Nvidia, Google, Microsoft and dozens of other technology firms are coming to Las Vegas next week to showcase artificial intelligence tools that they are saying will save doctors and nurses priceless time.
Sunday marks the official start of a health technology conference HLTHwhich is anticipated to draw greater than 12,000 industry leaders this yr. CNBC will probably be on site. Based on the speaker program and pre-conference announcements, AI tools for overcoming administrative burdens will probably be the star of this yr's show.
Doctors and nurses are liable for mountains of documentation as they work to maintain patient records current, contact insurance firms, and comply with regulatory agency regulations. Often these tasks are laboriously performed manually, partially because healthcare data is siled and stored across multiple vendors and formats.
The massive administrative burden is a number one reason for burnout within the industry and one reason there is anticipated to be a shortage of 100,000 healthcare employees nationwide by 2028, in line with a consulting firm Mercer. Technology firms desperate to capture market share that may rise to the highest 6.8 trillion dollars They argue that their generative AI tools could be helpful.
Google, for instance, said it’s working to expand its healthcare customer base by tackling administrative burdens through AI.
On Thursday the corporate announced the overall availability of Vertex AI Search for Healthcare, which was piloted during HLTH last yr. Vertex AI Search for Healthcare allows developers to construct tools that help doctors quickly seek for information in disparate medical records, Google said. According to the corporate, latest capabilities are also now available inside Google's Healthcare Data Engine, which helps firms construct the platforms they should support generative AI.
Google released on Thursday the outcomes of a survey That means clinicians spend nearly 28 hours per week on administrative tasks. In the survey, 80% of providers said this paperwork takes away from their time with patients, and 91% said they’re positive about using AI to streamline these tasks.
Similarly, on October 11, Microsoft announced its collection of tools aimed toward reducing the executive burden on physicians, including medical imaging models, a healthcare agent service, and an automatic documentation solution for nurses, most of that are still in early stages Development.
Microsoft already offers an automatic documentation tool for doctors through its subsidiary Nuance Communications, which the corporate acquired in a $16 billion deal in 2021. The tool, called DAX Copilot, uses AI to transcribe patient doctor visits and convert them into clinical notes summaries. Ideally, this implies doctors don't must spend time typing up these notes themselves.
Nurses and doctors perform various kinds of documentation during their shifts. Therefore, Microsoft has announced that it should develop a separate tool for nurses that most closely fits their workflows.
AI scribe tools like DAX Copilot have exploded in popularity this yr, as have Nuance's competitors like Abridge Reportedly increased greater than $460 million and Suki who raised money 165 million dollarswill even be on the HLTH conference.
Dr. Shiv Rao, the founder and CEO of Abridge, told CNBC in March that the speed at which the healthcare industry has adopted this latest type of clinical documentation is “historic.” Abridge received a coveted award investment from Nvidia's enterprise capital arm in the identical month.
Nvidia can also be preparing to handle the workload of doctors and nurses at HLTH.
Kimberly Powell, the corporate's vice chairman of healthcare, will deliver a keynote on Monday explaining how the usage of generative AI will help healthcare professionals “spend more time on patient care,” in line with the corporate's website Conference.
Nvidia's graphics processing units, or GPUs, are used to construct and deploy the models that power OpenAI's ChatGPT and similar applications. As a result, Nvidia has been one in every of the most important beneficiaries of the AI boom. Nvidia shares are up greater than 150% year-to-date, and the stock has tripled last yr.
The company has steadily expanded into the healthcare sector in recent times, offering a variety of AI tools for medical devices, drug development, genomics and medical imaging. Nvidia also announced expanded partnerships with firms like Johnson & Johnson And GE Healthcare in March.
While the healthcare sector has historically been slow to adopt latest technologies, the passion for administrative AI tools has been undeniable since ChatGPT exploded onto the scene two years ago.
Still, many health systems are still within the early stages of evaluating tools and vendors and will probably be making the rounds on the HLTH show floor. Technology firms must show their ability to handle one in every of healthcare's most complex problems.
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