October 11, 2017
Contact: Brian Plumb
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 (THEM) 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 THEM, 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, THEM 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. THEM 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 THEM 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. THEM 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, THEM’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 THEM and can sell their de-identified health data multiple times. Meanwhile, health data buyers 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.
“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 THEM “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.”
To minimize transaction risk, THEM 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.
ABOUT THEM: The Health Exchange Market (THEM) is a global bio-bank and repository for de-identified healthcare data, providing a commercial marketplace that allows health data owners to create new and ongoing revenue streams from existing data, and provides buyers with a smarter, cost effective solution to obtaining larger and more complete data sets from multiple sources. To learn more about THEM, write to firstname.lastname@example.org or visit us at www.thehealthexchangemarket.com.
Download the press release here: