⚕️ MedLM Dives Deep

Good Morning. In today’s newsletter, we are taking a deep dive into advancements in Medical LLM that Google announced earlier this week, and more.

Here’s what to expect:

• The Future of Google’s Healthcare Gen AI is Here

• A Value-Based Care Tidal Wave Is Forthcoming

• Healthcare Funding Hits Multiyear Low

• 3 Strategies To Improve EHR Usability

TOP STORY
The Future of Google’s Healthcare Gen AI is Here

Taking Medical Gen AI a Step Further: Making new strides in the HealthTech landscape, Google has launched a suite of Gen AI models for healthcare industry - MedLM.

Fine-tuning AI for healthcare: Recognizing the need for customization as per different use cases, Google has launched two models under MedLM - medium and large.

The larger MedLM model is better for carrying out complicated tasks that require deep knowledge and lots of computing power, such as conducting a study using data from a health-care organization’s entire patient population.

If companies need a more agile model that can be optimized for specific or real-time functions, such as summarizing an interaction between a doctor and patient, the medium-sized model should work better.

MedLM is already being utilized on the ground through Google’s pilot programs in place. Here is a deep dive into its current applications:

1. Automation of clinical documentation by HCA Healthcare by Augmedix: Augmedix’s platform uses natural language processing, along with Google Cloud’s MedLM on Vertex AI, to instantly convert data into drafts of medical notes, which physicians then review and finalize before they’re transferred in real time to the hospital’s electronic health record (EHR).

2. Improvement in pre clinical research and development by BenchSci: Integrating MedLM into ASCEND platform, BenchSci is enhancing the accuracy and efficiency of decoding over 100 million experiments, aiming to expedite drug development by improving the identification, classification, and discovery of novel biomarkers and complex biological relationships, ultimately advancing pre-clinical research. 

3. Improving healthcare access, experiences and outcomes with Accenture: MedLM automates healthcare processes through Accenture’s Solutions.AI for Processing for Health, improving efficiency and reducing errors in tasks like clinical document reading and claims processing.

4. Improving provider search with Deloitte: Deloitte is incorporating MedLM in an interactive chatbot that helps health plan members understand covered provider options and assists care teams in quickly identifying optimal providers for members based on plan details, medical conditions, medications, and appointment history.

INSIGHT
A Value-Based Care Tidal Wave Is Forthcoming

Healthcare leaders have been talking about the transition to value-based care for years, but without significant movement away from fee for service. That could all change in the next three years.

The current economic climate, with tightening margins and increased costs, is pushing health systems to finally make a move.

Technology as a fix: Hospital and health system CEOs see many of the same challenges plaguing 2023 continuing over the next year. Artificial intelligence will gain momentum to provide some relief in these areas. Here is how health system execs expect technology to help with the move towards value-based care going forward.

• Health systems will look to optimizing their operations, which may include footprint re-evaluation, increasing focus on value-based care and greater utilization of digital technology, such as remote monitoring and telehealth services.

• There is a true need for hospitals and health systems to redesign their connection with their communities and provide true population health services. Efforts to tackle social determinants of health and close the gap in health disparities will be the next measuring stick for health system success.

• Hospitals are shifting patient care to encourage more efficient resource utilization and better quality care. That means serving patients virtually or in the outpatient setting when possible, and reserving inpatient beds for the sickest patients, and patients who truly need a higher level of care. Health plans are also focused on developing value-based contracts and directing patients to the low-cost site of service for care.

Read the full insight into the upcoming tidal wave of value-based care here.

NEWS IN NUMBERS
Healthcare Funding Hits Multiyear Low

The digital health sector secured $800 million in funding and 60 new deals, marking a multiyear low since 2020.

Here are the highlights from healthcare funding report.

1. The digital health sectors securing the highest funding in 2023 include primary and general telehealth at $590.5 million, teletherapy and behavioral health at $431.9 million, and care coordination and navigation at $470.5 million.

2. In contrast to earlier quarters, where there were several venture capital rounds exceeding $100 million, this quarter witnessed only one such instance.

3. General Catalyst was the No. 1 digital health VC investor since 2020, followed by Optum Ventures.

Read the complete digital health report from Pitchbook here.

ANALYSIS
3 Strategies To Improve EHR Efficiency

Electronic Health Records (EHR) stand as a cornerstone for modern patient care and clinical management.

While these digital repositories of patient information have undeniably revolutionized the way healthcare data is documented and accessed, the quest for optimal functionality remains an ongoing imperative.

This article dives into three strategies for improving usability, interoperability, security, and overall efficiency of electronic health records.

1. Design EHRs according to the clinical workflows

2. Leverage technology to streamline documentation process

3. Implement effective EHR optimization strategies

Take a deep dive into specific aspects that demand attention for enhancing EHRs here.

SNIPPETS
What else is making news

• MedeAnalytics and HSBlox partner to provide the first end-to-end platform to power value-based care success via a single solution purpose-built to meet all needs of healthcare organizations in successfully moving to more value-based care programs and whole-person healthcare..

• UVA Health is partnering with Swinfen Charitable Trust, Telemedicine AI and Mitre to boost global telehealth access. The partnership will aim to conduct assessments and cybersecurity testing for Swinfen's platform, OpenTelemed.

• AHA is advocating for the HHS to review its proposal that requires healthcare organizations to be compliant with new cybersecurity requirements and imposes financial penalties for noncompliance.