Executive Summary: Healthcare Industry Company (HIC)

Project Overview

Healthcare Industry Company (HIC) is a leading global provider of supplies, software, and services. Over the company’s decades-long history, HIC has amassed more than one million customers and now provides software Industry to more than 50,000 installations worldwide. The company has accrued valuable data assets that company leadership believes could be leveraged to generate innovative healthcare Industry.

During the Fall 2022 semester, our Columbia team was tasked by HIC’s Chief Data Officer to develop a data productization strategy that would inform the organization’s efforts to develop and market/sell data products over the next 2-3 years.

Project Methodology

After reviewing a set of data dictionaries provided to our team, our first step was to determine HIC’s competitive advantage in the market. We identified a subset of the company’s data that we thought would prove most marketable due to the uniqueness of the information collected, and we designed our project framework with the goal of recommending a starting point for data productization.

We identified three key channels to which HIC could sell data products:

1) Existing Customer Base: HIC may be able to sell valuable data products back to its vast existing customer base with insights on practice performance and peer comparisons.

2) Business-to-Business: We recognized the opportunity to sell data to other businesses in and outside of the healthcare industry, including payors, financial services institutions, and technology companies.

3) 3^rd Party Data Aggregators: HIC’s data could ultimately prove valuable to data aggregators due to the vast amount of data available.

Within these channels, we conducted four areas of analysis:

1) Demand for the data: Opportunities in the market and examples of potential buyers

2) Competitive Landscape: Top competitors and their available products

3) Internal Assets: Assets (analytics, legal, etc) needed to develop relevant insights

4) Regulatory Considerations & Reputational Risk: Existing and pending legislature surrounding data productization

Our analysis was informed by conversations with various stakeholders within and across the various units of HIC.

Recommendation

With HIC’s extensive customer network, we recommended that their team consider selling productized data insights back to their existing customer base as a first step. We recommended that their team consider going to market with B2B data products in the medium term, after assessing what unique data products would allow HIC to compete in what is a competitive space for healthcare data insights.

Contributors: Brittney Destin, Michael Fall, Arun Nakhasi, Emily Smith, and Rachel Utomo