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VSP Vision Releases New Report on the Future of Generative AI in Healthcare
RANCHO CORDOVA, Calif. – Today, VSP Vision™ announced the release of “The Future of Generative AI in Healthcare,” a new report created by VSP Vision’s Global Innovation Center (GIC) that outlines the five transformative ways generative artificial intelligence (Gen AI) will impact and reimagine the healthcare industry in new and exciting ways.
“As a national leader in health-focused vision care, VSP Vision is constantly monitoring the pulse of healthcare transformation – and generative AI is at the forefront – its impact reverberating across healthcare systems, providers, payers, and more,” said Global Innovation Center Senior Director Ruth Yomtoubian.
The GIC is the VSP Vision lens into the future and where the organization researches emerging technologies, pilots and tests new products and services, and makes strategic connections within the innovation ecosystem. According to the report from the GIC and tech intelligence platform, CB Insights, the unprecedented interest in, and adoption of, Gen AI birthed a rapidly expanding new industry where investment in AI went from $1.7 billion in 2022 to $14 billion in 2023, and is expected to reach more than $100 billion in investments by 2030.
Here are the five ways the research predicts Gen AI will continue to transform the healthcare industry:
1. Gen AI will improve healthcare system cohesion.
According to a study in the Journal of the American Medical Association, failures in care coordination cost between $27.2 and $78.2 billion per year. Data fragmentation across the healthcare continuum is driving a need for tools and solutions that can ease and accelerate the unification of various processes and practices. However, new AI solutions will help translate medical data between various digital systems, such as patient records and billing portals. Frictionless data-sharing between healthcare providers and healthcare systems will help better serve patients in getting the care they need.
2. Gen AI will empower patients with more – and simplified – information.
A Maestro Health study found that nearly 40% of Americans feel unsupported in understanding their healthcare, while 70% say the system is hard to navigate. AI innovations are enhancing the patient experience with new tools, such as next-gen chatbots and symptom checkers. Gen AI will also translate often complex medical language, either into simpler terms to improve health literacy or into different languages, allowing patients to have access to verified health information and make more informed decisions about their care.
3. In-practice Gen AI solutions will help alleviate provider burnout.
One in four clinicians is thinking about leaving the healthcare profession, with 89% naming burnout as the main reason, according to a Bain and Company survey. By using AI-powered co-pilots and data retrieval to augment operation flows and streamline administrative processes, healthcare workers will spend less time on the paperwork and repetitive tasks that contribute to burnout, and more time to focus on taking care of themselves and their patients.
4. Gen AI will help improve medical devices and advancements.
Beyond helping to accelerate drug discoveries and clinical trials, AI-enabled medical tools and technology will improve medical workflows and procedures, lead to safer surgeries, faster diagnoses, and improved patient care. Imaging tool AI-enhancements have already extended to eye care. Earlier this year, researchers developed an AI model trained similarly to ChatGPT that can detect eye disease and risk of Parkinson’s from retinal images captured by a fundus camera.
5. “Big, bad AI” will actually support good behavior.
Because Gen AI tools have been known to perpetuate bias, discriminate against certain demographics, and pose privacy risks, there is skepticism around its potential to do good. However, startups are focusing on building and following ethical AI policies, such as algorithmic empathy, synthetic patient data, and greater compliance, as the technology becomes more widespread. In fact, according to the Brookings Institute, roughly 75% of AI companies with over 50 employees have a policy about ethical AI.
“There’s a misperception that artificial intelligence will reduce human interaction when in fact we’re seeing AI applied in healthcare to ease the administrative burdens on providers and patients, therefore creating space for more human connection,” added Yomtoubian.
To learn more about VSP Vision’s Global Innovation Center, visit vspvision.com/innovation.
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About VSP Vision
At VSP Vision™, our purpose is to empower human potential through sight. As the first national not-for-profit vision benefits company, this is what drives everything we do. For nearly 70 years, VSP has been the leader in health-focused vision care. Every day, the people that power our complementary businesses—VSP® Vision Care, Marchon Eyewear, Inc., Visionworks®, Eyefinity®, Eyeconic, VSP® Optics, and VSP® Ventures—work together to create a world where everyone can bring their best vision to life. That means providing affordable access to eye care and eyewear for more than 85 million members through a network of more than 41,000 doctors. It also means expanding access to vision care to those disadvantaged by income, distance, or disaster through VSP Vision™ Eyes of Hope®. To date, more than 3.8 million people in need have received access to no-cost eye care and eyewear through one of our Eyes of Hope programs. Learn more about how we’re reinvesting in greater vision, health, and opportunities for all at vspvision.com.