Worries Over Regulation As AI’s Role In Critical Health Care Decisions Rises
Politico says the government is "slow walking" regulation of AI, even as its role in critical health care decisions expands every day. Health tech startups, meanwhile, are reportedly asking for clarity on some rules and on how future regulations will work.
Politico:
Artificial Intelligence Is Making Critical Health Care Decisions. The Sheriff Is MIA
Doctors are already using unregulated artificial intelligence tools such as note-taking virtual assistants and predictive software that helps them diagnose and treat diseases. Government has slow-walked regulation of the fast-moving technology because the funding and staffing challenges facing agencies like the Food and Drug Administration in writing and enforcing rules are so vast. It’s unlikely they will catch up any time soon. That means the AI rollout in health care is becoming a high-stakes experiment in whether the private sector can help transform medicine safely without government watching. (Reader, 2/18)
Stat:
As AI Regulations Shape Up, Health Tech Startups Beg For Clarity
The federal government’s plan to boost its oversight of the use of artificial intelligence tools in health care drew censure from startups arguing that overregulation stifles new ideas. But as Washington forges ahead, founders say they’re in the dark about who will be regulated and how — and they’re urging policymakers to offer clarity. (Ravindranath, 2/20)
On other industry developments —
Chicago Tribune:
Patients Pay Price As Hospitals Keep Accused Providers On The Job
Over the course of a yearlong investigation, the Tribune found that well-known Illinois health systems have allowed workers accused of abusing patients to keep providing care. The failures to respond adequately to abuse allegations had devastating consequences for the victims, who felt betrayed by medical systems they had trusted with their health and safety. (Schencker and Hoerner, 2/18)
The Colorado Sun:
UCHealth Sues Thousands Of Patients A Year Under Guise Of Debt Collectors
The ring sparkled: 18-karat white gold, double-banded, with a 1.5-carat diamond at its center. It was the ring that Cathy Woods-Sullivan’s late husband had given to her on their wedding day, a family heirloom. Other than their two teenage daughters, it was the most precious thing she had left. She handed it forward to the pawnbroker feeling sick to her stomach. (Ingold and Vanderveen, 2/19)
Axios:
Carter's Year In Hospice Sheds Light On End-Of-Life Care Option
A year after former President Carter entered hospice care at home, his experience has shined a spotlight on lengthy stays in the end-of-life treatment option. Hospice care is linked to increased patient and family satisfaction, and there's even evidence it can extend life expectancy. But long stays have also been associated with fraud. (Goldman, 2/20)
AP:
Ukrainian Man Pleads Guilty In Cyberattack That Temporarily Disrupted Major Vermont Hospital
A Ukrainian man has pleaded guilty to involvement in two separate malware schemes including a cyberattack at the University of Vermont Medical Center in 2020 that temporarily shut down some of its vital services and cost it tens of millions of dollars, according to the U.S. Department of Justice. Vyacheslav Igorevich Penchukov, also known as Vyacheslav Igoravich Andreev, 37, pleaded guilty Thursday in federal court in Nebraska to one count of conspiracy to break U.S. anti-racketeering law and one count of conspiracy to commit wire fraud. (2/16)
Modern Healthcare:
Why Digital Health Funding Is Drying Up In 2024
Three years after digital health companies received a record $29.1 billion into venture capital funds, they face a far different reality in 2024: trying to raise enough capital in a tight market to stay solvent. Venture capital investors say many founders are taking bridge rounds, interim funding meant to help startups stay afloat between larger funding rounds. (Turner, 2/20)
Reuters:
Dialysis Firm FMC Sees Robust 2024 Earnings Growth After Strong Q4
Fresenius Medical Care (FMEG.DE), opens new tab on Tuesday forecast its core earnings to grow by a mid- to high-teens percentage this year, after the German dialysis specialist's fourth-quarter earnings topped market expectations. Last year, the company's adjusted operating income increased by 15% to 1.7 billion euros ($1.83 billion). "Based on the turnaround progress achieved last year, we have a strong foundation to build on to make 2024 a year of accelerated profitable growth," CEO Helen Giza said. (2/20)
Reuters:
Bayer Cuts Dividends To Legal Minimum To Reduce Debt
German drugmaker Bayer (BAYGn.DE), opens new tab said on Monday that it was amending its dividend policy to pay the legal minimum for a period of three years to reduce debt, in a decision it said it did not take lightly. The company said it was facing high debt and interest rates, as well as a "challenging free cash flow situation". "One of our top priorities is reducing debt and increasing flexibility," Chief Executive Bill Anderson said. (2/19)
Also —
Reuters:
US FDA To Review Sarepta's Duchenne Gene Therapy For Traditional Approval
Sarepta Therapeutics (SRPT.O), opens new tab said on Friday that the US FDA would review an application seeking traditional approval for its gene therapy to treat a muscle-wasting disorder by June 21, months after it failed the main goal of a confirmatory trial. Shares of the company rose nearly 11% in morning trading. They briefly fell in October after data from the confirmatory study, but have recovered losses since then. (2/16)
