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Cover Story: Digital Diagnostics: Committed to Ethical AI Healthcare

Continued from page 1 to change what they were Its acquisition of 3Derm allows Digital
Chief Executive Officer at Digital doing to accommodate the Diagnostics to use telemedicine to do
Diagnostics. AI’s idiosyncrasies.” early diagnosis of skin cancers including
“This included designing autonomous There are various ways to melanoma, basal and squamous cell car-
AI algorithms that minimize racial, eth- design algorithms for auton - cinoma. As part of the Digital Diag -
nic and other undesirable biases, unique- omous AI. The company’s nostics autonomous AI platform, it also
ly accepting full accountability including patented approach differs allows high-quality capture of skin
legal liability for its AI performance, and from the others, as it starts images and a diagnosis in minutes, also
ensuring that its AI’s improve patient with an analysis of how clini- in a primary care setting.
outcomes,” Dr. Michael Abramoff says. cians’ brains make their diag- Looking ahead, Bertrand says that the
“As such, democratizing access to high noses, and then it can maxi- company is focused on growing its install
quality care is inherent in what we do mize the robustness and the base and continuing to find strong com-
and foundational to eliminating dispari- performance of such biologi- mercial partners to build meaningful
ties in health care.” cally inspired algorithms. John Bertrand Seth Rainford future AI’s.
Additionally, most healthcare AI com- “To that end, what we offer “We have a lot of interest in our plat-
panies focus on adding very small effi- is not ‘black box AI’ but something that is Rainford. “IDx-DR is an AI system that form approach and will be adding addi-
ciency gains back into the system. With explainable and yields very high quality, allows any minimally trained high school tional autonomous AI’s to it deliberately,
its solution making autonomous diag- unbiased results,” adds Dr. Michael graduate to take high-quality images of the where we can improve outcomes, lower
noses, Digital Diagnostics genuinely Abramoff. patient and have the AI diagnose them, costs, and create better experiences for
adds time, resources, and taxpayer dol- One of the company’s newest technolo- generally without pharmacologic dilation, patients and providers,” he says.
lars back into the system, notes President gies is its IDx-DR which helps to diagnose for a total exam time between 5 and 10 “Ultimately, we want to continue to find
and COO Seth Rainford. diabetic retinopathy and macular edema minutes.” ways to democratize access to high qual-
“We also validate our AI’s in the front- through an eye exam. IDx-DR is commer- After completing a rigorous prospec- ity care by automating routine tasks and
lines of care including primary care work- cially available today and in many well- tive, preregistered clinical trial at pri- enabling both providers to spend time on
flow, to demonstrate real-world benefits to known academic medical centers and mary care sites across the country, IDx- top of license work while also getting
patients,” he says. “We wanted to be sure community hospital systems. DR became the first FDA-cleared AI diag- patients earlier treatment.”
our platform AI’s fit with how providers “It’s also in large group practices, nostic system to make a diagnosis with-
already practice, rather than forcing them FQHC’s, and in the retail setting, says out physician input. For more information, visit https://dxs.ai/.

Cover Story: Rising Reinsurance Rates to Affect Already Hardening

Malpractice Insurance Market

Continued from page 1 insurance market, reports that in 2020, the ture for the policy holders with some of
large, stable malpractice insurers buy less cases and settlements because of COVID, medical insurance sector is running at 120 the state guarantees out there.”
reinsurance because they have a lot of particularly in states that have not enacted percent combined ratio—in other words, He also suggests that policy holders
money, but in years like this, it could mean COVID legal liability immunities. for every dollar an insurance company col- research the companies insuring them,
that they’ll have a more difficult time While the federal government is trying lects in premiums, on average, it is paying and if there are any red flags, move to
because they didn’t buy as much reinsur- to negotiate COVID-immunity protections out $1.20 for claims and expenses. stronger, bigger companies as soon as they
ance as their smaller competitors.” for businesses, including those in the “When you’re selling $10 hammers for can.
As a result, reinsurance companies in healthcare sector, this hasn’t yet happened $8, it’s hard to make up on volume,” said “Over the last 13 years, smaller compa-
the marketplace will soon be raising their on a federal level, and a limited number of Gracey, adding that because it is a very nies have competed with lower pricing,
rates, and these added costs—built into states have enacted them across the coun- competitive market, prices are being driv- which creates instability,” Gracey said.
insurance policy premiums—will be try. en down to unsound actuarial levels. “They aren’t collecting enough premiums
passed down from the insurance company “If we can get some COVID immunities, to cover their losses and expenses. The
to policy holders. These rate increases will and if the public’s goodwill toward medical Protect Yourself bigger companies can weather these losses
add to issues already facing the hardening professionals continues, there is some In order to best weather the storm, and slowly raise their rates to make them
market, including COVID, of course, and hope that rates will not rise as quickly as Gracey recommends that health profes- actuarily sound and fair, while smaller
recent high jury awards and settlements in they could,” Gracey says. “But when a sionals make sure that they are insured by companies hold out as long as they can
the $1 million and above range. major insurance industry player like a financially sound insurance company. and then either “exit left” through insol-
“There are many, many more million- Lloyd’s of London comes out with terrible “The bigger, the better in these harder vency or purchase, or raise their rates dra-
dollar cases being settled and adjudicated news like this, even if some other insurers market conditions,” he said. “The smaller matically. Either option isn’t good.”
than ever before, and the entire industry is are faring better, it will still drive prices insurers are already having troubles; some
now suffering because of these losses,” higher as this ripples around.” have already been declared insolvent and For more information, contact Tom Murphy
said Gracey, adding that the industry According to Gracey, AM Best, the gold some are selling to bigger companies. In or Matt Gracey at (800) 966-2120 or visit
expects to see even more losses in court standard of rating agencies in America’s the case of insolvency, it’s not a pretty pic- www.dannagracey.com.

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