I guess one could make a lot of comments about this but as I have stated if you think insurance is just about claims and policies anymore, you better take a second look, and here’s one good example with truckloads of subsidiaries that all put money to the corporate bottom line and with an army of subsidiary companies they can stay under the radar easier as nobody pays much attention what kind of organizations are getting their hard earned dollars. On the other hand, perhaps this affiliation may find more potential patients for the drugs that Lilly makes (grin). I laugh at my satire but we really don’t know. Medical device companies have been partnering up with insurance companies too. They all want to go where the money’s at. Here’s a fairly recent post on how the device folks are flocking to the trade associations and lobbyists of health insurers.
Medical Device Companies Joining America’s Health Insurance Plans Trade Association (Lobbyists), Affiliations Allow for More Data Selling Between Both Entities–The Epidemic Continues to Grow
Ok so we talking about selling data again it appears and here’s a screenshot right from the Comprehensive Health Page…Data Sales…well and at least they are up front about selling our data to a degree. So is Lilly a big data customer? Just a good question one might ask..
Well the subsidiary comes full equipped to run out those surveys we all hate and present outcomes. Sounds familiar as United got a deal going like this too with selling data to pharma and device companies.
United Healthcare Buys Humedica and Gets More Data to Analyze and Sell To Medical Device and Drug Companies–More Big Profits From Health Data
Bottom line here is the entire economy is being afflicted by the data selling epidemic and when is enough enough? We need to license and excise tax these folks as when you see the likes of Walgreens taking in about a billion a year just selling data it does put dollar amount on the huge pot of gold companies and banks are making with “flipping algorithms” for profit by selling data.
Of course what we all worry about is data being used out of context against us and we have history on this with tons of news stories on denied claims and the reasons used, and that goes back years and years, but today it’s the wild west out there to query data bases and use some non linear methodologies and gee, next week you see some new analytics services available for purchase as well.
Big Data/Analytics If Used Out of Context and Without True Values Stand To Be A Huge Discriminatory Practice Against Consumers–More Honest Data Scientists Needed to Formulate Accuracy/Value To Keep Algo Duping For Profit Out of the Game
They already purchase MasterCard and Visa records so will they combine their research with this and claim they have some brand new predictive software available?
nsurance Companies Are Buying Up Consumer Spending Data-Time is Here to License and Tax the Data Sellers-As Insurers Sell Tons of Data, Gets Flawed Data When Data Buyers Uses Out of Context Too
The FDA with their Sentinel Program is doing all this and I guess now they have competition with insurers who found out they can create an analytics subsidiary and make money at it instead of being “for” consumers as the FDA project is targeted…from a prior post…BD
This sounds like it’s direct competition for the FDA Sentinel program too as remember back a few years ago when insurers were going to donate claim information to add to the device and drug files that were being gathered to evaluate for safety along with medical records added? Dr. Hamburg has talked about the program quite favorably as it is helping with safety devices and drugs, but did the insurance companies decide not to send claim information to the FDA and decide to make a buck instead selling data? About the FDA Sentinel below:
“Monitoring the safety of its regulated products is a major part of FDA’s mission to protect public health. But, currently, the Agency’s efforts are limited to its largely passive safety monitoring systems, which depend on healthcare professionals, patients, consumers and pharmaceutical companies to report any adverse effects of FDA-regulated products. The Sentinel System would enable FDA to actively query diverse automated healthcare data holders—like electronic health record systems, administrative and insurance claims databases, and registries—to evaluate possible medical product safety issues quickly and securely.
Louisville-based health benefits and wellness provider Humana Inc. (NYSE: HUM) plans to collaborate on research with Indianapolis-based Eli Lilly & Co. (NYSE: LLY).
Through a partnership, the companies will analyze data and information with a focus on improving health care quality and outcomes, according to a news release. The partnership aims to address the challenges of improving quality of care and reducing treatment costs.
Comprehensive Health Insights, a subsidiary of Humana, will serve as the research engine in the collaboration, according to the release.