How AI Will Impact Health Care

Exploring below the surface of AI headlines.

Summaries | Insights | Points of Views

In Today’s Edition

• How AI Will - and Won't - Change Health Care

• Big Tech Wants Your AI Subscription Fees

• Starting a Business In An AI World

Health care

How AI Will - and Won't - Change Health Care

Summary - AI won't revolutionize healthcare overnight, but its potential for improved quality and cost reduction is undeniable. Tempered adoption will be due to regulations, financial stakes, fear of job displacement, among other reasons. Short-term, the impact of AI on healthcare will be in efficiency-boosting changes. Longer term, more direct patient interactions and novel drug discoveries may be in the offing.

Buoy points:

• Gradual adoption: AI will slowly infiltrate healthcare, focusing on cost-effective applications first.

• Incentive-driven integration: Both financial benefits and overcoming resistance are crucial for broad AI adoption.

• Job displacement concerns: Healthcare workers impacted by AI automation will need to be reskilled or find new roles.

• Long-term potential: AI's future in healthcare holds revolutionary possibilities like personalized medicine and preventative care.

POV - The pandemic ‘primed the pump’ for tele-medicine. Aside from near-term efficiency gains, we can expect to see AI more integrated with patient-facing interactions. Tele-health and patient-used instrumentation seem to be ripe for AI integration. Where do you think AI will be integrated in health care in 2024?

AI subscription fees

Big Tech Wants Your AI Subscription Fees

Summary - Software companies have been going the way of the subscription model for years. Last year, AI and ChatGPT really came in strong into the public consciousness, and Big Tech companies are now increasingly pushing subscriptions for their AI play, hoping to recoup some of their early investments. OpenAI, Google and Microsoft already have their premium subs, and Alexa Plus and Samsung Galaxy’s future AI charges made the rounds in recent weeks. More can be expected, not just from big tech - there are literally thousands of AI-powered offerings, all vying for your attention… and money.

Buoy points:

• Monetization dilemma: Big Tech must find ways to make AI profitable beyond the current subscription and ad-based models.

• User reluctance: The "just one more subscription" fatigue and unclear value proposition of AI may deter widespread adoption.

• Ethical concerns: Fears of intrusive advertising and AI-generated misinformation pose challenges to responsible AI monetization.

• Streaming service-esque: Look back to the on-set of ads-laces streaming services and subscription models as a sign of AI services.

POV - I don’t know about you, but I am already getting subscription-fatigue. There are so many cool tools being introduced. Granted, many have free or trial versions but they reserve the juicy features for the paid versions, and understandably so. I think it is safe to say that the advertising and subscription models are here to stay. Further out, bigger players with the money and infrastructure will offer pooled services, similar to YouTubeTV, Sling and Fubo pooling channels for a higher sub fee service bundle. It is also the big tech players that have the cash to acquire smaller vendors that offer unique AI capabilities, adding to it’s own portfolio of services. Where do you think this is all headed?

Entrepreneurship

Starting a Business In An AI World

Summary - Despite AI's transformative role, the core principles of successful business initiation remain similar to pre-AI times. The article offers 10 practical steps for leveraging AI in the startup process, emphasizing the blend of traditional entrepreneurial strategies with AI-enhanced methods. It concludes with a powerful message: while AI aids in business development, the essence and creativity of human entrepreneurship remain central and irreplaceable, potentially leading to an unprecedented generation of startup millionaires.

Buoy points:

• Fundamentals of entrepreneurship, like having the right story, people, money, and systems, remain crucial despite the advent of AI.

• AI is seen as a significant force in creating opportunities for startups, helping them to thrive in changing environments.

• The 10 steps to starting a business in an AI world range from idea generation to AI-enhanced planning and marketing.

• AI can be used as a creative tool and for practical aspects like marketing, but the initial business planning should be done without AI.

• The human element in entrepreneurship is irreplaceable, and AI, while a powerful tool, cannot substitute the core of human creativity and innovation.

POV - With every new human breakthrough comes opportunities. AI technology itself is a breakthrough. However, at its core, it is arguably limited to some very smart and well-funded people. I am not likely to go build a new and novel LLM tomorrow. The access to some of the fruits of AI and LLMs, on the other hand, IS available to just about anyone with an internet connection. And this is the opportunity - or the democratization of entrepreneurship. Like the invention of the electric motor now permeating every aspect of life, AI can be leveraged in many aspects of building a business. What novel business services or products will we see by December 2024?