Brand Engagement Network Brings AI Assistants To Medical Coaching And The $6.7 Billion Concierge Medicine Market Following The Expansion Of Its Board
Detroit, Michigan
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September 19, 2024 08:35 AM Eastern Daylight Time
By Anthony Termini, Benzinga
The world of healthcare is rapidly changing, with holistic, accessible care as a key element. In the aftermath of a global pandemic, many patients are demanding a wider range of services that meet a broader range of needs. We may even potentially be entering a golden age of healthcare where patients are being prioritized more than ever, and technology is rapidly advancing to assist physicians in achieving these goals.
Brand Engagement Network (BEN) (NASDAQ: BNAI), an artificial intelligence (AI) company, aims to enhance support in this radically expanding industry. The company is an emerging provider of personalized patient engagement. It uses AI to power technology that can see, hear and understand the input it receives from a patient. Using human-like avatars as the interface, BEN says its HIPAA-compliant technology can support highly specific patient requests and can remember, analyze, speak and gesture in a similar way that a person would in a human-to-human interaction.
The company’s AI assistants can provide insights about preventative medicine and healthcare options based on a patient’s insurance and health plan while also protecting sensitive medical information. These human-modeled AI assistants are also designed to help augment health and wellness coaching.
BEN’s AI Assistants Are Filling Gaps In The Healthcare Industry
In August 2024, the company entered an agreement with Members Only Health, a full-service concierge healthcare company. The members-only agreement sets up the development of an AI assistant to serve a number of patient needs. These may include the 24/7/365 availability of a personal concierge to navigate and coordinate the global network Members Only Health (MOH) maintains across providers, health plans and preventative medicine data. Now, MOH expects to have the ability to scale its business much faster and more efficiently by deploying AI assistants to support its growing client base.
Nicholas Argento, CEO of Members Only Health says that patients who use healthcare concierge services benefit from professional care around the clock. He adds that AI technology like BEN’s can help ensure that patients “have access to up-to-date healthcare information and the most convenient options for treatment.”
The concierge medicine market in the U.S. reached $6.7 billion in 2023. The market is expected to grow annually by nearly 10.4% through 2030. Not to mention, concierge services’ focus on accessibility will be even more important in the coming decades, as our population continues to age; by 2054, 84 million adults ages 65 and older will make up an estimated 23% of the population.
BEN also entered into an agreement with INTERVENT International, a key player in the health coaching industry. The agreement with INTERVENT is intended to incorporate human-modeled AI assistants into INTERVENT’s scientifically proven health coaching programs. The goal is to scale a cost-effective, in-depth and conversational support system for both professional health coaches and patient participants.
Led by physicians, INTERVENT is a high-tech/high-touch health management company. It delivers evidence-based behavior change and entity-wide or population-based health and wellness coaching. The agreement with BEN is aimed at helping INTERVENT train coaches faster and serve more program participants at a lower cost than would be possible with human interaction alone.
INTERVENT’s CEO, Neil Gordon, MD, PhD, MPH, believes AI-driven technology will benefit healthcare providers and patients. He says that “AI will not replace appropriately trained health coaches, but appropriately trained health coaches who leverage purpose-built AI and other technologies are likely to replace those who do not.”
How BEN Is Ensuring It Has A Strong Team To Herald In This New Age Of Healthcare And Technology
“AI technology offers an incredible opportunity to vastly improve patient outcomes,” said Richard Isaacs, MD, FACS, Dean of the College of Medicine and Professor of otolaryngology at California Northstate University. Isaacs has an intimate understanding of the intersection of technology innovation and medicine and in 2021 was regarded by Modern Healthcare as one of the 100 Most Influential People in Healthcare.
Isaacs is a recent addition to BEN’s Board of Directors. At the time of his appointment, he said that he has “always pursued the realization of what is possible in healthcare with new technologies” and that he looks “forward to helping guide BEN’s development of new applications … in the industry.” With the increasing adoption of AI technologies, BEN’s commitment to creating a team of innovators and experts can help set it apart from competitors.
Issacs has a long history of embracing new technologies to benefit physicians and patients alike. While he was the chief physician at South Sacramento Medical Center, Issacs led the development and implementation of Kaiser Permanente’s electronic health record system. Under his direction, the facility first began using smartphone applications to help enhance personalized care and improve overall patient experiences.
At the company’s core, it is interested in using its proprietary technology to advance industries that require support. It does not seem to be interested in the model of AI for the sake of AI, but rather in developing a robust AI product and connecting with partners to see how it can best assist in bringing evolution to industries in flux.
“Improving patient experiences and healthcare outcomes starts with elevating the education and training of healthcare professionals, and enhancing access to healthcare,” said Paul Chang, CEO of BEN. “Supplementing training programs, health coaching (digital and otherwise), and patient engagement with AI technology helps to address significant resource and labor gaps in the healthcare industry while empowering professionals and patients to make informed decisions for optimal health.”
Brand Engagement Network believes these agreements will help drive the development of healthcare AI assistants to augment and automate business processes ranging from professional health coaching to patient engagement. The collaborations are expected to help people access specialized healthcare, which may improve patient outcomes.
To see more ways BEN is empowering the healthcare industry – as well as other important business sectors worldwide – visit the company’s website.
Featured photo by Bermix Studio on Unsplash.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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