New Health Data Marketplace Determined to Re-invent Research and Discovery through an Innovative Approach to De-identified Health Data Exchange
The Health Exchange Market (T.H.E.M.) is a proprietary commercial marketplace that allows health data owners to create new and ongoing revenue streams from selling existing data, and provides buyers with a smarter, cost effective solution to obtaining larger and more complete data sets from multiple sources.
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NASHVILLE: An unprecedented new marketplace launches that connects all buyers and sellers of de-identified health data, and permits multiple transactions to simultaneously occur through a secure virtual platform.
The Health Exchange Market (T.H.E.M.) helps de-identified 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 remain in full control of their data. For the first time, T.H.E.M. permits sellers to repeatedly sell their de-identified health data to multiple buyers, and allows them to earn new and ongoing revenue off every transaction.
Building on Harvard’s Principles on Negotiation, T.H.E.M has created an algorithm that can help determine true market value for health data based on industry, specialty, location, seasonality, and organization to provide members with a benchmark of what their health data is worth and to whom. 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 several manual and automatic policies in place so that the company is capable of conducting safe transactions that protects both the patient and the covered entity as defined under HIPAA.
Why is T.H.E.M. important?
Previously, when organizations wanted to try and sell their health data, their only option was to spend months trying to find buyers and negotiating a deal on their own, or using a data broker, both generating significant administrative time and overhead expense. T.H.E.M. streamlines this process dramatically, making it easier than ever before for sellers and buyers to connect, while removing all the unnecessary additional costs.
When a company registers, both buyers and sellers fill out a very specific questionnaire. Then, T.H.E.M.’s “purposeful pairing” technology automatically matches all buyers and sellers based on similarities found in
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. Buyers can also refine search and browse what’s available by categories, industries, and companies.
Health data sellers pay nothing to participate in T.H.E.M. and can easily sell their de-identified health data to multiple buyers and receive profit each time. Meanwhile, health data buyers can can sign up, review and compare prices, and communicate with sellers at no cost.
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 was created to provide hospitals and other healthcare organizations with an opportunity to earn brand new revenue from the de-identified health data that they already possess,” said Collin Powell, CEO of T.H.E.M. “Meanwhile, by using safeguards to remove all personally identifiable data, our buyers obtain access to vast amounts of new and valuable data to allow for an un-paralleled research opportunity that otherwise would not be available.”
ABOUT T.H.E.M.: The Health Exchange Market is a virtual, proprietary, commercial marketplace that connects both buyers and sellers of de-identified health data under one secure platform. We empower our members 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 firstname.lastname@example.org or visit us at http://www.thehealthexchangemarket.com.