Think about it 💡
📊 Rock Health's latest report highlights the decline in digital health venture funding in 2023, closing the year at $10.7 billion across 492 deals—the lowest since 2019. Contrary to the ominous forecasts of mergers, acquisitions, and startup obituaries, the year unfolded a tale of ingenuity. Startups navigated tough conditions by adopting creative financing measures such as series extensions, unlabeled rounds, and silent deals. Operational adjustments and a focus on reducing reliance on external capital characterized the year, providing a lifeline for many. As 2024 dawns, startups find themselves at a crossroads, with creative financing options exhausted. The year is anticipated to bring a resurgence of labeled raises, an acceleration in M&A activity, and a recalibration of the public market cohort. This recalibration, while posing challenges, is expected to lead to a more efficient, sustainable, and innovative digital health ecosystem, reflecting a broader industry reset.
💡 Generative AI is proving invaluable in autonomously extracting crucial details about patients' social needs from clinical records. A recent study led by Dr. Danielle Bitterman highlighted the effectiveness of these models in identifying concealed adverse social determinants of health (SDoH) among 770 cancer patients at Dana-Farber Brigham Cancer Center. Notably, the best-performing model successfully identified 45 patients with challenges related to employment, housing, transportation, parental status, relationships, and social support. While these advancements are significant, challenges such as potential biases and the need for extensive development remain, as ongoing pilot programs explore the feasibility of AI applications. Ethical considerations, patient consent, and translating data into tangible health outcomes continue to be focal points in this journey.
Data havoc 🔐
📊 Oopsies alert. Perry Johnson and Associates, as well as East River Medical Imaging, had a little slip 'n' slide with data breaches, giving a sneak peek of sensitive health info for nearly 10 million folks from March to September 2023. The incidents underscore the alarming vulnerability of medical data despite existing regulations like HIPAA. Compromised details include names, birth dates, addresses, and comprehensive medical histories. Steven Levy’s piece highlights the inadequacy of post-breach remedies like identity-theft monitoring, emphasizing the urgent need for companies to implement robust protections and stricter laws to safeguard medical information. Additionally, it questions the accountability of companies involved, particularly Perry Johnson and Associates, pointing out a lack of transparency in leadership and advocating for stronger measures to prevent and address healthcare data breaches.
Neat News 🗞️
🩸 Qvin’s Q-Pad makes history with first FDA approval for menstrual blood health testing. Neat.
🩹 YouTube will now direct you to the right first-aid videos during an emergency. Super neat.
💰 Forta secured $55 million Series A to build AI healthcare and improve access to quality care. Ultra neat.
Clean Content 🧼
🍿 Nabla CEO Alex Lebrun chats to VatorNews' Steven Loeb about the company's new funding round and what’s on the horizon.
🔮 McKinsey's crystal ball spills the magic beans on what to expect in US healthcare in 2024 and beyond.
💡 Rajeev Ronanki discusses ethical AI in healthcare, zeroing in on the triumvirate of responsibility, trust, and safety.
This is what you came for 🍑
💼 Swap your staplers for confetti cannons because Friday is National Fun at Work Day. According to a Lovehoney survey (peer-reviewed and all, as you can imagine), a whopping 40% of U.S. employees are elevating teamwork to unprecedented heights, clocking in for both business and pleasure. Even more scandalous, 9% of these dedicated workers are flaunting a trusty ol’ wedding ring. The takeaway - don't judge a coffee break by its cover.
👏 Huge appreciation to the brilliant minds who fueled the Hoagie this week - Madelyn Knowles, Mihir Somaiya, Katie Palmer, Steven Levy, Amrita Khalid, Steven Loeb, The Femtech Insider and Forta teams, Neha Patel and Shubham Singhal, Rajeev Ronanki.
Byeeeee,