HIMSS conference attendees walk the exhibition floor
Source: HIMSS
Debates over artificial intelligence and its role in health care took center stage at the HIMSS Global Health Conference in Chicago this week, where more than 35,000 physicians, other health-care workers, executives and engineers convened to discuss the latest advancements in health and technology.
Companies such as Microsoft, Google and Amazon prominently advertised new health applications for AI on booths across a sprawling exhibition floor, and panels of experts answered questions about how the technology can be used to address industrywide challenges such as staffing shortages and physician burnout.
Many health-care organizations and companies have been using AI in various capacities for years, but a subset known as generative AI exploded into public consciousness late last year when Microsoft-backed OpenAI launched its viral new chatbot called ChatGPT. Generative AI refers to programs that can use fairly complicated prompts from end users to generate text or images.
Just as generative AI has captured the attention of the general public, it has also captivated the medical community.
AI was the focus of the HIMSS conference’s opening keynote, and HIMSS CEO Hal Wolf prefaced the discussion by revealing that he had asked ChatGPT how to solve global health-care challenges. The Healthcare Information and Management Systems Society, or HIMSS, holds the conference each year.
Wolf posed the question to ChatGPT in jest, but David Rhew, global chief medical officer at Microsoft, told CNBC in an interview that generative AI could really be “transformative” for solving big problems in the health-care industry.
“The opportunity to apply these large language models and the artificial intelligence in clinical workflows is tremendous, and we have to do it responsibly,” he said.
For Rhew, that means starting with “high-impact, low-risk” uses for the technology, such as streamlining administrative tasks.
Developing diagnostic or directly patient-facing generative AI applications are higher risk since they pose significant regulatory questions for companies, academics and federal agencies such as the Food and Drug Administration to work through. Rhew said to think of AI as if the health-care industry has just been introduced to a car, while none of the stop signs, traffic lights or roads have been created yet.
“We still have to figure out how to do this together,” he said.
HIMSS CEO Hal Wolf speaks at the HIMSS conference
Source: HIMSS
But in the meantime, administrative or “back office” tasks require less regulatory oversight, and there is a real need for efficient solutions, since clerical work is often burdensome for clinicians.
A study funded by the American Medical Association in 2016 found that for every hour a physician spent with a patient, they spent an additional two hours on administrative work. The study said that physicians also tend to spend an additional one to two hours doing clerical work outside of working hours.
Similarly, in 2017, the Journal of the Association of American Medical Colleges published a survey where respondents said around 24% of their working hours are spent on administrative tasks. More than two-thirds of the physicians surveyed reported that administrative responsibilities “negatively affect their ability to deliver high-quality care.”
HIMSS attendees told CNBC they believe generative AI can help with these tasks.
Letting AI do the clerical work
On Monday, Microsoft announced an expanded partnership with Epic Systems, a health-care software company that helps hospitals and other health systems store, share and access electronic health records. More than 160 million people use Epic’s MyChart software, which provides patients with direct access to their health information and care team.
Epic’s first application of the AI technology automatically generates draft responses to the messages that physicians receive from patients through MyChart. The physicians don’t have to use the suggested draft at all, but it saves them time if they choose to edit or send it.
Seth Hain, senior vice president of R&D at Epic, told CNBC in an interview that AI could serve as an impactful hypothesis generation tool for physicians in the future. He said they will be able to ask patient-specific questions such as: What do you think I should look at next in regard to this problem?
Peter Lee, corporate vice president of research and incubations at Microsoft, told CNBC that an early look at Epic’s AI developments brought tears to his eyes.
“It just blew me away,” he said.
Microsoft’s speech recognition subsidiary Nuance Communications also announced a clinical notes application called DAX Express ahead of HIMSS in March. DAX Express aims to help reduce clinicians’ administrative burdens by automatically drafting a clinical note within seconds after a patient visit.
In a live demo at HIMSS, Nuance previewed future projects and showcased DAX Express’ capabilities, which were met with gasps and joyful exclamations from some of the physicians, nurses and health-care workers in the room.
More than 35,000 people attended the HIMSS conference in 2023
Source: HIMSS
Other companies are also working to use generative AI to reduce administrative burdens.
