1 00:00:00,000 --> 00:00:02,319 This is Naomi Diaz with the Becker's Digital 2 00:00:02,319 --> 00:00:05,200 Health Podcast. Here's your daily industry news briefing 3 00:00:05,200 --> 00:00:06,980 for today, October 30th. 4 00:00:07,679 --> 00:00:08,179 First, 5 00:00:08,559 --> 00:00:11,279 health care organizations are investing heavily in their 6 00:00:11,279 --> 00:00:14,494 CIOs with 22% of CIOs now earning over 7 00:00:14,955 --> 00:00:15,455 $600,000 8 00:00:15,914 --> 00:00:16,414 annually. 9 00:00:16,795 --> 00:00:20,175 An October 29th report from Witkiefer found 10 00:00:20,875 --> 00:00:22,974 an executive search firm, Witkiefer, 11 00:00:23,274 --> 00:00:26,894 surveyed health care's chief information and digital officers 12 00:00:26,954 --> 00:00:28,890 to explore the scope, compensation, 13 00:00:29,429 --> 00:00:31,989 and more details pertaining to the role. Here 14 00:00:31,989 --> 00:00:34,009 are 8 things to know from the report. 15 00:00:34,469 --> 00:00:38,950 1st, 41% of CIOs earn annual salaries between 16 00:00:38,950 --> 00:00:39,450 $301,000 17 00:00:41,109 --> 00:00:41,609 $500,000. 18 00:00:43,315 --> 00:00:45,954 2, CIOs are seeing significant pay increases when 19 00:00:45,954 --> 00:00:47,815 moving into their new roles with 27% 20 00:00:48,274 --> 00:00:50,215 reporting a boost of over 20% 21 00:00:50,914 --> 00:00:51,734 in compensation. 22 00:00:52,835 --> 00:00:55,810 3, bonuses and long term incentives are also 23 00:00:55,810 --> 00:00:58,689 key components of CIO compensation with all CIOs 24 00:00:58,689 --> 00:01:00,549 eligible for bonuses and 68% 25 00:01:00,929 --> 00:01:04,310 qualifying for long term incentives or supplemental executive 26 00:01:04,370 --> 00:01:05,430 retirement plans. 27 00:01:05,969 --> 00:01:09,274 4, 28% of CIOs can earn bonus bonuses 28 00:01:09,334 --> 00:01:11,354 exceeding 30% of their base salaries. 29 00:01:11,655 --> 00:01:15,094 5, despite high turnover rates, 78% of CIOs 30 00:01:15,094 --> 00:01:17,414 report feeling satisfied in their roles with 38 31 00:01:17,414 --> 00:01:18,954 expressing strong satisfaction. 32 00:01:19,814 --> 00:01:22,900 6, while 41% of CIOs are required to 33 00:01:22,900 --> 00:01:25,140 reside near the office and work on-site full 34 00:01:25,140 --> 00:01:27,000 time, an equal portion, 44%, 35 00:01:27,299 --> 00:01:30,099 have moved to hybrid schedules working on-site only 36 00:01:30,099 --> 00:01:33,575 a few days per week. 7, only 39% 37 00:01:33,715 --> 00:01:36,435 of organizations currently have a CIO succession plan 38 00:01:36,435 --> 00:01:37,575 in place, and 36% 39 00:01:37,875 --> 00:01:40,854 are developing 1. 8, meanwhile, 25% 40 00:01:41,474 --> 00:01:43,494 lack any succession strategy. 41 00:01:44,114 --> 00:01:44,614 2nd, 42 00:01:45,234 --> 00:01:48,219 Elon Musk is seeking medical stands for his 43 00:01:48,519 --> 00:01:49,461 AI chatbot, Grok, to help improve the platform. 44 00:01:49,461 --> 00:01:50,859 The tech titan wrote October 29th on x, 45 00:01:51,719 --> 00:01:53,340 quote, try submitting X-ray, 46 00:01:54,120 --> 00:01:56,700 PET, MRI, or other medical images to Grok 47 00:01:56,920 --> 00:01:57,420 for 48 00:01:59,725 --> 00:02:01,965 analysis. This is still early stage, but it 49 00:02:01,965 --> 00:02:04,204 is already quite accurate and will become extremely 50 00:02:04,204 --> 00:02:06,125 good. Let us know where GROC gets it 51 00:02:06,125 --> 00:02:07,905 right or needs work, end quote. 