Investment in artificial intelligence medical note-taking applications has witnessed a remarkable doubling in 2024, reaching £800 million compared to £390 million in 2023, as major technology companies and startups vie for dominance in the £26 billion AI healthcare sector.
Industry giants Microsoft, Amazon, and Oracle have launched AI-powered co-pilots for physicians, utilising large language models and speech recognition to generate clinical summaries and transcripts automatically. Microsoft’s Nuance DAX Copilot, introduced just over a year ago, now processes more than 1.3 million physician-patient encounters monthly across 500-plus US healthcare organisations.
Dr Harpreet Sood, a primary care physician in South London, describes the technology as revolutionary. “I don’t think I’ve ever seen anything more transformative in 15 years of healthcare than this,” he says. Traditional note-taking typically consumes two hours daily in a 40-patient clinic, but AI assistance saves 3-4 minutes per 10-minute consultation.
The NHS is currently trialling various AI note-taking solutions across hospitals and general practices. According to Mayo Clinic research, physicians traditionally spend one-third of their workday on administrative tasks, highlighting the potential impact of these time-saving innovations.
However, concerns about AI-generated fabrications, known as “hallucinations,” persist. Research from Cornell University and the University of Virginia revealed that approximately 1% of audio transcriptions contained completely fabricated phrases, with 40% of these hallucinations including potentially harmful content.
Despite these challenges, the sector continues to attract substantial investment. Startups including Nabla, Heidi, Corti, and Tortus have secured funding from prominent investors such as Khosla Ventures, Entrepreneur First, and French tech billionaire Xavier Niel, signalling strong confidence in the technology’s future.
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