Gradually, data is being recognized as an asset in an increasingly data-hungry healthcare industry. In the tenth episode of Sheppard Mullin's Health-e Law Podcast, Arti Bedi Pullins, President and Chief Healthcare Officer at QuestionPro, discusses how industry players can recognize the value of data as an asset with Sheppard Mullin's Digital Health Team co-chairs, Sara Shanti and Phil Kim.
Data as an Asset
Pullins began the discussion by highlighting how the healthcare sector has historically been data-centric but is now poised at the cusp of a digital revolution. With technology increasingly integrated into more aspects of patient care, such as through the use of wearable devices to digital therapeutics, Pullins emphasized the vast pool of available data. This transformation is not just about collecting data (including recognizing where it can be collected), but also by leveraging it to make informed decisions that directly impact patient outcomes as well as the efficiency of healthcare delivery.
Privacy vs. Commercial Success: Finding the Balance
Pullins also parsed the delicate balance between utilizing data for commercial success and maintaining patient privacy. In particular, Pullins pointed out that the debate will likely continue and that additional regulations will be forthcoming, all of which should consider the impact of data collection and use on patient privacy. The discussion emphasized the importance of transparency and honesty in data collection processes, which can foster trust and willingness among patients to share their data, knowing it will be used to improve care and outcomes. Specifically, Pullins noted that transparency can be helpful to explain to patients how their data will be used and how those uses could impact quality of care.
Data Collection for Value-Based and Outcome-Based Care
Data is also critical to successful strategies in value-based and outcome-based payment models given that these models rely heavily on data to track and measure outcomes of patient care. Pullins noted that data collection still faces challenges such as leakage and incompleteness, but despite such challenges, the promise of data remains well founded. In particular, Pullins recounted the impact of electronic health records and the emerging opportunities surrounding "hospital at home" technologies, all of which exemplifies how data and technology can bring about a more personalized and efficient healthcare delivery system, benefiting both providers and patients.
The Future of Healthcare Data
Looking ahead, data provides a powerful option for supporting preventative care. Pullins expressed enthusiasm for how technology could help predict health trends and outcomes, allowing for more proactive and personalized healthcare. She emphasized that forward-thinking data use strategies (including use of tools such as artificial intelligence and machine learning, among other technologies) can support a transition from a predominately reactive model of care to one which is predictive and aims to get ahead of illnesses and other negative health conditions.
The Bottom Line
As the industry continues to take on the complexities of privacy, regulation, and innovation, harnessing the power of data may very well transform patient care and healthcare delivery. Despite the promise of innovation, industry players would be well served by remaining mindful of ethical data use, which can be bolstered by a movement towards patient-focused transparency in terms of data collection and utilization.
To listen to the full episode, click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.