The Babyscripts team just returned from LA and ViVE 2024 -- always an excellent opportunity to register the pulse of the digital healthcare industry and learn from the innovators leading the market.
The atmosphere was electric with conversations around artificial intelligence (AI), cybersecurity, and significant partnerships shaping the future of healthcare.
Here's a look into the key takeaways and moments that stood out during the event.
General Observations
The AI surge. AI was undoubtedly a hot topic, with a significant presence of companies demonstrating how their technologies can support physicians by integrating note documentation directly into Electronic Medical Records (EMR). This integration is not just a convenience but a necessity, attracting a lot of venture capital attention, as evidenced by Abridge's recent funding round. Many are optimistic about the entrance of AI-powered predictive clinical models in the near future, but for now these non-clinical applications, like documentation and education, are gaining the first ground in the sector.
Security concerns. Cybersecurity commanded a lot of air space, emphasized by the presence of major players like Palantir and underscored by the recent cyber attack on Change Healthcare. This incident served as a stark reminder of the tangible threats in the digital health space, making cybersecurity more relevant than ever.
Strategic moves and collaborations. As per usual, ViVE provided a stage for lots of industry announcements, including news that the event would be locating back to Nashville after its brief stint in LA. Announcements of acquisitions and partnerships included the Biofourmis & GE partnership, Twill's acquisition by DarioHealth, and a noteworthy collaboration between Highmark, Epic, and Google. The venture capital world also took notice of Abridge's significant funding announcement, highlighting the financial community's interest in healthcare innovations.
Insightful Sessions
Demystifying the CPT code process. With health systems seeing the value of implementing digital health tools, but struggling to finance solutions, reimbursement was a major focus. A particularly enlightening session involved the AMA discussing the CPT code creation process. It clarified that obtaining a CPT code does not guarantee funding, an important consideration for companies navigating the healthcare reimbursement landscape -- and also one that served to emphasize the complexity of the reimbursement process and a serious barrier to getting innovation off the ground.
Advocating for health equity. Many sessions focused on the ongoing need for equitable care delivery. The session titled "High Quality That Isn’t an Act" featured Advocate Health shedding light on their hospital-at-home program in partnership with Best Buy Health. The discussion emphasized the need for community-based care to bridge the health equity gap and the importance of consolidating trusted data under a singular governance policy. This approach aims to decrease care variations and promote standardized medicine through new clinical care pathways and technology.
A unified front for quality care. The commitment to improving quality of care was evident. Discussions included a call for singular IT platforms or digital ecosystems to connect all stakeholders, facilitating data sharing to make comprehensive care delivery a reality. Presenters also spoke of the role of policy in supporting healthcare advancements. The sentiment that quality is everyone's job resonated: emphasizing the collective effort required to implement screening for social determinants of health (SDOH) and health equity, as mandated by CMS and the Joint Commissions.
Looking Ahead
ViVE 2024 provided a comprehensive look at the current state and future of healthcare technology, and highlighted the industry's dynamism and resilience. As we look forward to the innovations and collaborations that will emerge in the coming year, it's clear that the healthcare sector remains at the forefront of technological advancement, with a steadfast commitment to improving patient care and outcomes.
PS: Stay tuned for a look at Babyscripts on the Startup Health stage at ViVE! Logan Plaster of Startup Health interviewed Sarah Nicholson, Senior VP of Marketing at Babyscripts, on the future of the maternal health space and how Babyscripts is making an impact.
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