From Innovation to Value: 3 Key Takeaways From The ViVE 2023 Health Conference

From Innovation to Value: 3 Key Takeaways From The ViVE 2023 Health Conference

The ViVE 2023 Health Conference brought together healthcare professionals, researchers, digital health startups, and policymakers to discuss the future of healthcare. The conference was held in Nashville and featured a range of presentations, discussions, and workshops on various topics. Three key takeaways have been identified that will shape the future of healthcare over the coming years.

Personalized Healthcare is Here to Stay

One of the most significant takeaways from ViVE 2023 Health Conference was that personalized healthcare is becoming more important. Personalized healthcare refers to tailoring medical services to each patient’s individual needs—something which may become increasingly common with advances in technology.

Personalized healthcare places the patient at the center of care and focuses on tailoring treatments to that person’s individual needs.

The speakers at the conference discussed various ways in which healthcare can be personalized, including a growing reliance on wearable devices. Fitness trackers and smartwatches—some of the earliest forms of wearable technology—have become increasingly popular over the past few years.

Healthcare providers can use these devices to monitor vital signs and gain insight into an individual’s health status, which allows them to develop personalized treatment plans.

Some patients may not be willing to wear or use other types of monitoring equipment for various reasons. In these cases, data analysis and other approaches might offer an alternative way to personalize care.

The Need to Collaborate More Effectively and Inclusively

Throughout the event, there was a consistent call for greater and more inclusive collaboration within healthcare—not only among providers but also among health plans, policymakers, and investors.

“As healthcare organizations living in a digital age, we have to think like digital companies,” said Michael Archuleta, CIO of Mt. San Rafael Hospital and Clinics. “We have to stop viewing technology as a cost center and instead as a strategic initiative.”

The importance of collaboration between stakeholders in the healthcare industry can no longer be ignored. Digital transformation is about more than just buzzwords; it’s a revenue strategy that must become part of your organization’s DNA by being prioritized and implemented immediately.

It was clear, then, that in order to address some of the biggest challenges facing this industry—such as rising costs and a shortage of skilled workers—the healthcare sector will have no choice but to work collaboratively.

Artificial Intelligence is Starting to Live up to its Hype

At the ViVE 2023 Health Conference, speakers discussed how artificial intelligence (AI) could be used to improve healthcare outcomes. They noted that AI can be used to predict patient outcomes and develop personalized treatment plans—among other applications.

In order to reduce administrative work for nurses and waste, costs, and carbon footprint with its AI supply capture intelligence platform AssistIQ is using artificial intelligence.

Medical devices and supplies are the largest variable costs in hospitals after wages, accounting for $188 billion annually. The North American market is expected to grow from $330 billion by 2029.

Most major health systems in North America are struggling with supply waste and inefficiencies. The financial cost of these losses is estimated to exceed $30 billion a year, not including the carbon footprint or environmental impact. The absence of modern technology creates a lot of extra work for many stakeholders, especially nurses—who have an exceptionally heavy workload.

AssistIQ’s AI platform streamlines and simplifies administrative tasks for nurses while gathering valuable data on the usage of disposable medical devices across surgeries and endoscopy procedures. This new data set provides visibility and insights for many hospital stakeholders, resulting in lower costs and a smaller carbon footprint.

This study was published in the Journal of the American College of Surgeons — after introducing AssistIQ’s technology to CHUM, average savings on surgical supplies were $753 per case (23% supply costs).

Moving Ahead: Taking Purposeful Action

The ViVE 2023 Health Conference provided a unique opportunity to engage in conversation with innovators from across the healthcare spectrum and beyond. The experience was invigorating both professionally and personally.

To provide quality care, health professionals must work together with other disciplines to adopt innovative approaches.

The information we gathered at this conference will help us understand how to implement important new developments in the future. Hopefully, the trend toward seeking input from those with a multitude of backgrounds will continue.

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