The 3 Types of Data Monetization
Healthcare data is an asset that can be leveraged to drive innovation and improve patient outcomes. With the rise of electronic health records (EHRs), and increasing diagnostic imaging, there is a wealth of data available that can be used to transform healthcare as we know it. There are three types of data monetization in healthcare, and Enlitic can help you can get in on making your imaging data work for you.
Direct Data Monetization
Direct data monetization refers to the sale of healthcare data to third parties, such as pharmaceutical companies, healthcare providers, or innovation companies. These organizations place a value on the data, and it is important for both organizations that the data is protected while providing value. At Enlitic, we understand the importance of patient privacy and the consequences if protected health information (PHI) gets out. That is why we developed ENCOG™. ENCOG removes all PHI from imaging studies, metadata, pixel data, even hidden private tags to ensure data can safely become monetized. While protecting PHI we also ensure that data is complete and that the clinical relevance is maintained. Using computer vision (CV) and natural language processing (NLP) to ensure PHI is removed intelligently. There are built-in validation and auditing tools to make sure this process has been completed properly. By selling enriched medical imaging data, you can generate new revenue streams but also contribute to research and innovation in the industry.
Indirect Data Monetization
Indirect data monetization involves using healthcare data to improve business operations, such as streamlining clinical workflows. ENDEX™ standardizes data to ensure correct and complete context is placed on studies. This results in studies being routed correctly, series are displayed appropriately, and labels and descriptions are all clinically relevant. These efficiencies lead to cost savings and improved patient outcomes. With normalized data it makes analysis of data for internal uses more consistent, repeatable and better insights are gained. Data quality is greatly improved when ENDEX is applied to your data.
Patient Data Monetization
Patient data monetization is a relatively new concept. It allows patients to control their healthcare data and to sell their data to pharmaceutical companies, researchers, or healthcare providers. In general, patient data monetization is more commonly discussed in the context of personalized medicine and precision healthcare, where patients’ individual data can be used to develop tailored treatments. However, the potential benefits of patient data monetization make it an area of interest for many in the healthcare industry. There are many ethical and regulatory concerns that need to be addressed, but you will likely hear more about this in the future.
Leveraging the Power of Data
Enlitic is at the forefront of medical imaging data monetization. By enriching data and giving it context and clinical context, it becomes more valuable to organizations and researchers. As a healthcare facility looking to monetize data, privacy and compliance should be top of mind and Enlitic is ensuring that not only is the data clean and enhanced, but that it is free of any PHI.
Learn more about how to remove sensitive information and PHI with ENCOG™.
