Launched in 2017, the Health Exchange Market (T.H.E.M.) marketplace allows buyers and sellers of de-identified health data to conduct transactions directly using a single platform.
The solution enables medical institutions and researchers to collaborate and exchange raw medical data to conduct new studies, compare results, or further test an experimental hypothesis.
“Our marketplace provides hospitals and other healthcare organizations with brand new revenue that they can put back into their organization for improving the lives of the patients they serve,” said Collin Powell, CEO of T.H.E.M., in this press release. “Meanwhile, by using safeguards to remove all personally identifiable data, our members are allowing buyers to access a wealth of health knowledge not otherwise available to them.”
Building on Harvard’s Principles on Negotiation, T.H.E.M has created an algorithm that can determine true market value for health data based on industry, specialty, location, seasonality, and organization to provide companies with a benchmark of what their health data is worth and why.
Previously, when organizations wanted to sell their health data, their only options were to spend months trying to find buyers and negotiating a deal on their own, or using a data broker, which can generate significant administrative overhead and expense. T.H.E.M. streamlines this process dramatically, making it easy for sellers and buyers to connect without adding significant additional costs to the process.