52 00:02:08,205 --> 00:02:09,824 Miscar Musk found the company 53 00:02:10,125 --> 00:02:11,504 founded the company behind 54 00:02:11,979 --> 00:02:12,479 grokxai 55 00:02:12,780 --> 00:02:14,080 after departing OpenAI, 56 00:02:14,379 --> 00:02:16,699 the chat GPT developer he helped start in 57 00:02:16,699 --> 00:02:17,199 2015. 58 00:02:17,740 --> 00:02:20,139 While grok isn't the only AI that analyzes 59 00:02:20,139 --> 00:02:21,759 medical images, his crowdsourcing 60 00:02:22,219 --> 00:02:23,520 approach to its 61 00:02:24,074 --> 00:02:24,735 is unique. 62 00:02:25,514 --> 00:02:26,014 3rd, 63 00:02:26,555 --> 00:02:29,354 Oracle is releasing a new AI powered EHR 64 00:02:29,354 --> 00:02:31,935 system, CNBC reported October 29th. 65 00:02:32,235 --> 00:02:34,634 Oracle's new EHR system will come with cloud 66 00:02:34,634 --> 00:02:36,474 and AI features that make it simpler to 67 00:02:36,474 --> 00:02:38,629 use and set up according to the company. 68 00:02:38,629 --> 00:02:40,629 The system has no menus or drop down 69 00:02:40,629 --> 00:02:41,129 screens. 70 00:02:41,510 --> 00:02:43,830 Clinicians can find the information they need just 71 00:02:43,830 --> 00:02:45,990 by speaking. Oracle said it hopes this will 72 00:02:45,990 --> 00:02:48,390 reduce the time clinicians spend looking through records, 73 00:02:48,390 --> 00:02:50,069 freeing them up to focus more time on 74 00:02:50,069 --> 00:02:50,384 patient 75 00:02:50,944 --> 00:02:53,985 care. Seema Verma, executive vice president and general 76 00:02:53,985 --> 00:02:56,144 manager of Oracle Health and Life Sciences, told 77 00:02:56,144 --> 00:02:58,704 CNBC, quote, it's not just a scribe. It's 78 00:02:58,704 --> 00:03:00,944 not an assistant. It's almost like having your 79 00:03:00,944 --> 00:03:03,664 own resident, end quote. According to miss Verma, 80 00:03:03,664 --> 00:03:06,090 Oracle has been developing this new EHR since 81 00:03:06,090 --> 00:03:08,409 acquiring Cerner, but it was not created on 82 00:03:08,409 --> 00:03:09,870 Cerner's original platform. 83 00:03:10,250 --> 00:03:12,250 As a result, current Cerner users will need 84 00:03:12,250 --> 00:03:13,769 to decide if they want to switch over 85 00:03:13,769 --> 00:03:14,590 to the system. 86 00:03:14,969 --> 00:03:16,989 Oracle acquired Cerner for 28,400,000,000 87 00:03:17,974 --> 00:03:19,115 dollars in June 2023. 88 00:03:19,814 --> 00:03:21,754 Last year, Cerner contributed $5,900,000,000 89 00:03:22,775 --> 00:03:24,395 to Oracle's total revenue. 90 00:03:24,855 --> 00:03:27,574 Oracle's early adopter program for its new EHR 91 00:03:27,574 --> 00:03:29,814 will launch in 2025, and the company plans 92 00:03:29,814 --> 00:03:32,090 to collaborate with customers to identify and set 93 00:03:32,090 --> 00:03:34,030 up any customizations they require. 94 00:03:34,409 --> 00:03:36,250 Miss Verma said, quote, we see it as 95 00:03:36,250 --> 00:03:38,409 very disruptive to the market. Our EHR is 96 00:03:38,409 --> 00:03:40,009 going to solve a lot of long standing 97 00:03:40,009 --> 00:03:41,930 problems that we've had in health care, end 98 00:03:41,930 --> 00:03:44,125 quote. If you like the latest health IT 99 00:03:44,125 --> 00:03:46,045 and digital health industry news delivered to your 100 00:03:46,045 --> 00:03:48,844 inbox every morning, subscribe to the Becker CIO 101 00:03:48,844 --> 00:03:51,004 and health IT review enewsletter through our website 102 00:03:51,004 --> 00:03:51,745 at ww.beccarshospitalreview.com.