May 30, 2019
In an age of digitized healthcare, some of the biggest issues and challenges for innovators are privacy, how patient information is collected and protected, and how legislation impacts the landscape of innovation. How can health innovators uphold regulations in their business models and operations? How can privacy influence the success and failure of an innovation?
On this episode Lucia Savage, Chief Privacy and Regulatory Officer at Omada Health, shares on why healthcare innovators needs to uphold and embrace privacy, how to make it part of their business model, and the biggest myths about HIPAA.
3 Things We Learned
The success of digital health companies is immensely dependent on how well they handle the sensitive issue of personal patient/customer data. Even if a digital innovation is only regulated by the FTC and not HIPAA, the impact of data breaches or mishandled information can do real damage to the patient, so the same level of care and cautiousness should be applied, regardless of who’s regulating the innovation. Innovators do well when they leverage privacy as part of their business model positioning strategy. Ultimately, by embracing the well-founded rules and building innovations on practices that protect the rights of patients, the product is more likely to succeed long-term.