It is not simple to combine data that is as different as it is in the healthcare industry. Just consider the vast amount of data—structured and unstructured—that is produced from so many different sources, such as EMRs or HR software, departmental data, and so on. It requires some effective analysis to combine such a large amount of data and extract logical information from it. Data for healthcare is collected from many parts of the company, thus efforts must be made with exceptional focus to simplify this data in order to make it accessible and usable. The distribution of data among data sources and customers is an extra component that makes the process look, to put it bluntly, quite laborious. But HealthVerity has succeeded in doing this ever since it was founded. In fact, the business has garnered attention for its stringent HIPAA compliance, which guarantees data protection and privacy.
Andrew Kress and Andrew Goldberg established HealthVerity in 2014 with the goal of improving the discovery, accessibility, transparency, and cost effectiveness of established and developing healthcare data. The Philadelphia-based firm uses innovative techniques to assist its clients in finding, tying together, and licensing patient data from all top-tier data sources.
HIPAA Compliant
The management of patient data is become simpler thanks to fast digitalization. However, it has also resulted in the issue of a data breach in the healthcare sector. HIPAA (Health Insurance Portability and Accountability Act) was long ago introduced to address this issue.
HIPAA is a far more current standard than it was back then. In order to comply with HIPAA, businesses that handle protected healthcare data must now have physical, network, and procedural security measures in place and be followed. HealthVerity enables its users to learn more about patient activities while fully managing privacy and adhering to HIPAA regulations.
In addition to facilitating patient data in a privacy-protected way, HealthVerity provides specialised solutions that guarantee total data protection. In order to fully comprehend patient data, HealthVerity Consent makes use of blockchain technology. It also assists in managing customer data usage permissions.
Consent solutions from HealthVerity help to effectively aggregate consumer healthcare consents and permissions seamlessly as data privacy standards change and advance over time.
Healthcare businesses need to alter their choices when it comes to exchanging HIPAA-protected information in a world full of providers, payers, and suppliers. HealthVerity succeeds in doing exactly this to provide regulatory supervision throughout the organisation and an ecosystem of partners, despite the fact that it is challenging to manage consent centrally given the always changing circumstances and parameters.
Augmenting Healthcare
In its Series B round of fundraising, sponsored by Flare Capital Partners and Greycroft Partners, HealthVerity raised $10 million last year. The money was utilised to develop the business’s HIPAA compliance and enhance its cloud computing infrastructure.
It has a crucial role to perform as the premier organisation that serves as a neutral third party between consumers and data suppliers. Their platform integrates traditional and cutting-edge data sources from a wide range of top-tier vendors. The HealthVerity Marketplace provides linkable, HIPAA-compliant healthcare data from more than 50 distinct data suppliers on 300 million Americans. These figures are certain to increase as the healthcare business develops thanks to HealthVerity’s technology, which empowers healthcare professionals across the nation. The goal of HealthVerity is ground-breaking and it continues to build a space for itself.
The Healthcare Enthusiast
Co-founder and CEO of HealthVerity Andrew Kress
The CEO of SDI Health, a renowned innovator in clinical and transactional healthcare data-based analytics, was Andrew. Here, he developed one of the most significant collections of connected, de-identified healthcare data. With more than 600 workers, the business under his direction grew to become the second-largest Pharma informatics company in the country. He handled a number of significant acquisitions during his time at SDI, which helped the business expand and increase shareholder value.
Andrew was appointed SVP of Healthcare Value Solutions for IMS Health in the wake of that company’s 2011 acquisition of SDI. Among the few companies reporting to Andrew were Health Economics and Outcomes Research Services, Real World Evidence Solutions, Payer and Provider Services, Clinical Trial Optimization Solution, and Government Solutions. He also developed the business’s mobile health services and its upcoming genomics strategy. He supports several healthcare start-ups as an investor and esteemed advisor. He graduated from Yale University with a B.A. in English.