Amazon Web Services on Monday announced an expanded partnership with Philips, a Netherlands-based health technology company. AWS has already been supporting many of Philips’ existing cloud-based and AI initiatives, such as those that help radiologists analyze scans and medical images more quickly — even from their homes.
But Monday’s announcement means Philips will also use AWS’ generative AI technology to simplify its clinical workflows and advance its imaging capabilities even further.
“What’s most exciting is the fact that we are approaching a precipice where we have this tipping point, where we make the right thing the easy thing,” Shez Partovi, Philips’ chief innovation and strategy officer, told CNBC in an interview. “And right now, in most technology, the right thing is a lot of clicks away.”
Partovi said all the small tasks that physicians have to complete are like “death by 1,000 cuts,” so using AI to tease out administrative challenges can make a real impact on the quality of physicians’ lives.
On Tuesday, 3M Health Information Systems also announced that it is also working with Amazon Web Services’ machine learning and generative AI to help reduce physicians’ administrative workload. 3M HIS supports a conversational AI platform used by more than 300,000 physicians, and the company said in a release that the AWS technology will make it easier for doctors to automate and complete accurate clinical notes in the electronic health record.
Similarly, Google Cloud announced a Claims Acceleration Suite last week that uses AI to streamline health insurance claims processing and prior authorization.
According to the Centers for Medicare & Medicaid Services, the current prior authorization process takes an average of 10 days. Google’s AI will help alleviate some of that administrative burden for providers by converting the unstructured data that appears in images, PDFs or other health records into a more easily digestible, structured format.
“They actually require a human being to go in there and to take that data and rekey it into the system for review,” Amy Waldron, director of global health plans strategy and solutions at Google Cloud, said during a media briefing with reporters at HIMSS. “Which, to me, makes absolutely no sense given that someone has to take time to put all that rich data there, and we have AI that can unlock that value.”
Generative AI has “tremendous” potential to improve administrative efficiency in health care, said Microsoft’s Rhew. But as health-care and technology companies continue to make more sophisticated advancements, industry leaders, regulators and academics in the community will have to ensure that generative AI is equitable and does not cause harm to communities.
The technology is vulnerable to bias and discrimination if it is trained on health-care data that does not properly represent a patient population, which could ultimately lead to inadequate decision-making or treatment plans.
As a result, Rhew said, there is a collective responsibility to figure out how to deploy AI with care.
“It is a transformative technology,” he said, “but we have to figure out how to do it responsibly.”
ServiceTitan, a company that sells software to contractors such as plumbers and roofers, on Monday filed to go public on the Nasdaq under the ticker symbol “TTAN.”
The filing suggests that investors could be getting more interested in next-generation software companies. Just a few, including Reddit and Rubrik, debuted on public markets in the U.S. this year, and chipmaker Cerebras filed for an initial public offering. There were basically no tech initial public offerings in 2021 or 2022 as central bankers pushed up interest rates to flight inflation, making investors less willing to bet on money-losing challengers.
Based in Glendale, California, ServiceTitan offers cloud software for advertising, scheduling jobs, dispatching, producing invoices and taking payments. It had a $35.7 million net loss on $193 million in revenue in the quarter that ended on July 31, according to the filing. Revenue was up about 24% year over year, and the quarterly loss had narrowed from almost $52 million.
ServiceTitan’s revenue growth rate will stand out for people investing in cloud stocks, who have seen rates sag with few new public companies in the sector. The average growth rate for Bessemer’s Nasdaq Emerging Cloud Index, the basis for the WisdomTree Cloud Computing Fund, is 16.6%.
The company was originally founded in 2007 by Ara Mahdessian and Vahe Kuzoyan, whose fathers were both residential contractors. While most ServiceTitan customers are small and medium-sized businesses, it has started focusing more on selling products to big companies and construction customers, according to the filing.
ServiceTitan plans to keep up to 5% of shares in the IPO for eligible clients, the founders’ friends and family members and others through a directed share program.
Investors include Battery Ventures, Bessemer Venture Partners, Iconiq and TPG. Iconiq on its own controlled 24% of the compan’s Class A shares.
Competitors include Salesforce and SAP, along with specialty companies such as HouseCall Pro, Jobber and Workwave.
Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup are among the company’s IPO underwriters.
Tesla CEO Elon Musk (R) joins former U.S. President and Republican presidential candidate Donald Trump during a campaign rally at the site of his first assassination attempt in Butler, Pennsylvania, on Oct. 5, 2024.
Jim Watson | Afp | Getty Images
Tesla shares jumped on Monday following a report that President-elect Donald Trump’s transition team are planning to make a federal framework to regulate self-driving vehicles a top priority for the U.S. Transport Department.
As of 6:11 a.m. ET, Tesla stock was up 7.98% in U.S. premarket trading after the release of the Bloomberg News report, which cited unnamed sources familiar with the matter.
CNBC could not independently verify the report and has requested comment from the Trump team and from the National Highway Traffic Safety Administration, a Transportation Department unit tasked to oversee self-driving technologies.
Musk was a central figure in the business world pushing for Trump’s return to the White House in the lead-up to this month’s elections. The tech billionaire now stands to benefit from the close relationship he has formed with the Republican politician, who previously served a first presidential term between 2017 and 2021.
Last week, Trump picked Musk and former Republican presidential candidate Vivek Ramaswamy to lead the newly minted Department of Government Efficiency — or “DOGE for short — which he said would end government “bureaucracy,” relax “excess” regulations and cut “wasteful” expenditures.
A federal framework for regulating self-driving vehicles would be a major boon to Musk’s Tesla, which has been promising fully self-driving vehicles for several years but has so far failed to deliver a car capable of being driven autonomously without a human behind the wheel.
The long-term vision for Tesla is to produce a fleet of so-called “robotaxis,” autonomous vehicles that can drive people around without the need for human supervision.
Last month, Musk showed off Tesla’s long-awaited robotaxi — a concept car called the “Cybercab,” a $30,000 two-seater vehicle with no steering wheels or pedals.
Tesla has already been beaten to the punch in the robotaxi race by Google’s Waymo venture, which is among the few companies that have successfully launched self-driving cars on public roads.
Speaking during an event unveiling Tesla’s Cybercab and “Robovan” vehicles, Musk said he expects Tesla to have “unsupervised” Full Self-Driving technology up and running in Texas and California next year in the company’s Model 3 and Model Y electric vehicles.
Full Self-Driving, or FSD, is Tesla’s premium driver assistance system, currently available in a “supervised” version for Tesla electric vehicles. FSD currently requires a human driver at the wheel, ready to steer or brake at any time.
Trump’s transition team is reportedly looking for policy leaders for the Transportation Department to develop a federal regulatory framework for self-driving vehicles, according to Bloomberg.
They include Emil Michael, a former Uber executive, Republican Representatives Sam Graves of Missouri and Garret Graves of Louisiana, Bloomberg reported.
Thomas Plantenga, CEO of used fashion resale app Vinted, on center stage during Web Summit 2024 in Lisbon, Portugal.
Harry Murphy | Sportsfile for Web Summit Getty Images
LISBON, Portugal — Tech CEOs in Europe are urging region al countries to take bolder action to tackle Big Tech’s dominance and counter reliance on the U.S. for critical technologies like artificial intelligence after Donald Trump’s electoral win.
The Republican politician’s victory was a key topic among prominent tech bosses at the Web Summit conference in Lisbon, Portugal. Many attendants said they’re unsure of what to expect from the U.S. president-elect, citing this unpredictability as a core challenge at present.
Andy Yen, CEO of Swiss VPN developer Proton, says Europe should echo American protectionism and adopt a more “Europe-first” approach to technology — in part to reverse the trend of the last two decades, during which much of the Western world’s most important technologies, from web browsing to smartphones, have become dominated by a handful of large U.S. tech firms.
VPNs, or virtual private networks, are services that encrypt data and mask a user’s IP address to hide browsing activity and bypass censorship.
“It’s time for Europe to step up,” Yen told CNBC on the sidelines of Web Summit. “It’s time to be bold. It’s time to be more aggressive. And the time is now, because we now have a leader in the U.S. that is ‘America-first,’ so I think our European leaders should be ‘Europe-first.'”
One key push for the past decade from the European Union has been to take legal action and introduce tough new regulations to tackle the dominance of large technology players, such as Google, Apple, Amazon, Microsoft and Meta.
