As healthcare industry leaders continue to rethink and reimagine their organizations to achieve financial sustainability, many companies are forging partnerships to achieve their goals. At the same time, some organizations are restructuring their strategies by integrating with other health systems to serve their communities more efficiently and effectively.
These trends were developing in real time during last week's JPMorgan Healthcare Conference, with artificial intelligence (AI) applications underpinning many new and expanding partnerships.
Four takeaways from the conference
1 | Enterprise AI applications will grow.
A multi-year agreement announced between Amazon Web Services (AWS) and venture capital firm General Catalyst is expected to help bring enterprise-grade AI products to market faster, rather than point solutions. Under this partnership, General Catalyst portfolio companies will be able to leverage AWS cloud and other services to build and deliver healthcare AI tools faster.
General Catalyst portfolio companies Aidoc, which applies AI to medical image processing, and Commure, which automates medical workflows, are the first two companies to participate. Dan Sheeran, general manager of health and lifestyle services at AWS, told CNBC that the two startups were chosen because they are gaining significant traction in the market.
Sheeran said the partnership between General Catalyst and AWS is expected to span several years, with new tools from Aidoc and Commure expected to be released this year. He said Aidoc is exploring how the cloud can be leveraged to leverage data modalities across pathology, cardiology, genomics and other molecular information.
After spending significant time evaluating how healthcare organizations can transform, General Catalyst has found that AI products can move from point solutions offered by hundreds or thousands of companies to services across the enterprise. said Chris Bischoff, head of global healthcare investments at General Catalyst. Common catalyst.
2 | AI-powered digital pathology drives more personalized care.
Developing models to detect pathology is essential for diagnosing and determining treatment for many types of cancer and other complex conditions, but until now it has been a time-consuming, manual process. A new partnership between AI-powered software giant Nvidia and Mayo Clinic aims to accelerate the development of basic pathology models.
Mayo Clinic's digital pathology platform houses 20 million full-slide images and 10 million related patient records. To accelerate the development of foundational models on the platform, the health system will deploy Nvidia's DGX Blackwell AI system and Monai, the company's healthcare imaging platform.
Mayo Clinic and Nvidia say their research will lay the foundation for future AI applications in drug discovery, personalized diagnostics, and therapy. The companies will continue to expand collaboration with Mayo's clinical and AI expertise, Nvidia Cosmos Nemotron vision language models and NIM microservices to deliver more personalized healthcare experiences with predictive and efficient treatment strategies. We will continue to provide it.
3 | If done well, change can lead to significant improvements.
Consider the case of Providence, based in Renton, Washington. The health system shared that its recovery and turnaround plan, launched three years ago, has led to approximately $1 billion in operational improvements.
Restructuring and cost reduction efforts include reducing the health system's use of contract workers and patient hospital stays, restructuring its organization, strengthening partnerships with other health care providers, and expanding its value-based care platform. .
Providence recently expanded its partnership efforts by forming a joint venture with home health care provider Compassus to join the Truveta Genome Project, which leverages AI to accelerate drug discovery and value-based care. This collaboration boasts the largest and most diverse database of genomic and phenotypic information.
The health system also launched Longitude Health in October in collaboration with Baylor Scott & White Health, Memorial Hermann Health System and Novant Health. This initiative is designed to help healthcare providers improve care for Medicare Advantage beneficiaries and other patients covered by outcome-based reimbursement models.
4 | Strategic planning may require rewiring your organization.
This is the direction Advocate Health has taken with its new Rewire 2030 strategic framework. The effort is aimed at rewiring operations within the giant health system after Advocate Aurora Health and Atrium Health merge in 2022.
CEO Eugene Woods said at the conference that after merging its four legacy organizations, Advocate Health is now focused on a path forward based on the “Advocate Way.”
Advocate Health will focus on six strategic priorities to differentiate itself, the Fierce Healthcare report states.
A pioneer in the national service line. Build the country's leading access model. Integrating health care and wellness programs and home care. Developing outstanding models for academic use. Establishing an ecosystem for innovative partnerships. Curating a “system of systems.”
As part of its academic plans, Advocate Health will collaborate with Wake Forest University to open its first medical school campus in Charlotte, North Carolina. The team plans to build an innovation district around the medical center. The building, to be named “The Pearl,” will serve as a multipurpose space for local residents, and several science-related companies have announced they will move into the building to enhance the student experience.
