How are Organizations Monetizing Health Data?
When it comes to the topic of monetizing health data, we need to accept that this trend isn’t going away
In last years’ survey, State of Data Sharing for Healthcare Analytics, respondents indicated that they anticipate the demand for data to grow in the foreseeable future. Several respondents already were starting to monetize their data. Those who have started monetizing data also indicated they were slightly more inclined to use Safe Harbor de-identification strategies, but most are relying on data sharing agreements and masking techniques only. While Safe Harbor de-identification substantially reduces the risk of re-identification, it does not provide the same level of rigor as risk-based approaches. Safe Harbor, therefore, puts organizations at an unnecessarily high risk of a re-identification attack.
While data are often being used for secondary analysis such as research or fraud detection (60% per the survey), the largest use is for primary analysis, including quality assurance (72%). This finding is in line with a HealthLeaders Media survey conducted earlier this year showing the top analytic use of data is improving clinical quality.
The move towards monetizing data assets will be propelled by changes to hospital reimbursements. The shift to pay-for-performance models means that providers will likely see declining reimbursements in the near term. Health insurers will also feel the pinch, caught between health providers and their clients. As business fundamentals become more important, data analytics will give insights on ways to cut costs and improve efficiencies. Expect these players to increasingly look at monetizing health data as a way to generate new revenues.
The proportion of survey respondents that have begun monetizing their data assets (19%) is in line with research from Gartner that reported 30 percent of U.S. businesses will monetize their information assets by 2016.
Is your organization starting to monetize its health data assets? Are they sharing data using optimal approaches or just data sharing agreements? We want to know! Our second State of Data Sharing survey is now online. In only five minutes, you can contribute to a better understanding of how healthcare manages health data. Take our survey here.
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