In this episode of Talking HealthTech, discussions explored the transformative potential of virtual care, artificial intelligence (AI), and genetic information in reshaping healthcare.
Experts, including Monica Soni, Michelle Stephens, Dr Noura Abul-Husn, Pano Anthos, Justin Mardjuki, and Mitesh Rao, shared their insights on corporate efforts in healthcare, the role of genetics, AI, and more.
This episode was recorded during the HLTH 2024 event in Las Vegas and features a handful of the conversations that Talking HealthTech captured.
Corporate Efforts in Healthcare Transformation
The healthcare industry is experiencing a transformative shift driven by major corporate efforts. Enterprises like Walmart and CVS have struggled to meet consumer expectations, illustrating a broader challenge within the sector. The failures of these initiatives are not due to a lack of consumer demand but rather the enterprises' inability to effectively fulfil consumer needs. This highlights the significance of understanding and addressing consumer expectations to succeed in healthcare innovation.
There is a notable shift towards virtual care, akin to the rise of e-commerce, which reshapes healthcare delivery. Virtual care offers personalised and accessible services, positioning it as a potential game-changer. The rise of virtual solutions can address the limitations of physical healthcare infrastructure, offering concierge-level service through technology for mid-market consumers.
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Innovative Approaches and Consumer Hardware
XRC Ventures, under the leadership of Pano Anthos, is at the forefront of investing in early-stage companies that integrate consumer behaviour with technology. This approach covers vital sectors, including retail and healthcare, where consumer spending is increasingly directed towards healthcare services. Anthos highlights the significant potential of virtual solutions and impactful consumer hardware, such as a highly accurate smart earring.
Success in healthcare technology hinges on understanding the payers and swiftly delivering a significant return on investment (ROI)with seamless onboarding. Tangible ROI is crucial as relying on unclear value-based care models can be precarious. This approach is essential for driving meaningful innovation in the healthcare sector.
Understanding Genetic Information for Health Outcomes
Dr Noura Abul-Husn, Vice President for Genomic Health at 23andMe, sheds light on the powerful role of genetics in healthcare, particularly in predicting health outcomes before problems arise. Advances in genetic sequencing, championed by programmes like 23andMe's Total Health, are revolutionising healthcare by assessing genetic predispositions and offering comprehensive risk assessments.
Total Health empowers individuals to manage their health by providing personalised recommendations based on genetic insights. However, challenges in access to genetic testing remain. Dr Abul-Husn stresses the importance of broader access to genetic information and technology, asserting that genetics influence all health areas and can prevent problems, not just solve them. By integrating genetic data with lifestyle factors, healthcare can be enhanced significantly.
The Role of AI in Healthcare Efficiency
Justin Mardjuki, CEO of Sayvant, discussed successfully implementing AI tools to improve documentation efficiency in healthcare settings. Justin underscores the importance of maintaining clinician efficiency while adopting innovative tools. AI tools have the potential to save clinicians' time by generating detailed explanations of their decision-making processes, thus alleviating documentation burdens.
However, adopting AI in healthcare must be balanced and methodical, aligning with organisational goals to meet billing and quality measures. AI buzzwords are prolific at conferences, but the focus should be solving real business problems rather than discussing technology.
AI tools must have robust safeguards in place to ensure safety and accuracy. Traditional metrics and robust guardrails are necessary to maintain efficiency and quality without altering doctors' intentions. This balanced approach can help integrate AI tools effectively within healthcare systems.
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Addressing Generative AI Concerns
Concerns around generative AI are also addressed, particularly regarding creating non-representative images. Ensuring algorithms are trained on diverse and inclusive datasets is essential to prevent misrepresentation and enhance safety. The opaque nature of AI systems, often described as "black boxes," highlights the need for transparency and the ability to trace AI outputs back to their source data.
Furthermore, Electronic Health Records (EHRs) are reframed as more than just "glorified filing cabinets." They are critical, complex data sources supporting innovation and research. EHRs provide a foundation for AI applications by ensuring data validity and provenance, underscoring their role in enhancing patient safety and driving healthcare innovation through comprehensive data utilisation.
Advocating for Broader Access to AI in Healthcare
Proactively collecting demographic data, such as race and gender identity, is emphasised to enhance healthcare delivery and ensure equitable access. Comprehensive data can reveal gaps in care for specific populations, enabling targeted improvements in healthcare services.
Michelle Stephens, Chief Revenue Officer at Felt, advocates for health tech startups to begin by working within the existing healthcare system to minimise friction and better fit into the market. She stresses the necessity of substantial capital for significant innovations, advising startups not to shy away from seeking large investments. She is also passionate about addressing early childhood stress, aiming to create new protocols to measure and mitigate early stress to prevent chronic adult illnesses.
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The Future of AI and Healthcare Data
Mitesh Rao, Founder and CEO, discusses the mission of OMNY Health, a company focused on cleaning, structuring, and leveraging healthcare data for research, trials, and AI applications. By securing partnerships nationwide, OMNY Health transforms archaic health data into regulatory-grade information, enhancing research and healthcare quality.
OMNY Health's data layer connects healthcare stakeholders using a common data language. This facilitates collaboration between providers, biopharma, medical devices, and AI companies, ensuring comprehensive and consistent data utilisation. With plans for international expansion, including regions like South America and Southeast Asia, OMNY Health aims to provide scalable solutions for healthcare data management.
Redistributing Healthcare Resources for Prevention and Wellness
Monica Soni, Chief Medical Officer at Covered California, highlights the role of Covered California as a marketplace for those not covered by employer insurance or low-income Medicaid. Covered California offers a user-friendly platform directing individuals to suitable health plans and benefits, demonstrating innovation within a government entity.
Monica advocates redistributing healthcare funds towards prevention and wellness, suggesting that other government systems could learn from Covered Californias approach to innovation and consumer-focused services. Such redistribution can enhance overall public health by prioritising preventive measures over-reactive care.
Towards a Healthier and More Equitable Future
From corporate efforts in virtual care to the powerful role of genetic information and the potential of AI in healthcare efficiency, the insights shared in this episode of Talking HealthTech provide a comprehensive roadmap for future advancements.
The fusion of clinical wisdom and digital prowess is the key to unlocking the full potential of healthcare. By prioritising consumer needs, leveraging technological advancements, and fostering collaboration among stakeholders, the healthcare industry can build a healthier and more equitable future for all.