Hot Topic: HealthTech
By Greg Kahn
Emerging Tech Exchange
Founder & CEO
Published on July 10, 2023
The MSG Sphere isn’t the only expanded canvas for immersive experiences that are bringing accelerated change to existing industries. Apple’s Vision Pro and the rise of “spatial computing,” powered by a vast array of generative artificial intelligence technologies, is quickly ushering in new vistas for education and HealthTech.
Perhaps the greatest opportunity at the moment in how generative AI can boost revenues is in healthcare. From doctor’s offices to hospital administration to even insurance companies, the need for “digital transformation” has been lagging versus other industries. And nowhere is the need for the speed and analysis of generative AI more necessary than in the varied and interlocking parts of America’s healthcare system.
AI can automate administrative tasks, like pre-authorizing insurance, following-up on unpaid bills, and maintaining records. Easing the workload of overburdened healthcare professionals would be a massive boon to the industry.
AI’s ability to process big data sets can also lead to consolidating patient insights that can lead healthcare providers to uncover patterns where services are lacking.
There’s a spatial computing role here as well — another area ripe for driving revenues to new heights.
Wearable healthcare technology also uses AI to better serve patients. Software that uses AI, like FitBits and smartwatches, have been embraced not as luxury items or fashionable accessories, but as tools for giving people more insight into managing their own health issues. The data these devices gather can alert users and their healthcare providers on potential physical problems.
It’s clearly good for businesses that are even just remotely related to healthcare. But in this case, it’s not just about saving providers and companies money from lawsuits, it’s about saving lives. And that means better living for businesses and people across the board.
Meanwhile, investors have been making bigger moves into HealthTech. Recently reports from the likes of CB Insights found that the prognosis for the space is improving after four consecutive quarters of funding looking anemic.
According to CB Insights’ Q1'23 State of Digital Health Report, digital health funding worldwide has stabilized at $3.4 billion.
In part, there’s the clear expectation that spatial computing hardware and software will get their biggest test in spatial computing. The ability to get a truly wide angle view by diagnosticians and surgeons will alter the way healthcare is conducted as well as taught.
I’ll have more to say about those changes in the coming weeks. What questions do you have about what’s coming to HealthTech? Drop me a note.
Greg Kahn
Emerging Tech Exchange
Founder & CEO