As Trump prepares to come into power for a second mandate, concerns have now mounted that Europe might reel in its tough approach to tech giants out of fear of retaliation from the new administration.
US Big Tech playing ‘extremely unfairly’
Proton’s Yen, for one, urged the EU not to water down its attempts to rein in America’s tech giants.
“Europe has been thinking in a very globalist mindset. They’re thinking we need to be fair to everybody, we need to open our market to everybody, we need to play fair, because we believe in fairness,” he told CNBC.
“Well, guess what? The Americans and the Chinese didn’t get the memo. They have been playing extremely unfairly for the last 20 years. And now they have a president that is extremely ‘America-first.'”
Mitchell Baker, former CEO of American open internet non-profit Mozilla Foundation, said the EU’s DMA has led to meaningful changes for the Firefox browser, with activity increasing since Google implemented a “choice screen” on Android phones that enables users to select their search engine.
“The change in Firefox new users and market share on Android is noticeable,” Baker said. “That’s nice for us — but it’s also an indicator of how much power and centralized distribution that these companies have.”
She added, “This change in usage because of one choice screen isn’t the full picture. But it is an indicator of the kind of things that consumers can’t choose and that businesses can’t build successfully because of the way the tech industry is structured right now.”
Thomas Plantenga, CEO of Lithuania-headquartered used clothing resale app Vinted, urged Europe to take the “right choices” to ensure the continent can “fend for ourselves” and does not get “left behind.”
“If you look very realistically at what countries do, they try to take care of themselves and they try to form coalitions to be stronger themselves, and as a coalition be stronger,” Plantenga told CNBC in an interview. “We have a lot of very talented, well-educated people.”
“We need [to] ensure that we can take care of our own safety, that we can take care of our own energy, that we ensure to keep on investing in our education and innovation so that we can keep up with the rest [of the world],” he stressed. “If we don’t, then we’ll be left behind. In every collaboration, it’s always a trade. And if we don’t have much to trade, we become weaker.”
‘AI sovereignty’ now a key battleground
Another theme that attracted much chatter on the ground at Web Summit was the idea of “AI sovereignty” — which refers to countries and regions localizing critical computing infrastructure behind AI services, so that these systems become more reflective of regional languages, cultures and values.
With Microsoft becoming a key player in AI, concerns have surfaced that the maker of the Windows operating system and Office productivity tools suite has secured a dominant position when it comes to foundational AI tools.
The tech giant is a key backer behind ChatGPT maker OpenAI, whose technology it also heavily uses in its own products.
For some startups, Microsoft’s decision to embrace AI has resulted in harmful, anti-competitive effects.
Last year, Microsoft hiked the fees it charges search engines to use its Bing Search APIs, which allow developers access to the tech giant’s backend search infrastructure — in part because of higher costs attached to its AI-powered search features.
“They’re gradually reducing our revenue — we’re still relying on them — and that reduces our capacity to do things,” Christian Kroll, CEO of sustainability-focused search engine Ecosia, told CNBC. “Microsoft is a very fierce competitor.”
CNBC has reached out to Microsoft for comment.
Ecosia recently partnered with fellow search provider Qwant to build a European search index and reduce dependence on U.S. Big Tech to deliver web browsing results.
Meanwhile, the European Union’s AI Act, a landmark artificial intelligence law with global implications, introduces new transparency requirements and restrictions on companies developing and using AI.
The laws are likely to have a big impact on predominantly U.S. tech firms, since they’re the ones doing much of the development of — and investment in — AI.
With Trump set to come into power, it’s unclear what that could mean for the global AI regulatory landscape.
Shelley McKinley, chief legal officer of code repository platform GitHub, said she can’t predict what Trump will do in his second term — but that businesses are planning for a range of different scenarios in the meantime.
“We will learn in the next few months what President-elect Trump will say, and in January we will start seeing some of what President Trump does in this area,” McKinley said during a CNBC-moderated panel earlier this week.
“I do think it is important that we all, as society, as businesses, as people, continue to think about the different scenarios,” she added. “I think, as with any political change, as with any world change, we’re still all thinking about what are all of the scenarios we might operate.”