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Much has been said about how generative AI will impact the healthcare and life sciences industries. While generative AI will never replace a human healthcare provider, it is going a long way toward addressing key challenges and bottlenecks in the industry. And the effects are expected to be far-reaching across the sector.

Medical affairs has grown to become a core pillar of the pharmaceutical industry, linking the work of research and development and commercial operations. However, for leaders in the industry, navigating the process and data complexities and communication silos involved can prove challenging.

The Centers for Medicare & Medicaid Services (CMS) has taken a significant step forward in advancing interoperability and improving prior authorization processes with the publication of the CMS Interoperability and Prior Authorization Final Rule (CMS-0057-F).

Accelerate Healthcare and Life Sciences is a one-day virtual event, featuring technology and business leaders from Elevance Health, Ginkgo Bioworks, Datavant and more, to discover executive priorities, best practices and potential data and AI challenges that are top of mind for 2024.

A hospital key performance indicator (KPI) is a quantifiable measure that monitors the quality of healthcare provided by the hospital and measures the overall success of the business. Like many other service providers, hospitals depend on their customers (patients) to run their business. However, in order to thrive, they must also operate sustainably and mange costs. A successful hospital runs efficiently, provides life saving services and plays a valuable role in driving public health measures.

In certain sectors, data is not just valuable—it's SACRED. This is especially true in healthcare, where the stakes are incredibly high and the need for precise measures is paramount. In the healthcare sector, data is not just any asset; it's a highly sensitive compilation of patient information that demands the highest levels of privacy, security, and accessibility.

Insurance companies and third-party administrators are increasingly turning to automated data extraction to expedite the processing of medical insurance claims. This approach serves as a better alternative to time-intensive manual claim management. Leveraging AI technology allows them to efficiently extract crucial data from documents, eliminating manual data entry errors and significantly reducing processing times.

Cyberattacks are devastating, especially when they derail real-world critical services like healthcare. An especially troubling attack field is ransomware: In 2022, 66% of U.S. hospitals were targeted in ransomware attacks, an increase of almost 50% from 2021, and 289 hospitals were affected by successful ransomware attack incidents. Healthcare organizations paid the ransom in about 61% of ransomware incidents, the highest rate of any industry.

Automating data extraction from patient registration forms in healthcare is crucial to enhancing patient care efficiency, accuracy, and overall quality. Over 71% of surveyed clinicians in the USA agreed that the volume of patient data available to them is overwhelming. This abundance of data highlights the importance of streamlining the extraction process. Manual extraction is time-consuming and prone to errors, hindering patient safety.