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Now, without further ado,
here is your daily industry news briefing
for today, December 4th.
First, the healthcare IT market is projected to grow
by nearly 11%
or $169 billion between 2022
and 2027 according
to a December 3rd report from Tech Varrio.
Here are four takeaways from the report.
The report found that increasing focus on improving the
quality of services and efficiency is notably
driving market growth.
It also said during the projected period,
the North American market will experience 46% of the growth.
The report also found that the vulnerability of EHRs
to cybersecurity risk
and ransomware is still a majority
impediment to market growth.
The report named Oracle, Microsoft 3M, UnitedHealthcare,
and Athena Health as some
of the major players in the health IT market.
Second two.
More health systems have partnered with Gen ai Startup,
Hippocratic ai, Ohio Health, and Robert St.
Francis Healthcare are the latest systems to team up
with the company, which is developing a patient facing
non-diagnostic large language model for healthcare.
According to a December 1st news release shared
with Becker's, Michael Kraus, chief Strategy
and transformations officer at Ohio Health told Becker's
quote, we believe gen AI will have a meaningful impact on
the future of how we, how healthcare is delivered.
Hippocratic has emerged
as a potential leader in the gen AI space for healthcare
and is developing applications that are highly relevant
for providers while representing an opportunity
to address the growing staffing concerns in the industry.
End quote, Ohio Health made a small equity investment in
Hippocratic AI and picked up seats on the company safety
and data governance committees.
Mr. Kraus said the 15 hospital system will also help create
and potentially pilot use cases.
Ohio Health is also working with Epic, Microsoft,
and Nuance on early stage gen AI products.
Hippocratic ai, which was co-founded
by a former health system COO, launched in May
with $50 million from General ca Catalyst
and Anderson Hortz.
It was since, it since has secured an additional
$15 million funding ground led
- By Cincinnati Children's Hospital and Honor Health,
and also partnered with Universal Health Services c-Suite.
Leaders from Cleveland Clinic
and University Hospitals have signed on as advisors.
Third, culmination Bio,
a company building a patient data intelligence platform spun
off from Intermountain Health,
received a $10 million investment.
The company has a growing library
of over 5 million de-identified patient
samples and clinical data.
Culmination Bio works with biotech
and life sciences companies to accelerate clinical trials.
According to a November 30th news release from the company,
culmination Bile spun out from Intermountain Health in
March, Merrick Global Health Innovation Fund
and Amgen Ventures provided the $10 million advancement.
Culmination Bile will use the funding
to develop its intelligent platform and fuel its growth.
Fourth, epic earned $4.6 billion in
revenue in 2022.
The company said the EHR vendor is the nation's largest BIAC
acute care hospital market share with 35.9% of hospitals
and 47.6% of beds in 2022.
According to colos research,
the company's 2022 revenue figures are up from 3.8 billion
in 2021 and 3.3 billion in 2020.
An epic spokesperson told Becker's Epic CEO Judy Faulkner,
who founded the company in the late 1970s in a Wisconsin
basement apartment is worth 7.4 billion according to Forbes.
That is up from 3.5 billion in 2018.
Here's Epic's revenue from the past four years per at.
Per Becker's reporting,
20 22, 4 0.6 billion 20 21, 3 0.8 billion,
2020 3.3 billion, 20 19, 3 0.2 billion.
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