HealthTech Hopes & Predictions for 2024 from Inflect Health & Our Portfolio Companies
In the world of healthcare, evolution is not just a buzzword but an ever-unfolding narrative, with 2023 proving to be a pivotal chapter. Fueled by innovation, tempered by challenges, and influenced by venture capital, this year has presented a whirlwind of transformations that have reshaped the landscape of healthcare. We witnessed the collapse of two major banking institutions, health system mega-mergers, and revolutionary generative AI technology.
As the year comes to an end, we took time to reflect on our hopes and predictions for healthtech in 2024. Below are perspectives from Inflect Health and our innovative portfolio company leaders.
“Health system leaders will embrace AI coding for two main reasons. First, the technology reduces burnout and increases efficiency by taking over high-volume and repetitive work. Medical coding is expensive, complicated, and time-consuming. Medical coder shortages mean physicians are often forced to bridge that gap, causing problems because most won’t have the proper education and training required to code accurately, leading to increased coding errors. With medical coding taken off physicians’ plates, they have time to focus on quality patient care, spend time on more impactful tasks, and get some rest. Second, a robust AI coding solution will strengthen operating margins by improving accuracy, reducing denials, and saving costs.”
Fathom is an AI powered medical coding automation, applying cutting-edge deep learning and NLP to code patient encounters
“2024 will be remembered as the arrival of the spatial computing revolution with Apple, Google, HTC, Meta, Qualcomm, Samsung and Sony all launching significant advancements in powering head-mounted devices. Our goal at TRIPP is to continue to innovate through our “tech for good” ethos as we launch our AI powered wellness apps to support you throughout your day on your mobile, audio, and mixed reality devices. It is the most exciting time to pioneer wellness technology.”
TRIPP is an innovative, digital wellness solution designed to help users manage their emotional well-being through virtual reality immersion
“Increased adoption of fertility care models emphasizing inclusivity, affordability, and accessibility. Increased utilization of OBGYNs and collaborative efforts within the fertility industry to drive positive change. Continued focus on making fertility care more inclusive, affordable, and accessible through expanded reach and impact. Hoping for higher adoption rates and productization of fertility services and extension of Mate Fertility’s ethos to a broader audience.”
Mate Fertility partners with experienced OB/GYN surgeons to provide expert and affordable fertility care in underserved areas
“CMS in 2024 will continue to mandate more and more touches on members — whether it’s Medicare Advantage or DNSP — as the march to value-based care continues on. So payers and providers need to get on board with member outreach ASAP.”
PlanAllies leverages AI-driven workflows enabling healthcare call centers to increase client satisfaction and retention
“I predict that 2024 will be the year of value-based care 2.0. VBC 1.0 was mostly about doing the easy thing — capitating large and clinically-diverse patient populations to primary care groups to manage. While this may work for the relatively healthy among us, certain, sicker, populations need proper specialty care, and in the current fee-for-service environment, this is becoming far too costly to the entire healthcare ecosystem. This is where VBC 2.0 is going to come in. For 2024, I foresee a significant increase in payers and these innovative at-risk PCP groups working with specialty-specific VBC providers and enablers who partner to provide the wraparound services and technology necessary to deliver the care required to see improvements and lower cost of care in these high-spend, high-acuity patients.”
Karoo Health — Value-based approach combining traditional, guideline-based care and state of the art digital tools for cardiac care
“Healthcare is one of the healthy and positive venture sectors. In part this is due to some of the inherent differences between healthcare and other sectors, but it is also due to the available capital targeting healthcare. Meanwhile, venture building is seeing a renaissance driven by the need for public companies to continue to hit growth goals. Inflect’s balance of venture investing and venture building, combined with the strategy and indirect revenue contributions, is ideally suited for the coming 12 months.”
“If LLM-powered telehealth is better for patients and more cost effective for providers, we are likely to see calls in Congress in 2024 to extend those telehealth billing flexibilities .”
Read Joshua’s full article (that went viral) on ChatGPT in FastCompany
“Hospital mega-mergers and acquisitions are likely to increase next year as hospitals manage financial pressure and focus on implementing new digital, transformative technologies.”
“We’re approaching a pivotal moment with the aging population. The future depends on innovative solutions like HelloFam for caretakers to strike a balance between juggling their own personal life and caretaking responsibilities.”
This transformative year in healthcare acts as a precursor to what lies ahead — a future brimming with possibilities. The intersection of technology, data, and medical expertise holds the promise of a healthcare ecosystem that is not just reactive but proactive, preventive, and personalized. Here’s to 2024!
