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BLOG – The Health Exchange Market

Fresh from the Press

Leadership

George Washington Carver

With all the recent exciting developments in healthcare technology, I would like to highlight a forgotten hero, George Washington Carver. I’ve been carrying around his picture in my wallet since 2007, and I reflect on it often. Most people don’t realize that oil, rubber, diesel fuel, plastics, soaps, and of course, peanut butter are just a few of his many scientific discoveries that we could not imagine life without today.

Mr. Carver was considered the Bill Gates of his time, but he chose to donate all of his money to help underprivileged children receive an education, while residing in a one bedroom apartment and teaching school.

GWC did not seek fame, power, or money. He walked by faith, remained humble, was generous with his rewards, and ended up vastly improving the course of history forever without ever asking for credit. That is the definition of a hero. And what THEM strives for daily.

If a man born into slavery, with no family, hope, or support can impact the lives of billions, who’s to say that you can’t, too? We at The Health Exchange Market commend the efforts of GWC and all others who are actively seeking to improve the landscape of healthcare through innovation. If this sounds like your organization, we would love to speak to you!

For further inquiries, please contact me at collin.powell@thehealthexchangemarket.com

Improving Healthcare, Lovebirds

CEO’s Corner: Giving Back Is Our Bottom Line


Not so long ago, many companies only reached out to customers and communities when they were on the defensive. If you’d suggested that they had any ethical responsibilities to those communities, they might have thought you were crazy.

This attitude was exemplified by economist and Nobel laureate Milton Friedman. In a 1970 article for the New York Times, Friedman argued that “there is one and only social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”

Over the last few decades, however, attitudes about corporate social responsibility have changed dramatically. Now large companies are creating strategies which tie corporate success together with community success, and even more importantly, letting consumers know how they are doing in meeting CSR goals.

For example, today the majority of Fortune 500 companies produce a corporate responsibility or sustainability report on their operations every year. Some also track their impact on climate, human rights and corruption. Others are also sharing detailed information on their supply chain operations, including where goods are sourced and the conditions in which factory employees work.

I couldn’t be happier to see this happen — in fact, I’m surprised it’s taken so long. Here at T.H.E.M., we take community engagement, transparency and social responsibility very seriously. Giving something back to the community is central to what we do and who we are.

Through our Lovebirds Foundation, we are contributing a percentage of every de-identified health data exchange back into the healthcare community. For example, we are offering financially-troubled rural hospitals free access to data analysis and management consults, in addition to financial assistance to prevent closure. We are also helping clinical researchers and scientists partner on discoverable disease challenges, using anonymous and de-identified health data provided by our partners.

Meanwhile, on a day-to-day level, we put transparency, fairness and ethical behavior first. We hold ourselves to a high standard of integrity and demand that from our partners and associates as well. As we grow as a company, we will make decisions with these principles in mind.

Don’t get me wrong: we know we are preaching to the choir here. Few industries give more than healthcare organizations, whose core mission is to protect peoples’ well-being. Not only that, we continue to be amazed by healthcare workers, who do their difficult jobs with grace, kindness and dedication. We consider ourselves blessed to serve the needs of healthcare organizations and further their mission.

Of course, anyone can say that they are dedicated to giving back, transparent or honest. After all, just saying it that doesn’t make it so. We do hope, however, that you’ll get to know us and see whether we live up to our ideals. We love feedback, the more honest the better.

I look forward to getting to know you and your colleagues as we move forward. Together, we can make big things happen. In the meantime, feel free to reach out to me at Collin.powell@thehealthexchagemarket.com I’d be happy to talk.

 

Collin Powell
Chief Executive Officer
The Health Exchange Market

Analytics, Best Practices, Big Data, Financial, Improving Healthcare, Interoperability, Leadership, Lovebirds, Payers & Providers, Research, Security, Technology

New Marketplace Brings Health Data Buyers, Sellers Together In One Place

New Marketplace Brings Health Data Buyers, Sellers Together In One Place

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.”

ABOUT T.H.E.M.

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 contact@thehealthexchangemarket.com or visit us at www.thehealthexchangemarket.com.