Investors Bulletin: A.I. in Healthcare

by Robert James Horne & Margaret Wherenberg / Published March 14, 2024

“Little Margaret Reads the News” Copyright FHL 2024

Some recent developments related to artificial intelligence (AI) in healthcare:

1. Google Cloud’s Vertex AI Search for Healthcare:

• Google Cloud has introduced a tool backed by generative AI called Vertex AI Search for Healthcare. This tool allows clinicians to search for information across patient notes, scanned documents, and other clinical data.

• It can be directly integrated into physicians’ workflows and not only provides search capabilities but also answers questions related to a patient’s medical history.

• The technology is part of the broader Vertex AI platform and is specifically tuned for medical information1.

2. AI in Cancer Detection:

• Artificial intelligence is significantly impacting the diagnostic industry, especially in the domain of early cancer detection.

• Innovations in AI algorithms are enhancing the accuracy and efficiency of cancer diagnosis, leading to better patient outcomes2.

3. Potential Cost Savings with AI Adoption:

• A report by McKinsey and Harvard researchers suggests that widespread adoption of AI in healthcare could save the U.S. up to $360 billion annually.

• These savings would result from improved operational efficiency, better diagnostics, and personalized treatments3.

4. Ethical Considerations and Human Rights:

• The World Health Organization (WHO) has published new guidance emphasizing the importance of ethics and human rights in the design, deployment, and use of AI in healthcare3.

As AI continues to evolve, it holds great promise for transforming healthcare delivery, improving patient outcomes, and reducing costs. However, ethical considerations and regulatory frameworks remain crucial for responsible AI implementation14.

Articles in the field of Artificial Intelligence in Healthcare over the last week:

• Technology moving the needle on behavioral health | Healthcare Finance News

• Google Cloud debuts new genAI advancements for healthcare at HIMSS24 | Healthcare IT News

• Artificial intelligence can seem like magic – but it's crucial to see past the mirage | Healthcare IT News

• How AI is transforming medical coding for physicians and coders | Healthcare IT News

• Artificial Intelligence In Cancer Detection: How Is AI Contributing To The Diagnostic Industry and Impacting Early Detection? | TheHealthSite.com

• AI can make health care safer and more personal - The San Diego Union-Tribune (sandiegouniontribune.com)

• Rise of artificial intelligence could cut wages of workers who don't 'upskill' as AI job ads surge - ABC News

• The potential effects of AI healthcare (msn.com)

• Wipro's health care deals get an artificial intelligence booster shot - Rediff.com Business

• The computer will see you now: Artificial intelligence usage grows at Central Florida hospitals (tampabay.com)

• The Impact of Artificial Intelligence on Our Encounters | Psychology Today

• The Rise of Open Artificial Intelligence: Open-Source Best Practices (forbes.com)

Margaret’s Minute

I often hear the phrase “my right” when people refer to something they want or think they deserve.

The question I often want to ask back: “by whom?”

American society is what gives us our rights. People centuries ago, who came together as a community and put forward some novel concepts like free speech, are the source of our rights. The people we like, and dislike, allow us the privilege of using these special rights.

So next time you see someone who doesn’t think or look like you, try thanking them for the rights you both share. Who knows: these little acts of true empathy may help bring our society and the people in it closer together. That is my want for all of you…and us.

Be safe and enjoy the March into Spring!