Issued on behalf of Avant Technologies Inc.
VANCOUVER – USA News Group News Commentary – Artificial intelligence (AI) is revolutionizing healthcare, with the World Economic Forum highlighting its potential to detect fractures, predict ambulance needs, identify early signs of over 1,000 diseases, and deploy clinical chatbots to assist with medical decisions. McKinsey & Company researchers emphasize how AI-powered solutions can unlock valuable insights from previously untapped data, driving unprecedented consumer engagement and personalized care. Experts at Mayo Clinic stress that “Deployment is King” as AI continues to expand across the healthcare landscape. The industry is on the brink of an AI-driven transformation, with innovative developments underway from leaders such as Avant Technologies, Inc. (OTC-BB:AVAI), Oracle Corporation (NYSE:ORCL), Tempus AI, Inc. (NASDAQ:TEM), Ontrak, Inc. (NASDAQ:OTRK), and Spectral AI, Inc. (NASDAQ:MDAI).
The article continued: MarketsandMarkets Research projects the AI in Healthcare Market will grow at an impressive 48.1% CAGR, reaching $148.4 billion by 2029. As investments pour in, the World Economic Forum emphasizes the importance of strategic spending to ensure effective deployment, drive innovation, reshape clinical workforces, and prepare for a transformational future in medicine.
Avant Technologies and Ainnova Advancing Proprietary Retinal Camera to Market with Vision AI Software
Avant Technologies, Inc. (OTC-BB:AVAI), an emerging technology company developing solutions in artificial intelligence (AI) infrastructure while exploring additional technologies in the biotechnology and healthcare sectors, today announced an update from its Joint Venture (JV) with Ainnova Tech Inc. (AINN), a leading healthcare technology (healthtech) company. The announcement details advances from their newly-formed JV entity Ai-nova Acquisition Crop. (AAC), particularly with Ainnova’s proprietary low-cost retinal camera, which will be used for fundus photography, and seamlessly packaged together with Ainnova’s Vision AI software platform for commercialization.
By combining the two technologies, Ainnova’s versatile camera will provide precise retinal scans to its AI software leading to even more accurate data. Currently, Ainnova’s Vision AI software works well with any fundus camera on the market; however, Ainnova and Avant are aiming for exclusivity by developing a lower-cost, easier to use camera that captures retinal images automatically and then uploads those images to the Vision AI software platform, which then produces a “risk report” in mere seconds.
“Our vision is that the retina will be a new standard in primary care, as basic as taking a patient’s blood pressure, and together with other datapoints, such as demographic data or laboratory results, to generate a complete report of preventive medicine,” said Vinicio Vargas, CEO of Ainnova, and member of AAC’s Board of Directors. “The goal is to provide patients with a risk screening so that they can be referred to the appropriate specialist. Our proprietary retinal camera, combined with our VisionAI software technology will offer a real accessible opportunity for early detection—and this is how we are going to impact the world.”
AAC will develop the retinal cameras as part of the joint venture and licensing deal to facilitate the development of Ainnova’s technology portfolio. AAC owns the licensing rights to develop, maintain, and market Ainnova’s technology portfolio in both North America (United States and Canada) and throughout Europe.
As well, AAC will market the two technologies as a Software as a Service (SaaS) + retinal camera package with the hope of making retinal scans a part of routine healthcare. The business model is a pay-per-use platform, per patient, monthly, aimed at primary care clinics, insurance companies, opticians, pharmacies, occupational health companies that provide the service to employees of many companies, and pharmaceutical companies that sell the treatments or therapies.
Ainnova currently has commercial agreements with pharmaceutical companies, clinics, insurance companies, and medical service providers, and these relationships should offer AAC guidance into marketing the SaaS + retinal camera package in the North American and European markets.
Avant sees this partnership as advantageous to the company and its shareholders given how the AI in healthcare market is projected to grow from $6.9 billion just 3 years ago to $67.4 billion by 2027, at a CAGR of 46.2% during the forecast period.
CONTINUED… Read this and more news for Avant Technologies Inc. https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
Other recent industry developments and happenings in the market include:
Oracle Corporation (NYSE:ORCL), an international developer and provider of enterprise information technology, recently announced significant enhancements to its Oracle Health Data Intelligence platform, which continuously and securely integrates patient data from a wide range of sources - clinical, claims, social determinants, pharmacy, and more – to deliver insight across back office and point-of-care workflows. This electronic health record (EHR)-agnostic suite of cloud infrastructure, analytics, and applications enables a broad range of healthcare and government stakeholders to use data from across the healthcare ecosystem without the cost and complexity of trying to integrate disparate data and systems on their own.
