It’s no surprise that data privacy and how it affects consumers is in the news every day. What is less clear is how healthcare CDOs feel about the current state of data privacy. And with data privacy concerns surging both among consumers and among healthcare leaders, TripleBlind, Kansas City, Mo.-based developer of privacy enhancing technology, on Aug. 17 published the results of a survey of 150 healthcare and finance chief data officers, to find out their concerns.
Among the key findings of the report:
TripleBlind (www.tripleblind.ai), a developer of innovative privacy enhancing technology (PET) recently completed a survey of 150 healthcare and finance CDOs to find out; the results were posted to the company’s website on Wednesday, Aug. 17.
Key findings from the report include the following:
• 94 percent of CDOs from healthcare organizations and financial service firms stated deploying data privacy technology that enforces existing data privacy regulations would result in increased revenues for their organizations.
• 46 percent of respondents stated increased data collaboration would give their organization a competitive advantage over other organizations.
• 60 percent are concerned people at organizations with which they collaborate will use data that violates HIPAA and/or other data privacy regulations.
Interestingly, among the overall group of those surveyed, which includes both healthcare leaders and financial services executives, 94 percent of respondents said that data privacy technology that enforces existing regulations would increase revenues. And among healthcare leaders, 43 percent said that revenues would increase up to 20 percent as a result, while 48 percent said revenues would increase up to 10 percent, from the implementation of technology enforcing state-level data privacy regulations.
Furthermore, 52 percent of health system executives (the survey divided hospital executives from health system executives, as distinct respondent groups) said that state-expanded data collaboration would give their organizations a competitive advantage.
Meanwhile, fully 71 percent of hospital executives responded that they are concerned that people in their organizations might use data in unauthorized ways, while 60 percent of hospital leaders are also concerned that people within their organizations will use data in a way that violates data privacy regulations.
At the same time, fully 74 percent of hospital respondents and 48 percent of those from integrated health systems, believe that expanded data collaboration could increase revenues by up to 10 percent.
The press release from TripleBlind included a statement by Riddhiman Das, the company’s co-founder and CEO.
“There is strong agreement that optimizing effective data collaboration through advanced PET [privacy-enhancing technology] solutions will result in both increased revenues and enhanced competitive advantage. 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,” Das said.
