Healthcare AI Guy Weekly Newsletter | 3/12

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Our Picks ✨

Highlights if you’ve only got 2 minutes…

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Reviving a woolly mammoth

Had ‘bringing extinct species back to life’ on your bingo card? Me neither... Meet Colossal Biosciences, a Dallas-based biotech with a mission to become the world’s first “de-extinction company.” They are in the process of creating a genetically engineered version of the woolly mammoth, the ice age elephant that disappeared 4,000 years ago.

The team just successfully created stem cells from an Asian elephant, the mammoth’s closest living relative, which can then be reprogrammed to make mammoth cells. The goal here is to re-introduce woolly mammoths into their natural habitat to help restore the fragile Arctic tundra ecosystem. The stem cells created will also make it easier for conservation scientists to study the Asian elephant, which is an endangered species. Colossal also uses drones and AI to track elephants in the wild and study their behavior.

The possibilities are endless when science and technology collide — what species would you bring back? (link)

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Klarna’s AI efficiencies could pave way for healthcare companies

Klarna made headlines recently as its new AI assistant handled two-thirds of customer service chats in its first month live. Klarna’s AI assistant (powered by OpenAI) is performing and concluding the conversations and errands by itself. The numbers speak for themselves:

• The AI assistant had 2.3M conversations (2/3 of Klarna’s customer service chats)

• It is doing the equivalent work of 700 full-time agents

• It is on par with human agents on customer satisfaction score

• It is more accurate in errand resolution, leading to a 25% drop in repeat inquiries

• Customers now resolve their errands in less than 2 mins compared to 11 mins previously

• It’s available in 23 markets, 24/7 and communicates in more than 35 languages

Although Klarna (Swedish buy now, pay later company) is in a different industry, you will see these efficiencies being applied to healthcare companies — payers, providers, healthtechs, PBMs, etc. As a reminder, $765 billion is wasted annually in US healthcare, the main driver being administrative overhead. Not only can AI keep up customer satisfaction but it also saves time and reduces overall costs, which is exactly what the healthcare system needs. (link)

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Bridging the gap between AI optimism and preparation

The Berkeley Research Group, a global consulting firm, surveyed 150 healthcare providers and pharmaceutical professionals about their perspectives on the AI landscape. While 75% of healthcare professionals believe AI will be widespread within the next three to five years, only 40% have reviewed regulatory guidance for implementation.

This signals that many organizations may not be organized in a way to oversee AI implementation effectively… Despite the challenges, there remains a strong confidence among the majority in the regulatory bodies' capability to establish the right safeguards. The primary concerns for healthcare organizations adopting AI include accuracy, data privacy, and data integrity. The report emphasizes the importance of health systems investing in AI expertise and building teams to oversee AI products. (link)

Tools & Partnerships 🔧

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

TOOLS

• AI tackles ear infection diagnosis: Researchers at UPMC and the University of Pittsburgh just developed a smartphone app that uses AI to accurately diagnose ear infections in children. The AI tool analyzes short videos of the eardrum captured by a smartphone-connected otoscope. Results demonstrated high accuracy and outperforming human clinicians. (link)

• Headspace launches VR app: Mental health app Headspace is launching Headspace XR, a meditation app for Meta’s Quest virtual reality headset. Headspace XR, which was funded in part by Meta, guides users through meditation and exercises like a Tai Chi-inspired movement game to promote mental well-being. (link)

• Siemens launches app for Apple Vision Pro: Siemens Healthineers is the latest radiology imaging vendor to develop software for the headset with its Cinematic Reality app. The app enables users to view photorealistic cinematic-rendered images in a virtual environment and could be used for surgical planning or patient education. (link)

PARTNERSHIPS

• Suki + Amwell: Suki partnered with Amwell to integrate its voice-enabled digital AI assistant into Amwell’s Converge hybrid care delivery platform used by providers at more than 2,000 hospitals and health systems, including Cleveland Clinic, Northwell Health, and Intermountain Healthcare. (link)

• WellSpan + Nuance: WellSpan Health is rolling out an AI-driven clinical documentation tool from Microsoft’s Nuance, called DAX Copilot, to its providers. (link)

• Memora + Intermountain: Memora Health’s intelligent care enablement platform will now support Intermountain Health in delivering high-quality care to more patients across the system. The Memora platform uses AI to automate basic tasks for healthcare teams while proactively guiding patients through their care plans. (link)

Deal Desk 💸 

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

FUNDING

• Overjet, a Boston-based developer of AI technology for dentists, raised $53.2M in Series C funding. This marks the largest investment in the history of dental AI. March Capital led the round and was joined by General Catalyst, Insight Partners, E14 Fund, Crosslink Capital, and others. (link)

• Healthee, a NYC-based AI-powered employee benefits app, raised $32M in Series A funding. Fin Capital, Glilot Capital Partners, and Group11 led the round and were joined by TriNet. (link)

• Limbic, a London-based clinical mental health AI technology company, raised $14M. Khosla Ventures led the round and was joined by others. (link)

• Fijoya, an AI-powered personalized platform for employer-sponsored health and wellness services raised $8.3M in seed funding led by the Venture-Creation fund of Team8. (link)

• PreemptiveAI, a Seattle-based developer of AI-powered predictive health technology, raised $6.4M in funding. Inspired Capital and Meridian Street led the round and were joined by the Allen Institute and others. (link)

• Milu Health, a startup that uses AI to drive cost savings in healthcare for employees, raised $4.8M in seed funding. a16z led and was joined by others. (link)

Other Relevant News 🔍

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

• Opinion: revenue executives need to look at denial management strategy through AI (link)

• Health AI company Fabric aims for 3x YoY growth (link)

• FDA lacks ability to regulate AI in healthcare (link)

• Providers developing genAI without adequate guidelines (link)

• How LLMs can improve behavioral health, expand access, accelerate VBC (link)

• Microsoft foresees AI revolution in healthcare (link)

• Health systems grappling with AI costs (link)

Visuals of the Week 📸

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