Here we go again and one thing I keep telling all is please recognize the data selling epidemic we have in the US. It is uprooting the economy right now and that's part of the reason manufacturing is in the hole as it's easier to "flip algorithms" (sell data for profit) than to hire employees and set up a plant or office.
We all fear the same thing, data being used out of context against us and we have seen it for years with insurers and their algorithms (formulas) that deny care and payments. It's sadly alive and well.
Data used out of context - big data & analytics
Now here's what was in the news today and Humana is not alone. Do you realize how big the profits are when you have companies like Walgreens making close to a billion a year just selling data? This is a very big deal and it's hard to relate to as it's an intangible process running servers 24/7 making life impacting decisions about all of us. Even the Occupy Movement has grown up with their Alternative Banking meetings, so they have not gone away, just got smarter and don't go to the parks much anymore.
Pharma and Health Insurance Companies Pairing Up, Humana’s Analytics Subsidiary and Lilly To Figure Out How to Save (Make) Money and Provide Better Patient Care–Selling Research Data That Competes With FDA Sentinel Initiative
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 timagehe 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.
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.
Be a skeptic as this what' driving everything today as everything has an IT infrastructure.
The California Insurance exchange did go live today and you check it out and look at pricing and keep in mind you won't see many of the big data sellers on there with the exception of Blue Cross.
California Insurance Exchange Website Live for Price Comparisons and Information–A Quick Walk Through…
Again just trying to educate spread the word although it makes you mad. Here's a great video that is two fold...stay tuned for the Q and A to hear what the quant who worked for Larry Summers has to say about him. She's also one of the Occupy Alternative Banking members...she's we need out there for sure as she gets it. We are both right on with models and math that take and move the money today and nobody is being held accountable..."Weapons of Math Destruction" as her lectures are titled. Again these models created allow for all the data selling that is going on out there as well, so it all relates.
Modeling for Inequality With Segmentation, Insurance Industry Uses Backwards Segmentation As Some Models Stand to Threaten Overall Democracy