On July 17, 2024, Foley & Lardner LLP Boston Healthcare AI & Technology Investor Summit In collaboration with Endeavor Venture Fund, hundreds of participants gathered in person and virtually to discuss issues surrounding the adoption of artificial intelligence (AI) solutions in healthcare. Participants included leaders from health systems and academic medical centers, healthcare and life sciences-focused investors and venture funds, entrepreneurs, and startups. Below are some of the key themes that emerged:
Corporate Governance to Counter High-Risk AI
The group discussed how corporate governance can address concerns about the ethical implementation of AI: Establishing policies and procedures outlining how AI will be evaluated and used can help minimize corporate liability in the future.
Panelists urged companies to put in place systems to vet, oversee, and monitor AI before it is widely deployed. For example, companies could proactively restrict the use of high-risk AI tools that do not adequately protect consumers. Companies also should support the White House’s “Blueprint for an AI Bill of Rights” outlines five core principles to follow when designing and using AI.
- A safe and effective system.
- protections against algorithmic discrimination;
- Data privacy;
- Notices and clarifications
- Human alternatives, considerations, and fallbacks.
AI Solution Use Case: Reducing Physician Burnout
While many fear that AI will replace certain jobs or reduce human involvement in healthcare, panelists encouraged developers and consumers to think about AI as a way to support professionals in their roles. AI solutions can save time so healthcare professionals can perform key aspects of their jobs. For example, AI can be used to aggregate and analyze large amounts of data. This type of generative AI can help clinicians review hundreds of pages of patient records and suggest likely candidates for clinical trials or lesser known treatments and protocols. Similarly, radiologists can use AI to review imaging scans and diagnose conditions and pathologies. Additionally, AI is also being used in research to optimize genomic predictions. Speakers explained that using AI in this way can help clinicians optimize their practice and minimize burnout.
But while such tools appear to increase clinicians’ efficiency and save time, the benefits can be difficult to measure. Conversely, selling these types of supportive technologies is even harder because there’s no clear way to demonstrate return on investment. Investors cautioned entrepreneurs to include clinicians in the conversation when developing AI products, and to be careful to ensure that the products they’re developing not only meet an industry need, but also demonstrate benefits in a meaningful way.
Looking forward – regulatory landscape
In addition to the issues discussed at the summit, industry players should also keep an eye on upcoming legislation addressing AI. Governments have been slow to regulate the development and use of AI, but the rise of telehealth suggests that laws and official guidance will begin to emerge. For example, many states have established task forces and councils to study and monitor the use of AI. Several states have passed early regulations that provide a glimpse of what is to come.
- In March, UtahArtificial Intelligence Law” established the first-ever disclosure requirements regarding the use of generative AI in regulated professions from May 1, 2024.
- In April, Florida HB919began regulating the use of AI in political advertising from July 1, 2024.
- In May, Colorado passed the “Consumer Protection for Interactions with Artificial Intelligence” bill, the first state law to regulate “high-risk artificial intelligence systems.” The law will go into effect on February 1, 2026. For more information, see our previous blog, “Colorado Passes New AI Law to Protect Consumer Interactions.”
This leaves an opportunity for companies to model standards for the ethical and safe use of AI, and early adopters can act now to influence AI policy.
With the rise of AI, the healthcare industry must carefully balance the excitement of early adoption with existing obligations, such as protecting patient privacy and preventing discriminatory clinical outcomes. While the Summit provided an opportunity for key stakeholders to convene and discuss current issues around AI, the discussion about how to safely and effectively implement and use this technology in clinical settings is only just beginning.
