ChatGPT is the latest artificial intelligence (AI) advancement making waves. Nearly every industry is evaluating the advantages and disadvantages associated with incorporating this technology into their processes. In healthcare specifically, ChatGPT’s AI capabilities are far away from true disruption, but there is a sharp lens on its future potential for improving healthcare operations and delivery of care. Looking more broadly, we are at a pivotal moment in time with the AI and machine learning
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Health Equity Gap: Why Cybersecurity Should Be A Priority
There has been a newfound effort to highlight and address the disparity in health outcomes for patients who belong to one or more marginalized communities. Opportunities for health and wellness are dictated by social, economic, environmental, and systemic factors, not by factors that are inherently genetic or physiologic. This means that the color of one’s skin, what ZIP code they are born and live in, the education they receive, the food and housing they have access to, and the jobs they hold
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Health Tech: Why Design Matters and Ease of Use is Everything
Today, patient data and patient information are essential components of delivering the best care. As healthcare expands beyond physical clinical settings and into digital channels, the need for data-driven, analytics-enabled, context-rich decision-making is only growing. Because of this, healthcare staff deal with ever-increasing amounts of data. In fact, health data proliferates so quickly, it doubles in volume every 73 days. How can our overburdened workforce keep up?
Information systems,
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What VBC Providers Demand From Their IT Solutions
Value-based care (VBC) is a healthcare delivery model that differs from traditional fee-for-service because rather than compensating providers based on the number of services provided, it ties the amount providers earn to the results they deliver for their patients. The quality of these healthcare services is measured by patient outcomes that are based on metrics such as rate of hospital readmission, timeliness of care, and overall patient satisfaction. This VBC model holds providers
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How AI Can Deliver Benefits in Healthcare Manufacturing and Patient Device Usage
According to Grand View Research, the global artificial intelligence (AI) in healthcare market size was valued at USD 15.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 37.5% from 2023 to 2030, to reach an estimated USD 208.2 billion. That’s an impressive growth rate, indicating the expected value delivery to a mostly early-phase adoption of AI in the healthcare marketplace. With such aggressive predicted growth, many health industry professionals may ask
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How to Improve Patient Confidence When Rolling Out New Medical Technology
A staggering 55 percent of patients have lost trust in a healthcare provider after a negative experience. Sometimes, that trust is broken during interactions with a medical device or digital therapeutic.
Maybe a patient’s diabetes management app uses overly clinical language, or perhaps it doesn’t walk them through every app feature. For many patients, it’s clear that new medical technology (or medtech) isn’t effectively providing the experience needed to improve their medical
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FWA Is Increasing. Healthcare Costs Are Spiraling. Now There’s A New Generation Of AI Technology To Take Back Control
In 2020, the Department of Justice estimated that fraudulent, wasteful, and abusive (FWA) billing practices account for more than $100 billion of the nation’s healthcare expenditures.1 Today, the National Healthcare Anti-Fraud Association (NHCAA) conservatively estimates that healthcare FWA costs the nation about $68 billion annually, representing 3% of the nation's $2.26 trillion in healthcare spending.2 FWA estimates from commercial health plans range as high as $230 billion annually, or
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Analysis: Sharecare Poised for Re-Acceleration, 1Q Results
What You Should Know:
On 5/10/23, BMO, Sharecare (SHCR) delivered what appear to be, good 1Q results. Revenue of $116.3M + 15.5% y/y, compares to BTIG / FactSet consensus of $111M / $110.9M and adjusted EBITDA of $2.1M compares to BTIG /consensus of $1.2M / $1.2M. 1Q revenue exceeded the guidance range of $111M- $113M.Given the top-line beat we are optimistic that revenue guidance is conservative. Management increased 2023 revenue guidance from $450-$460M to $452.5M-$460M and 2023 adjusted
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How Healthcare Providers Can Bolster Cybersecurity Defenses and Protect Patient Data
In IBM’s 2022 Cost of a Data Breach report, the company revealed that the global average cost of a data breach was $4.35 million. In the healthcare sector, however, that number skyrocketed to $10.1 million. Why is an attack on a healthcare organization so much more costly? While part of this comes down to the fact that healthcare organizations often have big budgets, and so might be able to pay big ransoms, the biggest part of the answer is consequences. In there, real lives are at stake. Downed
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Healthcare Considerations: Addressing Cyber Risk in the Healthcare Industry
In 2020, the Dental Care Alliance (DCA) experienced a significant cyberattack on its systems, which lasted approximately an entire month. This gave the threat actor an extended period to compromise the healthcare organization’s servers and extract the private and confidential information of around one million patients.
This is just another example of how vulnerable the healthcare industry is to cyber criminals looking to exploit security weaknesses. Healthcare organizations are prime targets
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