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Is the health AI business rapidly growing?
In the new report, Bessemer Venture Partners reveals early insights into the outlook for the artificial intelligence software services business, which it sees as a new category in the broader healthtech ecosystem. This category includes AI clinical scribes, claims audit tools, and back-office automation technologies. BVP sees annual recurring revenue rapidly approaching $10 million. This metric is viewed by investors as a key predictor of a company’s health. It takes AI companies 2.5 years to reach this $10 million benchmark, compared to 6 years for healthcare software-as-a-service companies and 3 years for technology-enabled clinical services companies. This data is based on a cohort of 20 AI companies.
BVP attributes the quick start to a fast sales cycle driven by “buyer urgency to test and purchase AI-enabled solutions.” but! Note that initial revenue often comes from trial programs that may not last long. (Of course, BVP has investments in many of these companies and is therefore not an independent party.)
General Catalyst Announces $750 Million Investment in Healthcare as Part of New Fund
This morning, a major venture capital firm common catalyst announced $8 billion in new capital, including $750 million earmarked for “health guarantees.”
GC has recently made a number of aggressive bets in the healthcare space, including a proposed acquisition of an Ohio-based company. Smart Health As a testing ground for innovative ideas. Today’s notable portfolio companies include: commuretransparent, and hippocrates. Before digital health became an established category, GC was a prominent investor in diabetes management companies. Livongoits $18 billion sale destination Teladoc is one of the largest health tech companies of all time.
Why does Change Healthcare’s infringement notification take so long?
It’s October and some people have just received notification that their sensitive data has been compromised. change health care A ransomware attack occurred in February. By law, people are supposed to be notified within 60 days if their data is breached. So what gives?
As STAT’s Brittany Trang reports, the picture is complicated. In part, it’s unclear when exactly that 60-day clock begins. Additionally, Change is not a healthcare provider, but a third party that processes insurance claims and helps facilitate insurance approval and payment. In legal terms, this is a “business associate” of a healthcare company, whose responsibility is to notify its customers (clinics and hospitals), not the individuals whose data has been breached. You may notice that your infringement notice arrives on Change Healthcare letterhead. That’s because Change took ownership of the process.
Parents change on Wednesday united health group Change Healthcare confirmed that the number of people affected by the cyber attack has been updated to 100 million. “Given the amount and complexity of the data involved, and as the investigation is still in its final stages, we will continue to regularly notify potentially affected individuals as soon as possible,” the spokesperson reiterated to STAT. said.
To be sure, there are many people who should be notified, but the fumbling nature of breach notifications underscores what many observers see as the dire state of healthcare cybersecurity. In fact, just last month, Sens. Ron Wyden (D-Ore.) and mark warner (D-Virginia) has introduced a bill that would impose stricter cybersecurity rules on health care providers and eliminate caps on fines for violators. UnitedHealth Group made $22 billion in profits last year. The idea is that if you want to change cybersecurity practices, you have to attack where the problems lie. Click here for details
Retinal implants show promise for people with severe vision loss
Science Co., Ltd.
Preliminary clinical trial data shows that retinal implants restore vision in people with holes or blurry spots in their central vision. Science Co., Ltd. Reported this week. Trial participants were able to read text and recognize playing cards while using the implant, even if they were legally blind. Although the results have not been published in a peer-reviewed publication, they are promising for the millions of people who suffer from age-related macular degeneration, a leading cause of vision loss.
The implant, called the Prima System, uses a camera attached to your glasses and a computer that fits in your pocket. The camera collects infrared light and shines it onto the implant, stimulating the retina.
Science Corporation enrolled 38 people in the study, but six of them dropped out before the trial. After 12 months of use, participants were able to read, on average, nearly five more lines on an eye chart, or 23 more characters, STAT’s Timmy Broderick reports. This is equivalent to improving a person’s visual acuity from 20/320 to 20/200, which is the U.S. standard for blindness. Click here for details
Walmart’s pharmacy delivery promotion and large-scale venture employment
There was a lot of noise at HLTH this week, but two developments caught my eye.
walmart announced it will offer same-day pharmacy delivery in 49 states by the end of January. The service is already available in six states. More Walmart news continues Amazon‘s recent expansion of same-day pharmacy delivery. early stage venture capital firm Definition of venture Added original humana CEO Bruce Broussard As a partner. Big get!
AMA Committee Approves Long-Requested Remote Monitoring Update
of american medical association‘s CPT Editorial CommitteeThe company responsible for developing the billing codes used by doctors announced that it has accepted a proposed update to the remote monitoring code that will go into effect in 2026. Although exact details have not been announced, the update will allow doctors to bill for supplies. Devices for instances where the data collected is less than 16 days old, and instances where you are charged for less than 20 minutes of management services related to monitoring. Efforts to update the code took several years, and several efforts were abandoned along the way.
FDA’s New Device Director and Other Agency Memos
This week, food and drug administration Confirmed what many probably already suspected. Michelle Tarver becomes the new director of Device and Radiation Health Centeroversees hot topics such as medical devices and artificial intelligence tools and lab-developed tests. Mr. Tarver joined the agency in 2009 and has served as the center’s interim director ever since. Jeff Shuren He announced his departure during the summer.
FDA also announced new information regarding its upcoming inaugural meeting. Digital Health Advisory Committee In a public meeting streamed live on YouTube, the new committee will discuss “Full Product Lifecycle Considerations for Generative Artificial Intelligence-Enabled Medical Devices.” Comments on the meeting minutes must be submitted by November 1st. Speaking at a biosimilar and generic drug industry conference, the FDA Commissioner said: robert caliph The agency has suggested it will use artificial intelligence tools to detect “fraud” in clinical trials; Bloomberg Law Coverage.
what we are reading
What’s in the post-election Congressional minutes: Chinese biotech, Medicare payments, ACA subsidies, STAT
Artificial Intelligence-Assisted Colonoscopy for Polyp Detection: A Systematic Review and Meta-Analysis, Annals of Internal Medicine, Performance of a Multimodal Artificial Intelligence Chatbot Evaluated on Clinical Oncology Cases, JAMA Network Open
