Industry Watcher’s Digest

Buzzworthy developments of the past few days.

• Have healthcare AI suppliers really ‘overindulged’ in generative AI? Market evaluators at HFS Research could make the case. In a June report covering 36 vendors, HFS executive research leader Rohan Kulkarni and co-authors note that, sure, healthcare providers are “more open” to tech-enabled innovation to improve productivity, clinical outcomes and financial performance. However, the researchers imply, vendors offering AI-packing products probably could do a better job of reading the proverbial room. “The investments, pilots, proofs-of-concept, accelerators and more are the tactical manifestations of GenAI,” they write. “It is likely the GenAI hand has been overplayed relative to outcomes.”
   
• Either way, it’s remarkable what a healthcare AI marketer has to do these days. Looking at healthcare AI vendors from a parallel perspective, another specialist agrees the industry faces new challenges. But Mike White of the Alexander Group business consultancy calls for more of a fine-tune than a re-think. Pointing to his firm’s customer experience research, White says 90% of healthcare providers rank on-site case coverage and clinical education as the top factors when selecting med-tech vendors for high clinical complexity products. In this environment, he finds, companies “are being compelled to reevaluate their go-to-market strategies to effectively navigate the evolving landscape caused by the swift adoption of AI in healthcare.” Spiceworks has it.  
   
• Healthcare translators may be wise to worry about job security. In the cultural bellwether state of California, state health officials are taking bids from GenAI vendors with expertise in translation. Why wouldn’t they? One of every three Golden State residents speaks a language other than English. And many patients grow impatient waiting for human translators—first to arrive and then to get things right. It’s probably safe to assume Spanish will come first, but the officials aren’t offering many specifics. And in California more than 200 languages are spoken. A medicolegal interpreter who specializes in Cambodian and Khmer tells the Los Angeles Times that AI “cannot replace human compassion, empathy and transparency, meaningful gestures and tones.” Maybe not, says a health equity advocate, but “in good hands it has many opportunities to expand the translation capability to address inequities.” Read the rest.
   
• Meanwhile nurses have reason to welcome rather than resist AI. Brian Weirich, chief nursing officer at Banner Thunderbird Medical Center in Arizona, suggests the technology will make nurses better at their jobs. It promises to do so, he explains, by supporting medical diagnostics, helping develop treatment plans and streamlining nursing workflows. “By embracing AI,” Weirich writes in Unite.AI, “the nursing field can evolve, ensuring that healthcare delivery becomes more efficient, personalized and effective.” Hear him out.
   
• Over in Revenue Cycle Management, department staff should be feeling similarly reassured. If not, they ought to read an article published in ICD10 Monitor June 19. “For AI to function appropriately in a complex RCM environment, humans must be in the loop,” contends subject matter expert and industry CEO Ritesh Ramesh. “Without question, AI can transform healthcare RCM. But doing so requires that healthcare organizations augment their technology investments with human and workforce training to optimize accuracy, productivity and business value.”
   
• You might need a chief AI officer if … Your organization is home to multiple AI initiatives across different departments or divisions, none of which are doing much to coordinate efforts or share resources … Your leadership can’t get its head around advances involving AI and their potential applications in healthcare … Your IT people are struggling to scale AI solutions and integrate them into existing systems and workflows. OK, that’s enough examples for now. Forbes has more from Andrei Kasyanau, cofounder and CEO at Glorium Technologies.
   
• Nvidia has brilliantly surfed the AI wave to become world’s most valuable public company. That’s subject to change as companies like Apple and Microsoft do this or that to get back in the leader’s saddle. Regardless, the ascent has rocketed Nivida’s top gun, Jensen Huang, toward a spot in the 10 Richest People in the World list. Forbes had him at No. 11 as of Tuesday afternoon, when his net worth swelled to something like $119 billion—up from a mere $77 billion at the start of this year. Just a fun AI-related fact to know and share.
   
• An AI startup just raised $15 million from investors to modernize sewer inspections. There’s not a lot of healthcare in this AI news from the company, SewerAI. Then again, “enhancing efficiency and accuracy in inspecting the 6.8 billion feet of sewer pipes across the nation” may yield significant health benefits down the road. Besides, it’s edifying enough to learn there’s a high-tech way to do things like “powering 3D manhole inspections.”
   
• AI funding news of note:
   
  • Canary Speech secures $13M to change how healthcare organizations screen for mental wellness and cognitive health
     
  • AI startup Tandem Health raises $9.5M to scale its healthcare co-pilot
     
  • Keragon raises $3M in funding
     
• From AIin.Healthcare’s news partners:
   
  • Radiology Business: AI critical care software revolutionizes emergency response
     
  • Cardiovascular Business: ASNC supports AMA effort to limit use of AI in prior authorization decisions
     
  • Health Imaging: Imaging study reveals 'significant deformities' in lungs of some COVID patients
     
  • Health Exec: Lawsuit over theft of UnitedHealth’s trade secrets settled out of court