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December 7, 2023

Tess’ Top Takes from HealthXL Spotlight Series: AI in healthcare

Tessy Huss

As the year draws to a close so does our AI  spotlight series. The series catered to many different interests with topics and conversations focused on themes such as Does AI Guarantee ROI and  Revolutionising Pharma: AI's Impact on the Value Chain

I want to make sure you don’t miss the top insights from our community meetings; here are my top five takeaways from the AI meeting series: 

1. Roundtable: Does AI Guarantee ROI? 

This roundtable, hosted by Julie Carty, Chief Commercial Officer of HealthXL, and anchored by Keith Tsui, CEO and Co-founder of Medwise.ai, discussed how AI should be harnessed to optimise return-on-investment (ROI) truly.

AI can automate tasks like clinical note-taking or radiology report interpretation, freeing healthcare professionals' time and allowing them to focus more on patient care. This increased efficiency can lead to cost savings by reducing the need for additional staff or improving resource allocation. Additionally, AI can help identify patterns or insights in patient data that may improve diagnosis and treatment decisions, potentially leading to better patient outcomes and increased revenue. 

However, it is important to note that the direct financial impact of AI on ROI is not always clear-cut. Some clinicians may see AI primarily as a time-saving tool without clear financial benefits. Additionally, there are challenges in integrating AI into healthcare, such as the learning curve for clinicians and concerns about risks and regulations. These factors can create uncertainty about the extent to which AI truly increases ROI.

- Read the key discussion points here.

2. Roundtable: Navigating AI Regulation in Healthcare

In this roundtable, anchored by Bernhard Kappe, Founder & CEO of Orthogonal, and hosted by Jo Peddhinti, Director of Advisory at HealthXL, we discussed how complying with regulatory requirements in AI healthcare goes beyond just data privacy. 

Despite the long-standing presence of AI, regulatory frameworks, especially those related to AI, need to catch up. The US has taken a leadership role in guiding the integration of AI into healthcare, surpassing other regions. The FDA has updated its list of cleared AI algorithms, but there is still a gap in the regulatory framework that needs to be bridged for full incorporation.

To expedite the regulatory process, it is important to address the lack of clarity in regulations, especially for rapidly evolving technologies. Collaboration and continuous tracking of regulatory developments are crucial.  Striking a balance between innovation and regulatory compliance is also important. Regulators face the challenge of making accurate decisions in the rapidly evolving field of AI. Educating regulators while simultaneously seeking their input increased alignment and can help avoid potential rejections. 

- Dive deeper into this topic here.

3. Webinar: Transforming Patient Experience with AI-Driven Strategies

In this webinar, Tessy Huss, the Director of Community Strategy and Growth, and Julie Carty, Chief Commercial Officer at HealthXL, are hosting a discussion on transforming patient experience with AI-driven strategies. Joining Tess and Julie are Junaid Bajwa, Chief Medical Scientist at Microsoft, Ami Bhatt, Chief Innovation Officer at American College of Cardiology, Kristin Myers, Chief Digital and Information Officer, and Dean for Digital and Information Technology at Mount Sinai Health System and Jeremy Forman, Executive Director Data Strategy, Data Science, and Data Platforms, Seagen.

AI has the potential to transform the patient experience in healthcare. AI can automate tasks like clinical documentation, saving time for physicians and improving productivity. Voice-to-text technology enables more efficient interactions between clinicians and patients. AI can also have a significant impact on drug discovery and clinical trials by addressing recruitment challenges, improving diversity, and streamlining the development process.

In clinical decision-making, AI can assist doctors without replacing them, but trust-building and addressing biases are important considerations. Building trust in AI integration requires responsible development, collaboration, personalisation, transparency, and engagement with patients, as it ensures a holistic approach to care. Setting realistic expectations for improving patient experience with AI in the next 3 to 5 years is important and monitoring the levels of adoption and the potential for significant advancement encourages further exploration and investment in AI.
- Dive deeper into this topic here.

4. Roundtable: Should AI Have a Role in Mental Health Therapy 

This roundtable meeting was hosted by Myles Furnace, Board Advisor, Stress Point Health, and anchored by Mimi Winsberg, Chief Medical Officer, Brightside Health. The discussion revolved around AI's potential benefits, considerations, challenges, and opportunities in mental health, emphasising the need for validation, data safety, and human oversight.

AI has the potential to greatly benefit mental health therapy by providing evidence-based recommendations and automating tasks to increase therapists’ productivity. It can also facilitate efficient interaction with patients through voice-to-text technology. AI’s widespread presence in daily life makes it more accessible and appealing to patients. By aiding in symptom collection, remote patient monitoring, and generating valuable insights, AI can revolutionise mental health therapy and improve patient outcomes.

However, there are challenges to implementing AI in this field. Workflow adjustments must be carefully considered to avoid therapist burnout and ensure a positive patient experience. Emotion regulation and image display pose additional complexities. Thorough testing, valuation, and realistic implementation processes are necessary for successful integration. 

- Dive deeper into this topic here.

5. Roundtable: Revolutionising Pharma: AI's Impact on the Value Chain

This roundtable meeting was hosted by Alette Brinth, Digital Innovation Associate Director, Global Drug Development, Data & Digital, Novartis, and anchored by Jeremy Foreman, Executive Director Data Strategy, Data Science, & Data Platforms, Seagen on the potential of AI to revolutionise pharma, from research to commercialisation.

AI is disrupting the pharma industry by transforming various aspects of the value chain, including research, drug development, clinical trials, and market access. The potential of AI is particularly promising in pre-clinical trials, but challenges related to trust, security, compliance, and understanding the “black box” of AI need to be addressed. Resistance to change and slow adoption of new technologies hinder the revolutionising impact of AI in pharma, necessitating a cultural shift and addressing concerns related to data privacy, regulation, and budget constraints.

However, AI also presents opportunities for smaller pharma companies to introduce new molecules and drugs, leveling the playing field. Collaboration with biotech companies and AI-driven advancements will play a key role in the future of the commercial side of pharma. 

- Dive deeper into this topic here.

It’s a wrap on our 2023 AI series but don’t worry, we have lots more in store for you in 2024. Check out our upcoming AI meetings in Q1 2024. 

HealthXL events assemble visionary leaders, shaping the landscape of digital health. You can now get a sneak peek and apply to some of our 2024 meetings here and get all the insights firsthand. 

Join the HXL community, where members can rewatch our webinars and read the key takeaways from virtual and in-person events, and more. 

See you in a HealthXL meeting soon!

We can provide an introduction on your behalf so that you can contact them directly with any questions/queries on this topic. Simply click on the link below to request an introduction.

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