Unpacking the top 4 themes of HLTH 2024

The annual conference held by HLTH, Inc. is a melting pot of innovators: Providers, payors, life science developers, policymakers, investors-whoever and wherever you are in the industry, HLTH is a conversation you want to be a part of.

Couldn't make it to HLTH 2024 in Las Vegas, Nevada? No worries, we can loop you into the conversation. Between the official event programming and our team's off-the-cuff meet-ups with attendees and other exhibitors, we picked up on several common threads. Here are the top takeaways from HLTH 2024 that you need to know.

1. Generative AI is transforming the industry

One of the hottest topics at HLTH 2024 was the transformative potential of generative artificial intelligence (AI) in healthcare, especially in diagnostics, patient engagement, and administration. As AI models become increasingly accurate and sophisticated, the ability of AI to predict patient outcomes, reduce administrative burdens, and guide treatment plans is improving, potentially offering relief to understaffed care teams and facilities.

Several sessions discussed how generative AI in particular is making waves with providers, enhancing clinician-patient interactions and streamlining experiences between humans and technological systems. Although AI is by definition nonhuman, this technology can actually humanize healthcare even further by taking on the responsibility of analysis and data processing, leaving providers with time to focus on what matters most… compassionate, face-to-face care.

One session presented a series of case studies on how the UK's National Health Service-the largest single-payor healthcare system in the world-leverages AI to support precision medicine, improve clinical and financial outcomes, diagnose rare diseases, and understand patients more deeply for better care delivery.

American payors are also finding AI solutions for problems related to reimbursement processing, regulatory compliance, and member experiences. As one session pointed out, with these solutions come new risks, especially around dataset biases. The expanded usage of AI will require providers and other organizations to scrutinize the quality and scale of their datasets to protect patients, staff, and partners.

The pharmaceutical landscape is undergoing AI-related transformation, too, as generative AI informs drug discovery, side effect prediction, supply chain management, and more-ultimately making drug development faster, cheaper, and more effective.

The rapidly growing utility of AI means familiarity with the technology is increasingly a must-have for professionals in various corners of the industry. As many providers embrace a virtual-first care (V1C) model, AI is unlikely to take many healthcare professionals' jobs-but other HCPs who know how to use AI might, according to a session presented by The Digital Medicine Society.

2. Patient-centric data interoperability is a growing priority

An increasing reliance on AI and other data-driven systems gives new significance to the decades-long discussion on healthcare data interoperability. Multiple sessions highlighted the growing need for a more patient-centric, interoperable data ecosystem, which would allow healthcare providers, payors, and patients to access and share data seamlessly across platforms.

One of the keynote panels of HLTH 2024 focused on the role electronic health records (EHRs) play in promoting interoperability, as well as their shortcomings. Combined with AI, however, EHRs are poised to evolve from passive repositories to active, intelligent platforms that could streamline data collection, standardization, analysis, and interoperability between facilities and systems.

Going beyond provider-to-provider exchange, data interoperability was identified as one of the key factors in reducing friction between payors and providers during the "Bridging the Gap" session. The loss of clinical data during transitions of care is both alarmingly common and detrimental to both patient outcomes and overall costs of care.

Data interoperability is also a chief concern among policymakers, who leverage regulations like the Trusted Exchange Framework and Common Agreement (TEFCA) to promote information exchange, more responsible use of digital information, and transparency and equity in the digital health space. Dr. Micky Tripathi, assistant secretary for technology policy at the U.S. Department of Health and Human Services, led a conversation about the importance of interoperability for informing modern data standards.

3. Equity and access are central to the digital health challenge

HLTH 2024 dedicated plenty of time to making healthcare more equitable, addressing the digital divide that affects marginalized communities' access to digital healthcare solutions. Discussions covered everything from affordable devices for low-income patients to initiatives aimed at improving digital literacy and internet access in rural areas.

