Platform allows health data owners to create new and multiple revenue streams
Nashville, TN: An unprecedented new marketplace has been launched allowing buyers and sellers of de-identified health data to conduct transactions directly using a single platform.
The Health Exchange Market (T.H.E.M.) helps health data buyers communicate, establish a fair market value for their de-identified health data and negotiate terms without the need for a third-party intermediary. Using T.H.E.M., owners can sell their de-identified health data multiple times, creating new sources of revenue which adds to their bottom line.
Building on Harvard’s Principles on Negotiation, T.H.E.M has created an algorithm that can determine true market value for health data based on industry, specialty, location, seasonality, and organization to provide companies with a benchmark of what their health data is worth and why. This helps both buyers and sellers feel confident that the data is being priced fairly.
Also, both buyers and sellers can be certain that their health data is protected. T.H.E.M. follows strict security protocols when handling de-identified health data, having put policies and procedures so that the company is capable of conducting safe transactions of information that protects both the patients and the covered entity as defined under HIPAA. For example, we require that sellers strip all personally-identifiable information from their health data before making it available on the marketplace.
Why is T.H.E.M. important?
Previously, when organizations wanted to sell their health data, their only options were to spend months trying to find buyers and negotiating a deal on their own, or using a data broker, which can generate significant administrative overhead and expense. T.H.E.M. streamlines this process dramatically, making it easy for sellers and buyers to connect without adding significant additional costs to the process.
When they register, buyers and sellers fill out a questionnaire which captures their interests. Then, T.H.E.M.’s “purposeful pairing” technology matches buyers and sellers based on the information they provide. Once the data has been captured, the system can provide additional suggestions based on keywords (e.g. “pharma”), ICD-10 codes and other relevant information.
Health data sellers pay nothing to participate in T.H.E.M. and can sell their de-identified health data multiple times. Meanwhile, health data buyers can can sign up, review data prices and communicate with sellers at no cost, paying 11% of the data’s sales price when they close a transaction.
To minimize transaction risk, T.H.E.M. allows community members to rate their experiences with other members.If a buyer or seller gets low ratings from the community they may lose the ability to conduct transactions. This ensures that both sides can do business confidently with partners who conduct themselves with integrity.
“Our marketplace provides hospitals and other healthcare organizations with brand new revenue that they can then put back into their organization for improving the lives of the patients they serve,” said Collin Powell, CEO of T.H.E.M. “Meanwhile, by using safeguards to remove all personally identifiable data, our members are allowing buyers to access to a wealth of health knowledge not otherwise available to them.”
The Health Exchange Market is a virtual, proprietary, secure commercial marketplace that brings buyers and sellers of de-identified health data together under one platform. We empower our partners to obtain new and multiple streams of revenue by supporting communication,valuation and negotiation of terms between data buyers and sellers.To learn more about becoming a health data buyer or seller on T.H.E.M., write to [email protected] or visit us at www.thehealthexchangemarket.com.