The updates take advantage of the high performance and military-grade security of Oracle Cloud Infrastructure (OCI) and the latest innovations in AI to help healthcare organizations enhance patient care, optimize financial performance, and improve decision-making across their networks.
"Oracle Health Data Intelligence works with any EHR and we are proud to make this available to all health systems," said Seema Verma, executive vice president and general manager, Oracle Health and Life Sciences. “This not only eliminates the blind spots resulting from data silos, it also uses advances in AI to enable healthcare organizations to be more predictive and proactive in their approach to care plans and reporting. This enables clinical, care management, and financial teams to identify and address potential problems before they develop – reducing costs, increasing reimbursements, closing care gaps, and improving population health."
Tempus AI, Inc. (NASDAQ:TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, recently announced a collaboration with Flatiron Health, a leading healthtech company dedicated to expanding the possibilities of point of care solutions in oncology, to integrate its comprehensive genomic testing directly into Flatiron’s cloud-based Electronic Medical Record (EMR) platform, OncoEMR® through the Molecular Profiling Integration (MPI). This integration will provide oncologists with seamless access to Tempus’ suite of testing options, enhancing their ability to deliver personalized cancer care.
"This collaboration represents a significant step forward in the integration of Tempus’ molecular profiling capabilities into everyday oncology practice," said Ezra Cohen, MD, Chief Medical Officer of Oncology at Tempus. "By leveraging Flatiron’s Molecular Profiling Integration within OncoEMR, we are enabling oncologists to access our comprehensive genomic tests with greater efficiency and precision, ultimately enhancing patient care and outcomes."
Flatiron’s MPI—a two-way integration between laboratories and OncoEMR—will allow the 4,200 providers at more than 800 community-based cancer care locations across the U.S. in Flatiron’s network to order and receive results from Tempus directly in the OncoEMR workflow. The integration will enable electronic ordering, order tracking, and the receipt of Tempus test results directly within the OncoEMR platform, significantly reducing administrative burden and improving the experience for care providers.
Ontrak, Inc. (NASDAQ:OTRK), a leading AI-powered and telehealth-enabled behavioral healthcare company, recently announced a continuing expansion of its strategic partnership with Sentara Health Plans, the health plan division of Sentara Health, an integrated, not-for-profit health care delivery system. Now the program will be available to Commercial fully insured and self-funded members, as well as Marketplace members, as Ontrak Health is expanding its Engage solution to provide care coaching for more members facing physical, behavioral, and social health challenges.
"We are excited to expand our partnership with Sentara Health Plans and offer our Engage solution to a broader population,” said Mary Lou Osborne, President and Chief Commercial Officer of Ontrak Health. “This expansion exemplifies the strong collaboration between Ontrak and Sentara Health Plans, and we look forward to continuing to provide innovative solutions and outcomes that support the health and well-being of Sentara Health Plans’ members."
Spectral AI, Inc. (NASDAQ:MDAI), an AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, recently announced its intent to spin off its subsidiary Spectral IP, Inc. (Spectral IP), aiming to unlock IP value and sharpen its focus on AI medical diagnostics. The spin-off aligns with Spectral AI's strategy to maximize shareholder value by fostering growth in its subsidiary, Spectral IP, to monetize intellectual property (IP) assets relevant to the broader AI ecosystem with a specific emphasis on healthcare that present significant growth potential outside of Spectral AI’s core focus on medical diagnostics. All of Spectral AI's 26 patents and 38 patent applications will remain with Spectral AI.
As per the announcement, the spinoff is expected to deliver key advantages, including: a sharper strategic focus with supporting resources; optimized capital allocation priorities; enhanced shareholder value; and expanded strategic opportunities for Spectral IP.
"With the spinoff transaction, we are creating a distinct pathway for targeted intellectual property investments outside our core focus on medical diagnostics," said Dr. J. Michael DiMaio, Chairman of Spectral AI’s Board of Directors. "This strategic move enables Spectral IP to explore and capitalize on significant opportunities beyond medical diagnostics while driving innovation and growth in the broader IP landscape."
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