For digital health companies looking to deploy their AI solution into clinical workflows, the potential return-on-investment is limitless. Currently, 94% of healthcare companies employ AI/ML in some capacity, while the industry’s average estimated budget allocation to these technologies is projected to grow from 5.7% in 2022 to 10.5% by the end of 2024.
But despite these numbers, there are still major hurdles in place for companies looking to commercialize their AI solution and get it into healthcare workflows.
- Cost: The initial investment in developing, deploying, and commercializing an AI solution for healthcare often stops developers in their tracks. Acquiring high-quality, complete data and a streamlined way to deploy into clinical workflows costs hundreds of thousands of dollars.
- Competition: 4500+ digital health companies have started since January 2023 in the United States alone. Currently, there are more than 700 FDA-cleared healthcare algorithms.3 With such a crowded space, it can be extremely difficult for digital health companies to get their solution to stand out from their competition.
- Timeline: While trying to get their healthcare solution in front of providers before competition is mission critical, the timeline of developing, testing, and deploying an AI solution is staggering. Depending on the complexity of the model, it can take anywhere from three to 36 months for a solution to get into the clinical workflow.
- Evolving regulations: In October 2023, the President’s AI Executive Order tasked the Department of Health and Human Services with a wide range of actions related to the advancement of safe, secure, and trustworthy AI. Digital health companies are seeking experts to help navigate the rapidly evolving landscape of healthcare AI frameworks and policies.
- Complexity: Several governance, contractual, and technical implementation and configuration processes need to occur to successfully deploy a solution into a health system. Digital health companies are looking for expert partners to help streamline operations and complexity.
Companies seeking to commercialize AI solutions for healthcare face significant hurdles when it comes to integrating these innovations into existing healthcare workflows. Mayo Clinic Platform_Solutions Studio is a new program that accelerates the development, validation, and deployment of AI solutions and integrates them into healthcare workflows.
Find out how your digital health company can stand apart from the rest — take your AI solution from development to deployment with Mayo Clinic Platform_Solutions Studio.
