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GE HealthCare (GEHC) Advances AI Alliance to Improve Workflow
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GE HealthCare Technologies Inc. (GEHC - Free Report) recently announced plans to evolve its long-term artificial intelligence (AI) partnership with Mass General Brigham’s commercial AI business, Mass General Brigham AI. Through the collaboration, the companies aim to integrate medical imaging foundation models into their AI research work, with a strong focus on responsible AI practices.
It is worth mentioning that both organizations have been working closely on AI solutions since announcing their 10-year commitment in 2017 to explore the use of AI across a broad range of diagnostic and treatment paradigms via sustainable AI development.
The latest announcement is expected to strengthen GE HealthCare’s capabilities in advancing its AI capabilities and boost its Imaging business.
Significance of the Collaboration
The traditional approach to integrating AI into healthcare systems requires the retraining of models to accommodate the exclusive requirements of different patient populations and hospital settings. This can lead to increased costs and complexity, thereby hindering the broad adoption of AI technologies in the healthcare industry.
However, GE HealthCare believes that foundation models have the potential to transform healthcare by improving workflow efficiency and imaging diagnosis. Per the company, foundation models have emerged as a reliable and adaptable foundation for developing AI applications tailored to the healthcare sector.
Per GE HealthCare’s management, the addition of foundation models to its research work will likely enable it to make progress in digital and AI transformation to develop technology innovations that provide better patient care and outcomes. By incorporating responsible AI practices into this phase, management aims to ensure these innovations adhere to guidelines, prioritize patient safety and privacy and promote fairness and transparency across all applications.
Mass General Brigham’s management believes that foundation models will likely help make healthcare delivery more efficient for the practitioners, more accessible for the patients and more equitable for the diverse communities.
Industry Prospects
Per a report by Precedence Research, the global AI in the healthcare market was estimated at $15.1 billion in 2022 and is anticipated to surpass $187.95 billion by 2030 at a CAGR of 37%. Factors like the growing adoption of digital technologies in the healthcare sector and the increased patient pool at hospitals are likely to drive the market.
Given the market potential, the latest step in the partnership is expected to provide a significant boost to GE HealthCare’s business globally.
Recent Developments in AI
This month, GE HealthCare announced its plans to showcase its portfolio of AI-enabled medical devices and digital solutions at the ongoing Health Information and Management Systems Society Global Health Conference and Exhibition in Orlando, FL.
The same month, the company announced the publication of data from a study of GE HealthCare AI models. The study depicts its AI models’ ability to accurately predict patient responses to immunotherapies. The study collected clinical data to accurately predict the effectiveness and toxicity of cancer immunotherapy.
Last month, GE HealthCare announced its advancements in its ultrasound business with the launch of its next-level LOGIQ ultrasound portfolio. The enhanced LOGIQ portfolio’s innovative new features and advanced AI tools are designed to address the evolving requirements of healthcare providers with easy imaging, efficient workflow and Verisound digital and AI solutions, including reporting, fleet management, AI and collaboration tools.
Price Performance
Shares of GE HealthCare have gained 15.3% in the past year against the industry’s 16.2% decline. The S&P 500 has witnessed 30% growth in the said time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, GE HealthCare carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Cencora, Inc. (COR - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 12.1%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 35.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 74.3% compared with the industry’s 22.8% rise in the past year.
Cardinal Health, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 14.2%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average being 15.6%.
Cardinal Health has gained 55.9% compared with the industry’s 15.8% rise in the past year.
Cencora, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 9.8%. COR’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 6.7%.
Cencora’s shares have rallied 56.3% compared with the industry’s 4.9% rise in the past year.
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GE HealthCare (GEHC) Advances AI Alliance to Improve Workflow
GE HealthCare Technologies Inc. (GEHC - Free Report) recently announced plans to evolve its long-term artificial intelligence (AI) partnership with Mass General Brigham’s commercial AI business, Mass General Brigham AI. Through the collaboration, the companies aim to integrate medical imaging foundation models into their AI research work, with a strong focus on responsible AI practices.
It is worth mentioning that both organizations have been working closely on AI solutions since announcing their 10-year commitment in 2017 to explore the use of AI across a broad range of diagnostic and treatment paradigms via sustainable AI development.
The latest announcement is expected to strengthen GE HealthCare’s capabilities in advancing its AI capabilities and boost its Imaging business.
Significance of the Collaboration
The traditional approach to integrating AI into healthcare systems requires the retraining of models to accommodate the exclusive requirements of different patient populations and hospital settings. This can lead to increased costs and complexity, thereby hindering the broad adoption of AI technologies in the healthcare industry.
However, GE HealthCare believes that foundation models have the potential to transform healthcare by improving workflow efficiency and imaging diagnosis. Per the company, foundation models have emerged as a reliable and adaptable foundation for developing AI applications tailored to the healthcare sector.
Per GE HealthCare’s management, the addition of foundation models to its research work will likely enable it to make progress in digital and AI transformation to develop technology innovations that provide better patient care and outcomes. By incorporating responsible AI practices into this phase, management aims to ensure these innovations adhere to guidelines, prioritize patient safety and privacy and promote fairness and transparency across all applications.
Mass General Brigham’s management believes that foundation models will likely help make healthcare delivery more efficient for the practitioners, more accessible for the patients and more equitable for the diverse communities.
Industry Prospects
Per a report by Precedence Research, the global AI in the healthcare market was estimated at $15.1 billion in 2022 and is anticipated to surpass $187.95 billion by 2030 at a CAGR of 37%. Factors like the growing adoption of digital technologies in the healthcare sector and the increased patient pool at hospitals are likely to drive the market.
Given the market potential, the latest step in the partnership is expected to provide a significant boost to GE HealthCare’s business globally.
Recent Developments in AI
This month, GE HealthCare announced its plans to showcase its portfolio of AI-enabled medical devices and digital solutions at the ongoing Health Information and Management Systems Society Global Health Conference and Exhibition in Orlando, FL.
The same month, the company announced the publication of data from a study of GE HealthCare AI models. The study depicts its AI models’ ability to accurately predict patient responses to immunotherapies. The study collected clinical data to accurately predict the effectiveness and toxicity of cancer immunotherapy.
Last month, GE HealthCare announced its advancements in its ultrasound business with the launch of its next-level LOGIQ ultrasound portfolio. The enhanced LOGIQ portfolio’s innovative new features and advanced AI tools are designed to address the evolving requirements of healthcare providers with easy imaging, efficient workflow and Verisound digital and AI solutions, including reporting, fleet management, AI and collaboration tools.
Price Performance
Shares of GE HealthCare have gained 15.3% in the past year against the industry’s 16.2% decline. The S&P 500 has witnessed 30% growth in the said time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, GE HealthCare carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Cencora, Inc. (COR - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 12.1%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 35.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 74.3% compared with the industry’s 22.8% rise in the past year.
Cardinal Health, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 14.2%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average being 15.6%.
Cardinal Health has gained 55.9% compared with the industry’s 15.8% rise in the past year.
Cencora, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 9.8%. COR’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 6.7%.
Cencora’s shares have rallied 56.3% compared with the industry’s 4.9% rise in the past year.