In an underground auditorium packed with thousands of health-care executives this week, Epic Systems CEO Judy Faulkner stepped on stage to deliver a keynote dressed like a swan, feathers and all.
Even by the tech industry’s more casual standards (take Nvidia CEO Jensen Huang’s trademark leather jacket, for instance), Faulkner’s costume may have puzzled some first-time attendees. But for many health-care industry veterans and Epic employees, it was business as usual— a sign that Epic’s annual Users Group Meeting was officially underway. And one theme stood out during the health-care company’s event on Tuesday: How new artificial intelligence features can help doctors and patients.
Epic is a health-care software giant whose technology is used in thousands of U.S. hospitals and clinics. The company houses medical records for more than 280 million individuals in the U.S., though patients often have data stored across multiple vendors.
Wizards and animals
Each year, thousands of people descend on Epic’s headquarters in Verona, Wisconsin to hear about its latest products and initiatives. UGM is one of the company’s largest annual on-campus events, and CNBC attended the festivities on Tuesday.
Epic’s 1,670-acre campus is sprinkled with farm animals, statues of wizards and buildings themed like “Alice in Wonderland” and “The Wizard of Oz.” Fittingly, this year’s conference is “storytime” themed, and Faulkner and other Epic executives spoke while dressed as characters inspired by various children’s books.
There was no shortage of skits and jingles as they shared updates across Epic’s major products, including its offerings like MyChart, an app patients can use to access their medical records, and Cosmos, a deidentified patient dataset clinicians can use to conduct research.
Seth Hain, senior vice president of R&D at Epic, speaking at UGM 2024.
Courtesy: Epic Systems
Epic’s Artificial Intelligence announcements
Many of Epic’s announcements centered around how the company is integrating artificial intelligence into these products. Faulkner said the company has more than 100 AI features in the works, though many of the tools are still in the early stages of development.
For instance, by the end of this year, Epic said its generative AI will help doctors revise message responses, letters and instructions into plain language that patients can understand. Doctors will be able to use AI to automatically queue up orders for prescriptions and labs, the company said.
Many physicians have to carry out time-consuming tasks like drafting insurance denial appeal letters and reviewing prior authorization requirements, so Epic said it is working to introduce AI tools that can streamline those processes this year.
By the end of 2025, Epic’s generative AI will be able to pull in the results, medications and other details that a doctor might need when responding to a patient’s message through MyChart, the company said. Other specific functions, like using AI to calculate wound measurements from images, are also coming next year.
Epic announced plans for a new staff scheduling application for physicians and nurses called “Teamwork” that’s coming soon. Additionally, Faulkner said Epic is “investigating” how it could facilitate claims submissions directly through its software, without the need for a middleman like a clearinghouse. If Epic is successful, it could mark a major change in the way that insurance claims are processed throughout the health-care industry.
Whether these features will all come to fruition — and whether health systems will actually use them — isn’t yet known. Even so, Epic closed its presentation Tuesday by showcasing a lofty demo about where the company believes its technology can go.
The future
Seth Hain, senior vice president of research and development at Epic, facilitated the demo. He spoke to an AI agent through the MyChart app about his recovery after a supposed wrist surgery and answered questions about his pain. The agent instructed Hain to open his camera and bend his wrist back so it could evaluate the progress of his healing. The agent said Hain’s wrist extension was about 60 to 75 degrees, which meant his recovery was ahead of schedule, compared to data from similar patients in Epic’s Cosmos database.
Hain asked the agent if he could start playing pickleball again, and it told him that he “should still wait a little longer” before doing so.
In a meeting with reporters after the presentation, Hain said the demo was happening in real-time without human intervention. However, that capability is so new that Epic doesn’t even have a name for it yet, and Hain said it will likely be a few years before it’s more widely available.
“It is very, very, very early in regards to how and where the community, the broader medical community, will adopt that type of thing, but it’s viable,” he said.
A worker delivers Amazon packages in San Francisco on Oct. 24, 2024.
David Paul Morris | Bloomberg | Getty Images
Amazon on Thursday announced Prime members can access new fixed pricing for treatment of conditions like erectile dysfunction and men’s hair loss, its latest effort to compete with other direct-to-consumer marketplaces such as Hims & Hers Health and Ro.
Shares of Hims & Hers fell as much as 17% on Thursday, on pace for its worst day.
Amazon said in a blog post that Prime members can see the cost of a telehealth visit and their desired treatment before they decide to proceed with care for five common issues. Patients can access treatment for anti-aging skin care starting at $10 a month; motion sickness for $2 per use; erectile dysfunction at $19 a month; eyelash growth at $43 a month, and men’s hair loss for $16 a month by using Amazon’s savings benefit Prime Rx at checkout.
Amazon acquired primary care provider One Medical for roughly $3.9 billion in July 2022, and Thursday’s announcement builds on its existing pay-per-visit telehealth offering. Video visits through the service cost $49, and messaging visits cost $29 where available. Users can get treatment for more than 30 common conditions, including sinus infection and pink eye.
Medications filled through Amazon Pharmacy are eligible for discounted pricing and will be delivered to patients’ doors in standard Amazon packaging. Prime members will pay for the consultation and medication, but there are no additional fees, the blog post said.
Amazon has been trying to break into the lucrative health-care sector for years. The company launched its own online pharmacy in 2020 following its acquisition of PillPack in 2018. Amazon introduced, and later shuttered, a telehealth service called Amazon Care, as well as a line of health and wellness devices.
The company has also discontinued a secretive effort to develop an at-home fertility tracker, CNBC reported Wednesday.
