“The healthcare sector has been a pioneer in integrating Internet of Things (IoT) applications to improve efficiency and reduce labor intensive tasks.
In addition to cost efficiencies and improved patient outcomes, IoT has extended the reach of health care companies and medical practitioners well beyond the walls of hospitals, clinics and doctor’s offices and into patients’ homes and offices. This is driving enormous investment in technology and marketing. Grand View Research, which health sector consultancy, estimates healthcare IoT will reach a valuation of over $400 billion by 2022.
While many advancements push the connected healthcare market forward, it is also pushing healthcare companies and the manufacturers of innovative products and services into fraught regulatory territory.
Violating patient confidentiality, even inadvertently, exposes companies to severe fines in many jurisdictions and possible litigation too. Put simply, managing the myriad interactions and permissions necessary to handle personal medical data in a HIPAA compliant manner is beyond the capabilities of conventional payment clearance and micro-contracting solutions.
Microshare™ was designed to manage these risks. Our solution:
New healthcare technology has launched new business models and streamlined older ones. Yet innovators and systems integrators have paid little attention to the risks their advances spawn.
In theory, the proliferation of wearables like the Fitbit and Apple Watch provide an enormous opportunity to improve patient health. But these devices were not built with data sharing in mind. A 2017 report by Privacy Rights Clearinghouse found 40% of 43 fitness apps collected high-risk data, including addresses, financial information, full name, health information, location and date of birth. Microshare’s granular approach to IoT data management mitigates these risks by allowing healthcare providers to seamlessly get the permissions required and to quarantine or even delete data that presents a security or compliance risk.
HOME MONITORING AND ‘TELEHEALTH’
Biosensors purpose-built for the healthcare industry go well beyond the retail wearable market. These range from small devices that monitor infant temperatures to complex diagnostic and life-support equipment. The benefits of such devices are obvious to both patient and provider. Yet in addition to the privacy risks enumerated above, these devices may require regular re-calibration or might be second-hand and performing under specifications. Microshare’s micro-contracting and permissions capabilities manage this risk by requiring advance chain of custody confirmation before medical decisions would ever be based on data from such devices.