Data monetization and real-time connectivity are transforming the healthcare industry by giving healthcare organizations valuable data and insights.
Healthcare organizations desperately need to gather and analyze vast amounts of data from various sources (electronic health records, wearable devices, mobile health apps, etc.) to inform treatment decisions, improve patient outcomes, and drive major innovation in the healthcare industry. Most importantly, healthcare organizations need to securely share their data with third-party research organizations to enable innovation in the healthcare space.
Jerod Johnson, Senior Technology Evangelist at CData Software, kindly provided valuable insights and responded to our inquiries, shedding light on the transformative impact of data monetization and real-time connectivity in the healthcare industry.
Johnson’s role is to share and promote specific ways that CData’s real-time connectivity platform solves business problems with easy, secure access to data across an organization’s tech stack. He writes technical blogs and knowledge base articles, produces videos, hosts webinars, and participates in speaking engagements at user groups and trade shows.
What is real-time connectivity and data monetization, as it relates to healthcare?
Real-time data connectivity in healthcare refers to the ability to access up-to-date patient, spending, and other enterprise data across multiple systems and devices. This connectivity enables healthcare providers to analyze patient data in real time, improving clinical decision-making and patient outcomes. Data monetization in healthcare involves using this data for research and targeted advertising to generate more revenue and improve patient experiences. By combining real-time connectivity and data monetization, healthcare organizations can improve patient outcomes, reduce costs, and drive innovation in the industry.
How does real-time connectivity help healthcare organizations improve patient outcomes and drive innovation?
By fueling practitioners, researchers, and other healthcare professionals with up-to-date data from across their systems, real-time data connectivity helps healthcare organizations improve patient outcomes and fuel future innovation. For instance, practitioners can rapidly adjust treatments based on the most up-to-date, accurate patient results; researchers can develop new products, treatments, and medications using the latest industry insights, and business professionals can gain actionable insights to help advance their organization.
How does data connectivity and monetization help healthcare companies open up new revenue streams?
Expanded connectivity can help healthcare companies open up new revenue streams in a number of ways. For instance, access to real-time testing data in a clinical trial enables researchers to rapidly iterate, develop, and bring cutting-edge medications and products to market. Hospitals and clinics can also simplify the process of gathering information on patient outcomes and behaviors and sell that anonymized data to third-party vendors and pharmaceutical companies for drug research and targeted advertising. Improving access to data gives healthcare institutions the ability to diversify their income, paving the way for innovation.
Is this more significant in a tight economy?
As the economy tightens, new revenue streams are more valuable than ever. By providing partners and other organizations with previously unavailable data, healthcare companies are finding novel ways to drive their business forward as budgets are increasingly limited.
What makes real-time data connectivity in healthcare unique from other industries? Are there any specific barriers to real-time connectivity that exist in healthcare and not other industries?
The healthcare industry is a highly-regulated one, which often restricts the flow of data and stunts the ability to drive innovation with urgency and speed. Data encryption across the wire is just as important in other industries, but cleansing and anonymizing data before it is reported on, or delivered to external partners is not just important in healthcare – it is legally required. Data regulations and privacy laws around healthcare data are strict for a reason, and healthcare organizations must find ways to work within these strict guidelines to push progressive initiatives forward and drive innovation.
Another barrier is the limited access to data provided by applications and services that typically house healthcare data. Many of these legacy services require elevated subscriptions or accounts to access data via APIs (real-time) instead of via extract or download (static). Healthcare organizations are often beholden to several disparate legacy tools due to the strict regulations mentioned above, making it difficult to modernize and migrate to more modern platforms. The issue, therefore, lies in overcoming interoperability challenges to get access to data across legacy systems in real-time.
What can healthcare companies do today to improve their real-time data connectivity?
Healthcare companies can innovate faster, increase revenue, and become more data-driven by adopting real-time data connectivity technologies that provide secure, universal access to data across all the platforms and tools they are using. With these tools, every stakeholder in the organization can access, understand, analyze, and action up-to-date data to drive their business. With real-time data connectivity tools that securely reach across cloud-based and on-premises systems, healthcare organizations can leverage their data to improve the pharmaceutical manufacturing process, diagnose and treat patients more effectively, and drive life-saving initiatives forward.
The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.