Former U.S. Army intelligence analyst Chelsea Manning says censorship is still “a dominant threat,” advocating for a more decentralized internet to help better protect individuals online.
Her comments come amid ongoing tension linked to online safety rules, with some tech executives recently seeking to push back over content moderation concerns.
Speaking to CNBC’s Karen Tso at the Web Summit tech conference in Lisbon, Portugal, on Wednesday, Manning said that one way to ensure online privacy could be “decentralized identification,” which gives individuals the ability to control their own data.
“Censorship is a dominant threat. I think that it is a question of who’s doing the censoring, and what the purpose is — and also censorship in the 21st century is more about whether or not you’re boosted through like an algorithm, and how the fine-tuning of that seems to work,” Manning said.
“I think that social media and the monopolies of social media have sort of gotten us used to the fact that certain things that drive engagement will be attractive,” she added.
“One of the ways that we can sort of countervail that is to go back to the more decentralized and distribute the internet of the early ’90s, but make that available to more people.”
Nym Technologies Chief Security Officer Chelsea Manning at a press conference held with Nym Technologies CEO Harry Halpin in the Media Village to present NymVPN during the second day of Web Summit on November 13, 2024 in Lisbon, Portugal.
Asked how tech companies could make money in such a scenario, Manning said there would have to be “a better social contract” put in place to determine how information is shared and accessed.
“One of the things about distributed or decentralized identification is that through encryption you’re able to sort of check the box yourself, instead of having to depend on the company to provide you with a check box or an accept here, you’re making that decision from a technical perspective,” Manning said.
‘No longer secrecy versus transparency’
Manning, who works as a security consultant at Nym Technologies, a company that specializes in online privacy and security, was convicted of espionage and other charges at a court-martial in 2013 for leaking a trove of secret military files to online media publisher WikiLeaks.
She was sentenced to 35 years in prison, but was later released in 2017, when former U.S. President Barack Obama commuted her sentence.
Asked to what extent the environment has changed for whistleblowers today, Manning said, “We’re at an interesting time because information is everywhere. We have more information than ever.”
She added, “Countries and governments no longer seem to invest the same amount of time and effort in hiding information and keeping secrets. What countries seem to be doing now is they seem to be spending more time and energy spreading misinformation and disinformation.”
Manning said the challenge for whistleblowers now is to sort through the information to understand what is verifiable and authentic.
“It’s no longer secrecy versus transparency,” she added.
LISBON, Portugal — British online lender Zopa is on track to double profits and increase annual revenue by more than a third this year amid bumper demand for its banking services, the company’s CEO told CNBC.
Zopa posted revenues of £222 million ($281.7 million) in 2023 and is expecting to cross the £300 million revenue milestone this year — that would mark a 35% annual jump.
The 2024 estimates are based on unaudited internal figures.
The firm also says it is on track to increase pre-tax profits twofold in 2024, after hitting £15.8 million last year.
Zopa, a regulated bank that is backed by Japanese giant SoftBank, has plans to venture into the world of current accounts next year as it looks to focus more on new products.
The company currently offers credit cards, personal loans and savings accounts that it offers through a mobile app — similar to other digital banks such as Monzo and Revolut which don’t operate physical branches.
“The business is doing really well. In 2024, we’ve hit or exceeded the plans across all metrics,” CEO Jaidev Janardana told CNBC in an interview Wednesday.
He said the strong performance is coming off the back of gradually improving sentiment in the U.K. economy, where Zopa operates exclusively.
Commenting on Britain’s macroeconomic conditions, Janardana said, “While it has been a rough few years, in terms of consumers, they have continued to feel the pain slightly less this year than last year.”
The market is “still tight,” he noted, adding that fintech offerings such as Zopa’s — which typically provide higher savings rates than high-street banks — become “more important” during such times.
“The proposition has become more relevant, and while it’s tight for customers, we have had to be much more constrained in terms of who we can lend to,” he said, adding that Zopa has still been able to grow despite that.
A big priority for the business going forward is product, Janardana said. The firm is developing a current account product which would allow users to spend and manage their money more easily, in a similar fashion to mainstream banking providers like HSBC and Barclays, as well as fintech upstarts such as Monzo.
“We believe that there is more that the consumer can have in the current account space,” Janardana said. “We expect that we will launch our current account with the general public sometime next year.”
Janardana said consumers can expect a “slick” experience from Zopa’s current account offering, including the ability to view and manage multiple account bank accounts from one interface and access to competitive savings rates.
IPO ‘not top of mind’
Zopa is one of many fintech companies that has been viewed as a potential IPO candidate. Around two years ago, the firm said that it was planning to go public, but later decided to put those plans on ice, as high interest rates battered technology stocks and the IPO market froze over in 2022.
Janardana said he doesn’t envision a public listing as an immediate priority, but noted he sees signs pointing toward a more favorable U.S. IPO market next year.
That should mean that Europe becomes more open to IPOs happening later in 2026, according to Janardana. He didn’t disclose where Zopa would end up going public.
“To be honest, it’s not the top of mind for me,” Janardana told CNBC. “I think we continue to be lucky to have supportive and long-term shareholders who support future growth as well.”
Last year, Zopa made two senior hires, appointing Peter Donlon, ex-chief technology officer at online card retailer Moonpig, as its own CTO. The firm also hired Kate Erb, a chartered accountant from KPMG, as its chief operating officer.
The company raised $300 million in a funding round led by Japanese tech investor SoftBank in 2021 and was last valued by investors at $1 billion.