Microsoft MSFT recently announced that Mayo Clinic, a world leader in healthcare, has become one of the first healthcare organizations to deploy Microsoft 365 Copilot.
Microsoft 365 Copilot combines the power of large language models (LLMs) with data in the Microsoft 365 apps, including calendars, emails, chats, documents and meeting transcripts, to turn words into a powerful productivity tool.
This new generative artificial intelligence (AI) service combines the power of LLMs with organizational data from Microsoft 365 to enable new levels of productivity in the enterprise. This innovative technology is being tested through the Microsoft 365 Copilot Early Access Program by hundreds of clinical staff, doctors and healthcare workers at Mayo Clinic.
Mayo Clinic is one of the first to start working with Copilot tools to enable staff experience across apps like Microsoft Outlook, Word, Excel and more.
Generative AI has the potential to support Mayo Clinic’s vision to transform healthcare. For example, generative AI can help doctors automate form-filling tasks. Administrative demands continue to burden healthcare providers, taking up valuable time that could be used to provide more focused care to patients.
Microsoft 365 Copilot has the potential to give healthcare providers valuable time back by automating tasks. Google is already testing its Med-PaLM 2 AI chat technology at Mayo Clinic and other hospitals.
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Microsoft Faces Competition in Healthcare Cloud Computing Market
Per Markets and Markets report, the global healthcare cloud computing market is expected to reach $89.4 billion by 2027, witnessing a CAGR of 17.8% from 2022 to 2027, driven by the growing adoption of HER, e-prescribing, telehealth, mHealth and other healthcare IT solutions.
This creates bright prospects for key players in the market, including Microsoft, International Business Machines IBM, Amazon AMZN Web Services and Oracle ORCL.
MSFT utilizes its cloud technology, Microsoft Cloud for healthcare, to integrate features from Microsoft Azure, Dynamics 365, Microsoft Power Platform and Microsoft 365. Shares of this Zacks Rank #3 (Hold) company have gained 30.8% year to date compared with the Zacks Computer and Technology sector’s return of 31.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
IBM offers healthcare clients a secure, open and enterprise-level environment that accommodates various workload needs and the stages of cloud adoption. This platform enables healthcare institutions to accelerate research initiatives and maintain compliance with stringent security standards.
Amazon Web Services enables healthcare entities to craft patient-focused digital interactions through cloud services that support the creation of mobile apps and engagement portals for patients.
Earlier this month, Oracle announced several significant enhancements to its healthcare solutions at the Oracle Health Conference. The healthcare-specific capabilities include financial consolidation and reporting, procurement and replenishment planning and recall management. The capabilities will be part of Oracle Fusion Cloud Enterprise Resource Planning, Oracle Fusion Cloud Enterprise Performance Management and Oracle Fusion Cloud Supply Chain & Manufacturing. These enhancements are expected to be rolled out over the next 12 months, offering healthcare organizations the flexibility to adopt them as needed.
Oracle unveiled a new cloud-based Electronic Health Record platform with a focus on improving patient and provider experiences. The platform offers consumer-grade applications with a modern interface and intuitive processes.
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