eBay for Patient Data
Enormous amounts of patient data creates big business opportunities. In fact, some day, patient sick care might be a loss leader. Instead, the revenue model will be patients owning data and using a platform to sell it for a price. Patients will become digital health entrepreneurs.
Selling your sick care data is called an “edge opportunity”.
We are headed in that direction.
- Blockchain technology could make it easier for patients to own their data and share it , or sell it, with anyone they choose
- Third party data science companies will churn submissions and deliver information and actionable intelligence as a service
- The FDA will change how it regulates software as a device, data as a service and intelligence as a service
- Online platforms will broker the two sided market between the buyers and patient sellers of data
- ICOs will cater to data sellers in exchange for cryptocurrencies
- Public databases that are open to data and biomedical scientists will be open for research, much like present genomics data bases run 11. We will need to address the societal and ethical implications. Who rules AI? There are three basic challenges: data protection requirements, minimizing biases and transparency.
12. Silicon Valley startup Open Health Network, which develops AI-based applications for healthcare organizations like UCSF, Sanofi and Cornell University has launched a new product meant to use blockchain technology to allow patients to manage and monetize their medical data. If successful patients will be able to sell their assets on the PDX. a NASDAQ for patient data.
Of course, there will be a dark side to all of this. Every time shoppers return purchases to Best Buy Co. , they are tracked That is because the electronics giant is one of several chains that have hired a service called The Retail Equation to score customers’ shopping behavior and impose limits on the amount of merchandise they can return.
Will patients be refused services for “abusing” the system, or doctors refused payment because they take care of them? Aetna already tried that, but had to back off after the backlash.
Airlines might charge you based on your online shopping history. Will the same thing happen to your sick care insurance premiums?
Nearly one in five employees in the healthcare field said they’re willing to sell confidential data like login credentials to unauthorized parties, a new survey from Accenture claims. Nearly one quarter of the survey’s respondents said they know someone in their organization who has sold their credentials or access to an unauthorized outsider.
A bid and asked sick care data revenue model is inevitable.What would you charge for your data ? What’s in your iPhone?
Image Credit: Pixabay
Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org and co-editor of Digital Health Entrepreneurship