Finance

Over the years, I've developed an extensive network and a deep understanding of the marketplace. However, the guilt of not attending the RSNA show often weighed on me, especially being of Italian descent where guilt is deeply ingrained. Driving down the road and hearing Cole Swindell's tribute to his dad was a great moment, but the words "You should be here" really drove home the importance of being at the right place. After spending just an hour and a half at an arts and crap show, my knees and feet were screaming for relief. Spending 12 hours plus a day for four full days would have been unbearable.

AI's Dominance at RSNA 2024

AI was everywhere at RSNA 2024. Everyone was talking about it and showcasing their products. Surprisingly, only one in seven vendors (107 in total) had products on display. While this might seem like a low turnout, it's actually not bad considering the significant marketing budget spent on this show. However, the messaging was mostly similar, with no clear differentiation in what made one product superior over the others. Sensitivity, specificity, false negatives, false positives, and area under the curve (AUC) were discussed, but the actual cost of using AI was missing from the conversation. Whether in booth discussions, papers, posters, or presentations, this was a universal issue. 1: The lack of focus on the actual cost of using AI is a significant gap in the market. Companies need to provide a simple-to-use and understand return on investment (ROI) model. Some European studies have shown more extensive use of AI there compared to the US. But in a socialized environment like Europe, Canada, or other areas, the cost implications are different. In the US, if the cost isn't covered by Medicare, Medicaid, private insurance, or bundled into the exam cost, it falls on the patient. 2: Countering the studies showing the goodness of AI are others that show consumers aren't willing to pay extra for AI opinions. Most companies are looking for New Technology Add-On Payment (NTAP)-type reimbursements in the hundreds. There may be exceptions, but they are rare. This highlights the need for a clear understanding of the cost-benefit analysis of AI.

The New Players in the Market

It was good to see a few new PACS entries in the marketplace. Nearly all PACS vendors talked about the necessary changes needed in workflow and showed interesting ways to optimize it. This included AI-powered radiology reporting, which is a combination of AI and PACS. Most of the industry leaders in this area were crowded with people eager to understand how AI reporting helps increase radiologist efficiency. The market for this is set to grow even more. 1: Digital pathology systems are also starting to make an appearance, with some majors advancing the concept of true enterprise imaging. But we are still a few years away from seeing this market fully evolve. Partnerships and mergers are becoming common, with companies sharing booth space or fully merging products. This trend is likely to continue, and once AI obtains category one or three reimbursement codes, we will see more changes. 2: The pace of spending in these partnerships and mergers is faster than the speed of adoption. This indicates the potential for significant growth in the imaging and IT industry.

The Awards at RSNA 2024

The available fodder for awards at RSNA 2024 was amazing. There were several unique awards that highlighted different aspects of the show. 1: The Dumbo Award went to a company that was beyond dumb. They put out a press release on opening day, letting the public know they were at the RSNA trying to sell their company. They had no booth and took puffery to a new level. It's hard to imagine such a move being well-received. 2: The Slow News Award went to a journal that covered the above story. With over 700 vendors at the RSNA including 107 AI vendors, this was a rather lackluster choice. It shows the need for more in-depth coverage.

Michael J. Cannavo - The PACSman

Michael J. Cannavo is known industry-wide as the PACSman. After decades as an independent PACS consultant, he worked as a strategic accounts manager and solutions architect with two major PACS vendors. He is now sharing his observations after safely returning from the RSNA. 1: His healthcare consulting services for end users include PACS optimization services, system upgrade and proposal reviews, contract reviews, and more. He is also working with imaging and IT vendors to develop market-focused messaging and sales training programs. 2: He can be reached at [email protected] or by phone at 407-359-0191. The comments and observations expressed are his own and do not necessarily reflect the opinions of AuntMinnie.com.