What You Need to Know About Monetizing Healthcare Data

Healthcare services providers generate huge amounts of data in the course of any given year. Many organizations, though, see this work as a source of financial losses. In a more modern view of the situation, however, all this healthcare data maintenance can be seen as a potential way to decrease losses and to create profit centers. Let’s explore some of the ways data monetization can benefit a business in the healthcare industry.

When setting up data sets, you definitely want to discuss these worries in detail with the parties handling them. Other stakeholders, including doctors, patients and your organization’s lawyers should be included in the process.

One solution worth considering is asking patients to opt in to information sharing. This requires creating a framework that guarantees the confidentiality of the data, and there also needs to be legal language that explains patients’ rights in detail. Such documents should always include an opt-in process that requires a patient to clearly indicate their interest and to provide their consent. This is absolutely essential if you’re going to be monetizing data by selling to third parties.

Much of the low-hanging fruit in the industry comes from situations where data analysis can provide insights regarding losses. In the simplest form, this comes from streamlining processes, such as:

While HIPAA rules limit the amount of specific data that can be sold in relation to patient care, anonymized data is still a strong potential profit center. Researchers, insurance companies, government agencies and marketers are all looking for information that can fuel their own data analysis. This sort of data can benefit groups that are trying to develop:

There is also the cultural component that comes with all efforts to become more data-centric. Stakeholders need to be brought in on monetization efforts, and it’s critical to confirm they are on board with the technical, cultural, legal and ethical requirements of the process. While you don’t want to clear out folks who have honest objections, there usually are situations where stakeholders have to be bought out of contracts or given severance packages. Your goal during a monetization push should be to develop a larger organizational commitment to doing it well.

Plenty of thought goes into monetizing data from a healthcare organization. In time, though, a portion of your business that seems like it costs you money can end up curtailing losses and generating new sources of revenue.

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