Healthcare Data Monetization

Overview

The definition of monetize is “to change into money.” (source) Today, data is constantly being collected from us, and many companies and organizations are capitalizing on this data. This can make some people uncomfortable to know that the data being collected on them from social media or online shopping is being used to make a company money; as a result, people may choose to refrain from such activities. However, in the age of digitalization, it is harder and harder to avoid. Important things like banking and health records are being moved to electronic, and for most people, being part of the Big Data for these things is unavoidable. This data is more sensitive and private than just who your friends on Facebook may be, and as such, companies pay large amounts to store and protect this data. Health data monetization is leveraging the huge amount of health data health system already have, store, and protect to increase their revenue. (source)