GE HealthCare Technologies GEHC recently announced CareIntellect for Oncology, a new cloud-first application that combines multi-modal patient data from disparate systems into a single view. It uses generative artificial intelligence (AI) to summarize clinical notes and reports.
The application is likely to target breast and prostate cancer initially and is anticipated to be made available to consumers in the United States next year. It summarizes complicated medical histories, supports treatment response assessments, aids in determining clinical trial eligibility, arranges both structured and unstructured data (such as medical images, medical records, notes, and device readings) and keeps track of treatment protocol adherence in an intuitive manner.
Likely Trend of GEHC Stock Following the News
Following the announcement, shares of the company moved nearly 1.7% south to $89.80 at yesterday’s close. However, in the year-to-date period, GEHC shares have rallied 16.2% against the industry’s decline of 9.6%. The S&P 500 increased 23% in the same time frame.
Meanwhile, GEHC currently has a market capitalization of $41.01 billion. It has an earnings yield of 4.74%, which is much higher than the industry’s yield of negative (8.78)%. In the last reported quarter, GEHC delivered an earnings surprise of 2.04%.
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More on the GEHC’s CareIntellect for Oncology
These days, physicians take considerable time to learn about a patient's medical history and current condition and for a new patient, this can take hours. In order to obtain the information they need and decide on the best course of treatment, clinicians have to analyze a lot of unstructured and multi-modal data spread across multiple siloed systems, which makes the process time-consuming and stressful. The result is a complex care journey that is difficult and time-consuming for care teams to review and assess and can negatively impact the patient experience and standard of care.
CareIntellect for Oncology is likely to enable physicians to keep complete access to the source reports while swiftly organizing multi-modal patient data from multiple sources to give care teams a clear picture of the patient's evolving treatment path. Thanks to the application, care teams will also be able to cut down on or do away with the time-consuming work of searching multiple databases. This will reduce the time it takes to find and combine information from various reports, which can take hours. The application can also flag the risk of deviation from the treatment plan, helping the clinician determine potential next steps to intervene.
CareIntellect for Oncology is the first application available for GE HealthCare’s new CareIntellect family of clinical and operational applications. Applications from CareIntellect will use a shared, cloud-first digital infrastructure that makes it simple and quick for healthcare providers to integrate new features and apps to address operational and clinical requirements.
CareIntellect aims to reduce the time and expense of subsequent product-by-product integration by assisting customers with the integration procedure only once and enabling them to safely and conveniently activate additional applications. Additionally, to eliminate the inconvenience of multiple log-ins, it will be compatible with providers' current single sign-on systems.
Tampa General Hospital and UT Southwestern Medical Center are likely to be the early evaluators of CareIntellect for Oncology. The application will be available widely to U.S. customers in 2025, with additional future expansion intended for Canada, the UK, and Ireland.
Favorable Industry Prospects for GEHC
Per a report by Allied Market Research, the global generative AI in healthcare market size was valued at $1.6 billion in 2022 and is anticipated to surpass $30.4 billion by 2032 at a CAGR of 34.9%.
The exponential growth in healthcare data, sourced from electronic health records, medical imaging scans, wearable devices, and genomic sequencing, presents significant opportunities for AI-powered solutions to extract actionable insights and support clinical decision-making. The shortage of healthcare workers also drives the adoption of AI and machine learning technologies.
GEHC’s Notable Developments In AI-Space
In October, GEHC announced the launch of Versana Premier, the latest addition to its Versana ultrasound family. Versana Premier offers AI-enabled productivity tools and advanced clinical features to enhance workflow efficiency and diagnostic accuracy, addressing the needs of healthcare professionals across specialties, including general practice, OBGYN, MSK and cardiology.
In the same month, GEHC completed the acquisition of Intelligent Ultrasound Group PLC’s clinical AI software business, a move intended to reshape its ultrasound portfolio.
In September, GEHC introduced Venue Sprint, a new portable ultrasound system designed to meet the growing demand for point-of-care ultrasound in various healthcare settings. Equipped with powerful Venue software, AI-enabled tools and wireless Vscan Air dual-probes, the Venue Sprint delivers high-quality imaging and real-time insights in critical care, emergency medicine and medical transport environments.
In August, GEHC announced the receipt of the CE mark for its Vscan Air SL wireless handheld ultrasound system with Caption AI. The company also received the CE mark for using ECG-less cardiac computed tomography scanning on its Revolution Apex platform.
GE HealthCare’s Zacks Rank & Stocks to Consider
GEHC carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader medical space are Addus HomeCare ADUS, Quest Diagnostics DGX and RadNet RDNT. While Addus HomeCare sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and RadNet carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Addus HomeCare has an estimated long-term growth rate of 12.1%. ADUS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 11.5%.
Addus HomeCare shares have rallied 85.5% compared with the industry's 16.9% growth year to date.
Quest Diagnostics has an estimated long-term growth rate of 6.8%. DGX's earnings surpassed estimates in each of the trailing four quarters, with the average being 3.3%.
Quest Diagnostics has gained 42% compared with the industry's 14.9% growth year to date.
RadNet’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 98.2%.
RDNT's shares have surged 93.7% year to date compared with the industry’s 14.8% growth.
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