the performance of OpenAI’s GPT-4o or Google’s Gemini across a broad range of tasks. Claude 3.5 Sonnet excelled in benchmark tests, outscoring GPT-4o, Gemini 1.5 Pro, and Meta’s Llama 3 400B in most categories. (link)

• Multimodal AI disease prediction: Famous healthcare leader Eric Topol laid out the transformative potential of multimodal AI for identifying people at high risk of major diseases. Using Alzheimer’s as one example, Topol explains how multimodal AI can already predict the disease up to 7 years before diagnosis by incorporating various data types like EHR info on cholesterol or blood pressure, polygenic risk scores, and retinal imaging. (link)

• Swallowable robots enter clinical trials: A tiny, swallowable robot called Pillbot entered clinical trials and is preparing for FDA review and commercial launch — aimed at streamlining and improving gastrointestinal examinations and internal health data collection. Endiatx’s PillBot is about the size of a large vitamin pill and can transmit high-res video to doctors’ devices in real time. (link)

• CVS Health enhances customer service with AI, new app: CVS Health is set to launch a new app and integrate AI tools to improve customer interactions, reduce wait times, and elevate service quality. CVS plans to replace traditional menu-based customer service with AI-driven systems that understand and respond to callers’ needs directly, transferring them to live agents if required. (link)

• AI-powered nudges can improve diabetes members’ health engagement: AI can play a key role in diabetes management programs by enabling more personalized health "nudges" for members, which drives higher engagement and better health outcomes, according to new data released by Teladoc Health. (link)

  

PARTNERSHIPS

• Nuance + Utah Health: University of Utah Health has significantly improved clinical documentation by using an AI co-pilot from Microsoft subsidiary Nuance, integrated into Epic Haiku. This technology, used by over 150 clinicians monthly, has reduced the time spent on notes, improved patient eye contact, and allowed clinicians to leave work on time. (link)

• Cognizant + Google: Cognizant is rolling out its first set of health solutions that leverage Google Cloud’s AI tech, which focuses on addressing four high-cost workflows: marketing operations, call center operations (including appeals and grievances), provider management, and contracting. (link)

Deal Desk 💸 

Spotlight on latest capital raises, M&A, and investments…

FUNDING

• Humata Health, FL-based company designed to streamline the prior authorization process for healthcare providers, payers, and patients, raised $25M in funding. Blue Venture Fund and LRVHealth led the round and were joined by Optum Ventures, .406 Ventures, Highmark Ventures, and VentureforGood. (link)

• Canary Speech, a company using AI-powered vocal analysis to screen for mental illness, secured $13M in a Series A round led by Cortes Capital, LLC with participation from Sorenson Communications, LLC., SMK, and Hackensack Meridian Health. (link)

• Tandem Health, a Sweden-based developer of AI copilots for clinicians, raised $9.5M in seed funding. Northzone led the round and was joined by Amino Collective and angel investors. (link)

MERGERS & ACQUISITIONS

• Knownwell + Alfie Health: Following a $20M funding round six months ago, Knownwell, an integrated primary and metabolic care provider, acquired a competitor in the obesity treatment market, Alfie Health. Knownwell is integrating Alfie Health’s AI-powered platform that generates evidence-based recommendations for weight management. (link)

Other Relevant News 🔍

News, podcasts, blogs, tweets, resources, etc…

• GenAI enhancing ED efficiency, easing physician burnout (link)

• Mayo Clinic exec discusses AI strategy (link)

• How Abridge became one of the most talked about healthcare AI startups (link)

• AI is transforming drug development (link)

• Dr. Robert Pearl: “AI will be as common in healthcare as the stethoscope” (link)

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Visuals of the Week 📸

Funny memes, cool pics, and interesting data from around the web…