How to define a business model to develop a big data innovation in healthcare?

Each healthcare innovation project involving big data is a journey for which we need to make preparations to achieve the project goals. One of these preparations consists of defining the business model.

A business model describes the rationale of how an organization creates, delivers, and captures value with big data technology. In a new video of the series about the best practices for the uptake of big data technologies, Dr. Vikrant Sihag and Prof. Erik van Raaij from the Rotterdam School of Management of the Erasmus University present the business model canvas as an instrument to develop a big data innovation. Specifically, a canvas is shown that describes for each pilot in the BigMedilytics project what the value proposition is.

Three lessons can be learned from the BigMedilytics project:

• Project teams need to gain insight into whether or not such net positive value can be created with big data technology.
• Project teams need to assess the net positive value for patients, providers, and payers.
• The net positive value is the comparison between the investment and operational costs on the one hand and the efficiency gains, cost avoidance, and improved health on the other hand.