Guest Column | July 21, 2015

The ‘Monetization' Of Health Data

‘Monetization’ Of Health Data

By Rudy Richman, VP of Sales and Marketing, Privacy Analytics

We’re currently witnessing an explosion of digital health applications and software that is producing rapidly growing volumes of consumer and patient information. As a result, healthcare organizations are sitting on large stores of data that have significant value beyond the primary clinical use for which it was collected.

This data, shared responsibly, can be used to help solve some of healthcare’s most challenging problems. It can play a critical role in driving innovative research, deriving key insights and gaining new knowledge that can lead to faster and better treatments and cures for a wide range of health conditions and diseases. Other uses of the data include clinical trials transparency, quality and safety measurement, public health, payment, provider certification or accreditation, marketing, and other business applications.

For many of these uses, the data may be monetized by data custodians. Data monetization is exactly what it sounds like – making money by selling the data to another organization, or selling reports based on the data. The simple truth is our personal information is being collected, analyzed, bought, and sold on an increasingly routine basis. According to Gartner, 30 percent of all businesses will be monetizing their information assets by 2016.

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