Artificial intelligence is having a significant impact on healthcare management. For example, as the population ages, healthcare visits will only increase. Sadly, the current healthcare still doesn’t take into consideration a patient’s unique medical history or time needs on a case-by-case basis. It’s unfortunately antiquated. However, that’s all changing with the help of artificial intelligence. MedBright AI’s (CSE: MBAI) (OTCQB: MBAIF) MedMatrix, for example, is allowing clinics to better predict patient needs and prioritize resources with AI, which can lead to higher patient satisfaction and improved clinic revenue. All of which will benefit companies such as WELL Health Technologies (OTCQX: WHTCF) (TSX: WELL), HeallWell AI (TSX: AIDX) (OTCQX: HWAIF), Butterfly Network (NYSE: BFLY), and VERSES AI (CBOE: VERS) (OTCQB: VRSSF).
Even better, according to Statista, “The artificial intelligence (AI) healthcare market, valued at $11 billion in 2021, is projected to be worth $187 billion in 2030. That massive increase means we will likely continue to see considerable changes in how medical providers, hospitals, pharmaceutical and biotechnology companies, and others in the healthcare industry operate.”
Look at MedBright (CSE: MBAI) (OTCQB: MBAIF), For Example
MedBright AI Investments Inc. just announced that Dermatology Institute & Skin Care Center (DISCC) has signed a 3-year contract to use the MedMatrix AI Platform, including all 5 product modules in their single clinic in Santa Monica, California.
There are over 50,000 outpatient clinics in the US alone, and the Company is now focused on launching its US sales and marketing plan to deploy the MedMatrix product suite to this market.
DISCC has been using the MedMatrix platform for several weeks to assess the potential demand in targeted geographic markets with data such as patient demographics, competition, facility costs, payor mix, and several other key factors. With this multi-year contract, DISCC will expand the use of the MedMatrix platform for use in clinical operations optimization and revenue enhancement opportunities.
Pursuant to the agreement with DISCC, the Company will offer use of the MedMatrix AI Platform to DISCC for minimum fees of an average of $200 a month for one clinic during the term of the agreement. “Our experience during the beta trial with MedMatrix has been fantastic,” said Paul Yamauchi, MD, PhD. “This is a platform that has already demonstrated great value for DISCC, and we expect that it will continue to do so as we expand our operations.”
DISCC’s contract for 36 months includes the MedMatrix Reporter and Forecaster, MedMatrix Resource Matcher, as well as AI Revenue Enhancer, AI Claims Optimizer and AI Market Expander.
“Converting beta customers like DISCC into long term revenue generating contracts is a significant validation for the MedMatrix platform,” said Trevor Vieweg, CEO of MedBright. “We are focused now on converting the remaining beta customers and adding new potential customers to our newly commercialized product.”
Other related developments from around the markets include:
WELL Health Technologies announced its support of the recently announced reimbursement policies from a number of key Canadian provinces where WELL has significant clinical operations. In a significant move towards bolstering the healthcare system, the Provinces of Ontario, Alberta, and Manitoba have announced increases in reimbursement rates for primary care, specialized care, and diagnostic consultation codes. These new multi-pronged investments are designed to support a variety of care providers and promote a holistic approach to care, mirroring WELL's values in assisting the entire healthcare sector. This follows last year's innovative Longitudinal Family Practice (LFP) reimbursement methodology implemented by British Columbia which was designed to boost funding for primary care physicians. All these adjustments are a response to the growing need for a robust support system for healthcare providers, aimed at addressing the challenges of inflation and the difficulties in attracting and retaining skilled physicians.
HeallWell AI, an AI and data science company focused on preventative care, announced its subsidiary Pentavere Research Group has achieved a significant milestone with the publication of a paper validating the use of generative AI to identify rare lung cancer patients. The paper, titled "Real-world Outcomes of Patients with Advanced Epidermal Growth Factor Receptor-Mutated Non-Small Cell Lung Cancer in Canada Using Data Extracted by Large Language Model-Based Artificial Intelligence"marks an important moment in the application of AI in precision oncology. This landmark publication is industry’s first peer-reviewed paper utilizing AI and large language models to identify rare lung cancer patients using real world electronic health record data, supporting precision oncology efforts, and it showcases HEALWELL’s leadership position in developing AI technology applications in healthcare.
Butterfly Network, a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, announced a tripartite collaboration with implementing partner Clinton Health Access Initiative (CHAI) (a global health organization committed to saving lives, reducing the burden of disease and strengthening health systems), and training partner Global Ultrasound Institute (GUSI) (a global leader in ultrasound education). As of today, the organizations have initiated Phase Two of Butterfly's 1,000 iQ+ probe deployment and point-of-care ultrasound training program for maternal and fetal health in Sub-Saharan Africa. The program is funded by the $5M grant from the Bill & Melinda Gates Foundation that was previously announced by Butterfly in March 2022 and is part of the Gates Foundation's efforts to ensure more women receive ultrasounds and benefit from life-saving diagnostic tools. In Phase One, 500 iQ+ handheld, whole-body probes were successfully distributed across Kenya in Q4 2022.
VERSES AI, a cognitive computing company developing next-generation intelligent software systems, provided a corporate update. “For an early-stage company we have so much going on, especially in the last few months. We wanted to provide this update to share our progress,” said Gabriel René, founder and CEO of VERSES. In the Company update last year, VERSES announced the merger of many of their previous technologies and applications into a single developer platform and data pipeline called Genius™ to enable developers to develop and deploy intelligent agents. VERSES launched their Genius™ Private Beta program in October 2023 to enable early access to partners across multiple industries to showcase the applica ability of Genius™. To date, the Company has announced the following 6 Beta engagements: Nalantis, Cortical Labs, SimWell, NASA’s Jet Propulsion Laboratory (JPL), Volvo Cars, and Blue Yonder. Additionally, VERSES has received over 3,700 signups for the limited private preview of its Genius™ Public Beta program.
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