Approximately 94% of chief data officers (CDOs) from healthcare organizations and financial service firms say deploying data privacy technology that enforces existing data privacy regulations would result in increased revenues for their organizations, according to data found in a new survey released by TripleBlind.
Roughly, 37% of respondents say they estimate improved collaboration would increase revenues as much as 20%. In addition, 46% stated increased data collaboration would give their organization a competitive advantage over other organizations. TripleBlind is creator of a scalable solution for privacy enhancing computation.
Additional key findings of the survey included:
- 64% of respondents are concerned that employees at organizations with which they are collaborating will use data in a way not authorized in signed legal agreements
- 60% are concerned people at organizations with which they collaborate will use data that violates HIPAA and/or other data privacy regulations
- 60% are concerned that the privacy-enhancing technology (PET) solution deployed by data collaboration partners will modify the data to make the results of analyses inaccurate
“There is strong agreement that optimizing effective data collaboration through advanced PET solutions will result in both increased revenues and enhanced competitive advantage,” says Riddhiman Das, TripleBlind’s co-founder and CEO. “Today, advanced PET solutions exist that render legal agreements obsolete and prevent people at both the data user and data owner from using data in a way that violates HIPAA and other data privacy regulations or modifies data in a way that results in inaccurate analyses.”
Healthcare Organizations on Regulatory Compliance and Accuracy
Healthcare organizations represented in the survey include hospitals, healthcare systems, pharmaceutical manufacturers, and health insurance companies. In terms of the value of enhanced data privacy to these organizations, 43% of healthcare system respondents believe it would result in increased revenues of up to 20%, an additional 48% believe up to 10%. Roughly, 52% and 50% of healthcare system and hospital respondents, respectively, stated expanded data collaboration would give their organizations a competitive advantage.
The level of concern about people at data user organizations using data in a way that violates HIPAA and/or other data privacy regulations varies among different healthcare organizations. This was of great concern to healthcare insurance carriers with 86% citing this concern, as well as to 71% of hospital respondents, and 50% of healthcare systems respondents.
Approximately 75% of healthcare system respondents were also concerned that data user organizations had installed PET solutions that would make the results of analyses inaccurate, 73% of pharma manufacturers and 60% of hospital respondents shared this concern.