As the economic outlook remains hazy for healthcare, some organizations may be tempted to relegate equity to a secondary priority and focus budgets elsewhere. For attendees of HLTH 2024, it was made clear that diversity, equity, and inclusion (DEI) initiatives shouldn't be seen as tacked-on company culture enhancements, but as fundamental pillars of strategy and performance. By instilling equity into the core of their business operations, organizations across the healthcare spectrum can make an ongoing case for continued investment to promote access to care-even amid economic uncertainty.

One session focused on the essential role of community health centers (CHCs) in promoting health equity. Around 1 in 10 Americans rely on CHCs for primary care, and these patients disproportionately come from populations facing health disparities related to race, ethnicity, income, or geography. In order to expand their footprint even further, CHCs will likely need to incorporate digital health innovations like AI and V1C models into their operations.

Equity and access are top of mind for pharmacists and pharmaceutical developers, too. According to one session, nearly a quarter of U.S. citizens has skipped filling (or refilling) prescriptions, cut pills in half, or missed doses due to their inability to afford or access medication. As with providers, pharma organizations can leverage community initiatives and innovative technologies (like AI and predictive analytics) to address the cultural, financial, and geographic barriers to access.

While AI can help improve equity by identifying access gaps and revealing the propensity for specific populations to require certain kinds of care, biases in the datasets that feed AI models could lead underserved groups to be ignored further. Several sessions highlighted the need for AI and other emerging technologies to balance innovation with equity-minded compassion.

One of the main stage sessions looked at equity through the lens of a healthcare industry outsider. During the session, singer/songwriter and activist John Legend chatted with Johnson & Johnson EVP Vanessa Broadhurst about the industry's responsibility to promote health equity through education and accessibility initiatives, showcasing the importance of collaboration between stakeholders inside and outside of the healthcare space.

4. Consumerization is healthcare's new normal

COVID-19 ushered in a "new normal" for the healthcare industry, defined by increased reliance on telehealth, shifting patient expectations, and new precautionary measures in hospitals and doctors' offices around the country. In the post-COVID healthcare landscape, consumerization is the newest part of that new normal.

Pharma is at the forefront of healthcare's turn toward consumerization, as V1C platforms (such as those employed recently by Pfizer and Eli Lilly), subscription-based drug delivery models, and digital therapeutics empower patients. As one HLTH 2024 session pointed out, while this shift offers patients greater access, affordability, and control over their care, it should be tempered with intelligent medical guidance and engagement from physicians and pharmacists.

On the other side of the life sciences, medtech developers are embracing consumerization with AI-driven wearables, monitoring devices, and at-home testing-a market currently valued at $5 billion annually. While easier access to diagnostic technologies seems like a major advancement for preventive medicine, several sessions at HLTH 2024 highlighted some problems you might have overlooked: Giving consumers access to more complex diagnostic and screening tech can mean more false positives and negatives associated with improper usage, wasted resources on unnecessary testing, and a blurring of the lines between medicine and wellness culture.

As one session pointed out, Americans' obsession with wellness is a major driver of healthcare innovation, but not necessarily in a healthy way. Around 82% of U.S. consumers say wellness is among their top priorities, and their contributions to the $5.61 trillion global wellness market show they're willing to shell out serious cash in the name of longevity, better sleep, nutrition, fitness, and aesthetics. For investors, it's a thrilling opportunity, but some providers have concerns that this obsession could lead patients to seek untested treatments and fixate on complex biometrics that ultimately do little to improve their lives.

Get a bold new perspective on the healthcare industry

HLTH 2024 billed itself as the place where healthcare leaders can be bold, and there were certainly some big, bold ideas on display across the exhibition hall and throughout the sessions. From generative AI to healthcare equity to consumerization, industry leaders and innovators spoke on themes that anyone selling into the healthcare space would be wise to consider for their 2025 strategy.

But a high-level understanding of the industry's trending topics will only take you so far. To get the most out of your investments and plan for actionable growth in 2025 and beyond, you need concrete intelligence that helps you understand the providers, payors, patients, and other players in your corner of the market.

Definitive Healthcare products and solutions deliver data-driven insights into your specific market using a combination of real-world data, AI and machine learning models, and insider expertise. Sign up for a free trial today and see how we can help you achieve your goals in the year ahead.

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