Is AI Technology Transforming Patient Education?

The LOUNGE - A Newsletter for Savvy Physicians

We scour the net, selecting the most pertinent articles for the busy doc so you don’t have to! Here’s what kept our focus this week…

• Imagine a future where every patient receives personalized, easy-to-understand health videos tailored to their unique needs.

• Selling your small business can be incredibly profitable, especially with the right tax strategy.

• Navigating life's transitions can be tough, but what if embracing your inner best friend could change everything?

• Expanding into new markets requires substantial financial investment.

• What if AI could finally fix the biggest issues plaguing modern medicine?

• Despite the doom and gloom headlines, investors are still bullish on the U.S. economy.

LOUNGE TALK

The integration of AI and personalized video content is poised to revolutionize patient education and clinical care. By leveraging generative AI and personalization technology, these videos can cater to patients' unique needs, concerns, and preferences, overcoming barriers like language, cultural differences, and health literacy. This innovation holds promise for both developed nations, by improving post-discharge outcomes and reducing health care costs, and the Global South, where it can bridge health literacy gaps and make critical health information accessible to underserved populations. Notable initiatives like WHO's S.A.R.A.H and the NIH's Bridge2AI program highlight the growing recognition of AI's potential in health care. However, ensuring the accuracy, safety, and equitable access to AI-generated content is crucial. Addressing these challenges will require rigorous testing, validation, and collaboration among health care providers, researchers, and policymakers. The responsible deployment of AI-powered patient education tools could usher in a new era of patient-centered care.

Qualified Small Business Stock (QSBS) offers a significant tax break for small business founders, potentially saving them up to $2.38 million in taxes. QSBS applies to C Corporation stock acquired at issuance in exchange for money, property, or services, provided the company had less than $50 million in assets before issuance and the stock is held for at least five years. This tax treatment allows for the exclusion of the greater of $10 million or 10 times the basis in the stock from capital gains and NIIT taxes. However, this benefit is exclusively for founders and not for investors who buy in later. Additionally, businesses must avoid certain fields such as health, law, and consulting to qualify. Despite the potential savings, opting for a C Corporation comes with drawbacks, including the loss of pass-through entity advantages and a mandatory five-year holding period.

Dr. Jillian Rigert shares her personal journey through life's challenging transitions and how she turned her struggles into support for others. Historically avoiding celebrations and focusing on her perceived shortcomings, Jillian found these transitions emotionally difficult. By shifting her perspective and embracing self-compassion, she began to confront her inner critic with curiosity and non-judgment. This change allowed her to appreciate her achievements and process her emotions more healthily. Jillian emphasizes the importance of choosing to focus on self-compassion and acknowledging both accomplishments and areas for improvement. Her journey highlights the value of "living it to give it," as she helps others navigate their transitions by modeling self-compassion and growth.

When expanding internationally, companies often fail by not dedicating sufficient resources, warns James Cummings, VP of business development at London & Partners. Successful international expansion requires significant investment of money and time to navigate new markets, build appropriate teams, and find product-market fit. Cummings highlights that what works domestically may not seamlessly translate abroad, making due diligence crucial. He advises leveraging local talent, market potential, and supportive ecosystems to ensure long-term success. Companies should consult with experienced firms and organizations like London & Partners to gather the necessary insights and data for a successful international venture.

Health care technology, particularly electronic health records (EHRs), has historically been plagued by usability issues and has contributed to physician burnout. Many EHR systems were developed without clinical input, focusing on billing and compliance rather than medical care. With the advent of AI, there's an opportunity to correct these mistakes by prioritizing usability and clinician needs. AI could offer solutions like AI-powered scribes, personalized templates, and better organization of patient data, ultimately reducing administrative burdens and enhancing the doctor-patient relationship. For AI to truly transform health care, its development must prioritize physician usability and satisfaction, ensuring it supports quality medical practice.

Despite political turmoil, inflation, and whispers of a stock market bubble, investors remain optimistic about the U.S. economy. Lauren Sanfilippo, a senior investment strategist, highlights that the U.S. accounts for 26% of global GDP with only 4% of the global population, benefits from geographical insulation from conflicts, and saw 5.5 million new businesses started in 2023. The U.S. stock market had a strong first half of 2024, with the S&P 500 rising over 15%. While some caution that valuations may be high, the potential for technological advancements to boost productivity fuels optimism. Strong consumer balance sheets and low unemployment further bolster confidence. Despite political uncertainties and high debt, the U.S. remains an attractive destination for domestic and foreign capital.

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QUICK BITES

• The 15 questions you need to answer to build your investment portfolio.

• What to do if a real estate syndication goes bankrupt: A step-by-step guide.

• Keeping healthcare AI safe and effective.

• Why physicians should consider investing in residential assisted living homes.

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