⚕️ 6 Healthcare Trends For CIOs

Good morning and a Happy New Year!

As we enter 2024, we are starting off by taking a plunge into what healthcare CIOs are expecting this year to look like.

Here’s everything you will find in today’s newsletter:

• Healthcare Large Language Models (LLMs) Applications

• 6 Trends CIOs are looking for in 2024

• Deep Dive: Health Information Exchange (HIE)

ANALYSIS
LLMs: Catalysts for Healthcare Innovation

Generative AI has already left its mark in the healthcare domain. Can large language models do the same in the upcoming year? 

The ability of a large language model (LLM) to understand large data sets, summarize notes, and extract useful information sets it apart from the rest of the AI technology. 

But what can it specifically do for healthcare?

• Clinical text generation

• Summarizing medical notes

• Answering medical questions

• Medical research

• Documentation

To know more about how LLM is transforming healthcare, click here.

TOP STORY
Six Trends CIOs are Looking For in 2024

• Global IT spending is expected to grow 6.8% this year, down from its peaks of 11.4% in 2021 and 8.1% in 2022. CIOs plan to turn to technologies like generative artificial intelligence to do more with less.

2024 is poised to be a pivotal year marked by significant advancements in artificial intelligence integration, heightened focus on cybersecurity and a renewed commitment to enhancing patient engagement.

Here are six trends CIOs are looking out for in 2024: 

1. AI Integration: Anticipated widespread adoption in healthcare workflows with increased focus on regulatory frameworks.

2. Cybersecurity Surge: CIOs addressing a 93% rise in healthcare cyber incidents, emphasizing proactive measures and vendor risk management.

3. EHR Optimization: Technology-driven solutions, such as generative AI and consolidated EHR systems, aim to streamline documentation and enhance operational efficiency.

4. Revamped Patient Engagement: Revisiting and refining pandemic-era patient engagement tools to better cater to diverse patient needs.

5. Innovation Amid Challenges: Healthcare executives exploring innovation as a catalyst for overcoming financial challenges and achieving tasks more efficiently.

6. Evolving Roles: CIOs adopting "digital officer" titles, overseeing digital, analytics, and IT divisions, while navigating rising software costs and implementing cost-effective strategies.

Delve deeper into what CIOs expectations are for 2024 here.

DEEP DIVE
What is Health Information Exchange (HIE)?

Health Information Exchange (HIE) is the linchpin of modern healthcare, streamlining secure data sharing among healthcare professionals. It enables rapid access to patient information, enhancing care quality and efficiency.

HIE bridges information gaps, ensuring vital medical data is shared confidentially and in compliance with regulations.

Benefits of Health Information Exchange:

• Improves completeness of patient records, impacting care positively.

• Facilitates appropriate, timely sharing of patient information to:

  • Avoid readmissions

  • Prevent medication errors

  • Enhance diagnoses

  • Reduce duplicate testing

Here’s a deep dive into the benefits and features of health information exchange.

SNIPPETS
What else is making news

• Devoted Health, a technology-focused insurance company for Medicare beneficiaries, raised $175 million in series E financing. The company’s offerings combine Medicare Advantage plans with virtual and at-home care.

• Artificial intelligence may be able to detect and predict severity of new COVID-19 variants. Researchers have developed an AI algorithm trained on data from 9 million SARS-CoV-2 genetic sequences found across 30 different countries to understand more about viral transmission as well as the variant's pandemic-potential.

• The Association for Professionals in Infection Control and Epidemiology has launched a staffing calculator tool to support infection prevention and control leaders in making decisions around staffing and resource allocation. The APIC IP Staffing Calculator provides staff ratio recommendations for acute, long-term and ambulatory care settings.

• Anna Jaques Hospital in Newburyport, Mass., took its computer system and EHR offline after identifying a cyberattack.