Examining the Role of AI in Advancing Healthcare Efficiency
USA News Group Commentary
Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, Aug. 14, 2024 /PRNewswire/ — USA News Group – A technological transformation is underway in healthcare, with providers and tech developers leaning into the vast potential for both artificial intelligence (AI) and robotics in the sector. More and more, doctor’s clinics are starting to bring in generative AI to save time for everyone. According to analysts at Precedence Research, the Artificial Intelligence (AI) in Healthcare Market is set for explosive growth, with a 36.83% CAGR between 2024 and 2034 to hit US$613.81 billion. Working diligently to provide more AI-powered solutions to the healthcare spare are developers such as Avant Technologies Inc. (OTCQB: AVAI), Tempus AI, Inc. (NASDAQ: TEM), Stryker Corporation (NYSE: SYK), GE HealthCare Technologies Inc. (NASDAQ: GEHC), and Medtronic plc (NYSE: MDT).
Emerging AI-focused tech company Avant Technologies Inc. (OTCQB: AVAI) developing solutions in AI infrastructure while exploring additional technologies in the biotechnology and healthcare sectors, recently announced a significant initiative to improve patient care through advanced AI-powered healthcare infrastructure. Avant’s vision for the future of healthcare revolves around integrating with existing systems and providing a suite of built-in infrastructure and intelligent features.
As per Avant’s announcement, the new platform will utilize machine learning and advanced computing to empower healthcare providers and patients, by enhancing care delivery and monitoring. This will especially benefit healthcare-focused applications, such as “intelligent agents”, utilizing Avant’s new built-in features specifically designed for healthcare applications for professionals and patients.
These new features include frontline advising agents that provide personalized guidance to patients, advanced analytics to reveal hidden patterns and optimize treatment plans, and customized treatment protocols based on individual patient data. The platform will also offer predictive health analysis for early intervention and medication management tools to ensure optimal adherence and effectiveness.
“Our mission is to utilize the latest advancements in AI, including the massive potential of future quantum computing, to create a healthcare ecosystem where healthcare applications can naturally incorporate smart features for patient care, ensuring that every patient receives the best possible care,” said Kenneth L. Waggoner, CEO of Avant Technologies. “We believe that evidence-based medicine and intelligent resource allocation will pave the way for a healthier future for all.”
One of Avant’s primary goals of the infrastructure is to establish a highly secure connection to clinic and hospital patient databases. This ensures privacy and compliance while facilitating remote telemedicine capabilities, thereby expanding access to quality healthcare, especially in underserved areas.
Avant’s goals go beyond enhancing patient outcomes. By optimizing healthcare spending through intelligent data-driven insights, Avant aims to make quality healthcare more accessible and affordable for everyone. This initiative underscores Avant’s commitment to using cutting-edge technology to create a more efficient, effective, and equitable healthcare system for the future.
Before the announcement, Avant was already making significant progress with its plans, having entered into an Equity Financing Agreement with GHS Investments, a leading private investment and management group. GHS Investments has agreed to purchase up to $20 million in registered Avant common stock. Under the agreement, Avant has full discretion over the timing and amounts of these purchases.
“This relationship with GHS serves as an insurance policy, of sorts, as we continue our efforts to deliver infrastructure solutions to AI and big data companies, organizations, and institutions,” said Waggoner. “It also covers us as we begin to explore broadening our footprint in the technology sector beyond AI.”
Newly IPO’d Tempus AI, Inc. (NASDAQ: TEM) is a tech company leading the adoption of AI in advance precision medicine and patient care, coming off announcing its Q2 2024 results which included a 25% increase in revenue and a 40% growth in data licensing revenue, both year-over-year. The Google-backed developer only began trading in mid-June, and is already making waves.
Most recently, Tempus announced the publication of the validation study of its human leukocyte antigen (HLA) loss of heterozygosity (LOH) investigational assay in npj Precision Oncology. The study included analytical validation of an investigational test that detects HLA-LOH based on analysis of data generated from Tempus’ FDA-approved, next generation sequencing-based xT CDx assay. The test utilizes a machine learning model to analyze sequenced data from Tempus’ xT CDx assay.
“Tempus‘ HLA-LOH test is particularly significant for use in clinical trials that apply cell therapy to solid tumors, and it also has wider implications for precision medicine, including its use alongside other established biomarkers,” said Kate Sasser, PhD, Chief Scientific Officer at Tempus. “As validated in this study, the HLA-LOH test may help identify patients most likely to benefit from new and exciting therapies.”
Tempus also recently announced expanded data and sequencing collaboration with Remix Therapeutics, and a new RNA-based algorithm to close care gaps in guideline-directed IHC testing, starting with HER2.
Global medical technologies leader Stryker Corporation (NYSE: SYK) recently announced a definitive agreement to acquire care.ai, a leading virtual care and ambient intelligence solutions platform. As per the announcement, the acquisition is poised to strengthen Stryker’s growing healthcare IT offering and wirelessly connected medical device portfolio.
The newly acquired platform brings complementary technology that integrates seamlessly with the Vocera platform and Stryker’s devices, offering customers an enterprise-wide ecosystem capable of delivering dynamic clinical workflows and advancing the development of smart care facilities. care.ai’s platform and sensors facilitate various AI-assisted workflows, helping to create a responsive and personalized healthcare environment that allows caregivers to spend more time with patients.
“This acquisition underscores our commitment and focus on our customers,” said Andy Pierce, Group President, MedSurg and Neurotechnology, Stryker. “care.ai will help Stryker significantly accelerate our healthcare IT and digital vision to provide customers with real-time, smart and connected decision-making tools that enhance the lives of caregivers and their patients.”
GE HealthCare Technologies Inc. (NASDAQ: GEHC) recently announced a collaboration with Amazon Web Services (AWS) to develop purpose-built foundation models and generative AI applications designed to help clinicians improve medical diagnostics and patient care. GE HealthCare stated it selected AWS as its strategic cloud provider, with plans to use its healthcare and generative AI services to build and implement new, versatile foundation models to transform the future of healthcare, utilizing Amazon Bedrock, a fully managed service that provides secure access to the industry’s leading foundation models.
“With more than one billion patients around the world touched by our products, we play an important part in improving the quality of care and have a responsibility to continue pushing the boundaries of what’s possible to enable precision care,” said Peter Arduini, President and CEO, GE HealthCare. “This new collaboration with AWS allows us to build on our legacy of innovation by embracing the power of AI to expedite the creation of medical technologies that we expect will redefine clinical workflows and the delivery of care.”
Recently Medtronic plc (NYSE: MDT) announced the launch of its new Live Stream function for its Touch Surgery ecosystem of digital technologies, which features AI capabilities. Touch Surgery Live Stream is an easy-to use intraoperative coaching platform that integrates seamlessly with the Touch Surgery ecosystem. As per a LinkedIn post from Medtronic’s Digital Surgery unit, Live Stream is now commercially available in the USA and WEU.
“We continue to advance our digital ecosystem with a focus on seamless connectivity,” said George Murgatroyd, VP of Medtronic Digital Technologies. “We’re excited to now be connecting surgeons during operations, and connecting them with richer insights — all in a solution designed for them. Medtronic has been putting technology into surgeons’ hands for more than 60 years — and we’re continuing this innovation with software and computing. We not only amplify surgical performance but also nurture a new generation of world-class surgical educators.”
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