Blogs
Welcome to our blog section on Artificial Intelligence (AI)! Here, we will explore in-depth one of the fastest and most exciting technological fields of the modern era.
Blogs
31/10/2023
The latest report from the Generative AI Tracker highlighted the soaring valuation of the healthcare generative artificial intelligence market, exceeding $1 billion in 2022. This growth forecasts a crucial role for technology firms and investors in advancing the field. Collaboration with healthcare entities, such as providers, payers, and other stakeholders in the healthcare landscape, will be pivotal. The focus will be on jointly training extensive language models using healthcare-centric data and setting up comprehensive benchmarks to drive innovation and progress in the sector.
The Generative AI Tracker, a joint initiative between Pymnts and AI-ID based in Reno, delves into the current state and future prospects of generative AI in healthcare. It reveals a mixed landscape: while many healthcare-oriented companies and startups employing generative AI for intricate drug discovery, diagnostic testing, and patient care face the need for further development, some are already reshaping care delivery and expanding research capacities.
In its recent update titled "Generative AI Can Revolutionize Healthcare," the report scrutinizes the transformative potential of generative AI in healthcare, showcasing how companies utilize machine learning, natural language processing, and other technologies. The analysis finds that generative AI has begun reshaping diagnostics, treatment plans, and care delivery, influencing providers' decision-making processes. Simultaneously, it highlights that ongoing innovations in healthcare generative AI are empowering researchers, expediting drug discovery and diagnostics.
However, the report notes that further development is essential in the realm of generative AI in healthcare, highlighting the need to train extensive language models on healthcare-specific data and set robust benchmarks. Key market factors are outlined, emphasizing the potential for startups to revolutionize the care continuum, the impact of generative AI on medical research and drug development, and the challenges regarding technology optimization for healthcare, pending regulations.
In the report, Robert C. Garrett, CEO of Hackensack Meridien Health, lauds Generative AI's potential for revolutionizing care, making it more efficient and personalized. "Generative AI has the potential to revolutionize how we deliver care, making it more efficient, personalized and effective," he says.
However, the Tracker acknowledges that healthcare generative AI is yet to find its optimal position. "In a recent survey, management consulting firm Bain & Company reveals that the main barriers to generative AI in healthcare are a lack of resources, expertise and regulation, with data access and quality and organizational resistance close behind," the authors noted.
Generative AI, a machine learning subset trained on vast text, audio, and image data, holds numerous applications in data-rich healthcare settings.
Dr. Shiv Rao, a practicing cardiologist and CEO of Abridge, a generative AI-powered clinical documentation technology vendor, envisions the industry adopting generative AI-based systems. He says: "In the next few years, I believe the industry will begin to embrace generative AI-based systems that assist, augment and automate processes that have historically undermined the healthcare experience and fueled unsustainable costs".
Rao anticipates generative AI will significantly contribute to clinical decision-making, the training of clinicians, and the enhancement of healthcare policy. "a massive contribution to clinical decision-making, how we train and utilize clinicians and how we drive better healthcare policy."
He also highlights the potential of AI in optimize healthcare task: "We will have a much more complete and real-time understanding of patients, the efficacy of treatments and the best ways to help optimize the health of populations that share important characteristics." This adaptation emphasizes the utilization of generative AI in revolutionizing healthcare processes and decision-making, driving more efficient and optimized healthcare experiences.
The report covers various use cases, provides examples of emerging regulations, and highlights startups that are addressing complex healthcare challenges. Notable names include Epic, Huma, Tempus, Google's MedPaLM 2 LLM, Medwise.ai, Innovacer, Babylon Health, and others.
Dr. Marc Succi from Mass General Brigham underscores the potential of LLMs in healthcare, positioning them as augmenting tools for clinical decision-making with significant accuracy. She says: "No real benchmarks exist, but we estimate [ChatGPT’s] performance to be at the level of someone who has just graduated from medical school, such as an intern or resident.” "This tells us that LLMs … have the potential to be an augmenting tool for the practice of medicine and support clinical decision-making with impressive accuracy."
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