logo
Trump to Launch Private Health Tracking System With Tech Firms

Trump to Launch Private Health Tracking System With Tech Firms

The Trump Administration announced a new initiative on Wednesday designed to allow Americans to share their medical records across a host of apps and programs managed by private tech companies—a move that proponents says will facilitate easier access to those records across the country's fragmented health care system, but that digital privacy experts fear will risk making patients' data less secure.
'For decades, America's health care networks have been overdue for a high-tech upgrade and that's what we are doing,' President Donald Trump said during an event announcing the initiative on Wednesday afternoon.
The Administration 'secured commitments' from more than 60 tech and health care companies—including Amazon, Apple, Google, and OpenAI—'to begin laying the foundation for a next-generation digital health ecosystem that will improve patient outcomes, reduce provider burden, and drive value,' according to a press release from the U.S. Centers for Medicare & Medicaid Services (CMS).
Making health records more easily accessible has been a goal of the federal government for decades, with the hope of allowing patients to seamlessly switch between providers. But such efforts have long been dogged by concerns over privacy and the challenges of companies offering competing proprietary records systems.
The Administration's new initiative, according to CMS, will focus on 'easily and seamlessly' sharing information between patients and medical providers, as well as 'increasing the availability of personalized tools so that patients have the information and resources they need to make better health decisions.' Initial goals of the initiative include apps that focus on diabetes and obesity management, using conversational AI assistants to help patients, and replacing paper intake forms with digital check-in options.
The announcement was the latest move by the Trump Administration to emphasize the value of incorporating the latest technology in the health system. In June, Health and Human Services Secretary Robert F. Kennedy Jr. testified in a congressional hearing about how he sees 'wearables' like smart watches as a game changer in health care.
'We think that wearables are a key to the MAHA agenda—Making America Healthy Again. My vision is that every American is wearing a wearable within four years,' Kennedy said.
The announcement prompted immediate pushback from digital privacy experts, who warned of the dangers of sharing health data with companies that aren't covered by the Health Insurance Portability and Accountability Act, or HIPAA, the federal law that protects personal health information from being shared by certain entities, such as medical providers and insurers, without a person's consent.
Andrew Crawford, a senior policy counsel at the Center for Democracy and Technology, says he has concerns about how the data will be collected and used by the companies involved in the initiative, what consumers will be told about their data privacy, and what limits there will be on how the data can be used and shared. If the company were to share a patient's information that went beyond the requested health service—like with advertisers that could then potentially target that individual based on inferences from their health data—that would be problematic, Crawford says.
Another unanswered question, he says, is in what circumstances, if any, the government would be able to access patients' health data through this initiative, and, if so, how they may or may not use that information.
'We've seen recently this Administration creating data sets that didn't exist before and using them for things like immigration enforcement,' Crawford says. He points to reproductive health choices as an example of medical data that many would be uncomfortable being shared across so many companies. Many apps also collect location data, Crawford notes, so he worries about the possibility that the data collected could show, for instance, if people traveled out of state to access abortion care that isn't legal in their home state.
CMS said in its announcement that the initiative will be 'more secure, and more personalized,' and 'use secure digital identity credentials to obtain medical records from CMS Aligned Networks.'
Dr. Brian Anderson, chief executive officer of the Coalition for Health AI, a nonprofit focused on creating guidelines for the responsible use of AI in health care, agrees there are 'some outstanding questions' about the initiative, including what protections will be in place to ensure that the data shared with tech companies not covered by HIPAA will remain private. But he believes this is a challenge that can be addressed.
'We just need to come together, as both private sector and public sector, and clearly define what those rules of the road are to ensure that patients' data is used in ways only that they intend and want it to be used,' Anderson says.
He says that he is 'very excited' to see a group of tech companies pledging to 'to make it easier for patients to have access to their own data,' especially since 'our data is oftentimes not in one centralized place.'
Still, others were unsure that this initiative would produce much benefit for patients, particularly if their sensitive medical records end up compromised.
'I think our system is designed to promote sharing already,' Crawford says. 'There are issues and there are hang-ups and flaws in that system, but I'm not sure—because I haven't seen the details yet—on if and how this announcement that's sharing more information with private entities, many of which may be outside HIPAA, will do anything to increase the quality of care.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Shopify Stock Is Soaring on Earnings. Should You Buy the SHOP Rally, or Is It Too Late?
Shopify Stock Is Soaring on Earnings. Should You Buy the SHOP Rally, or Is It Too Late?

Yahoo

time6 minutes ago

  • Yahoo

Shopify Stock Is Soaring on Earnings. Should You Buy the SHOP Rally, or Is It Too Late?

Shopify (SHOP) shares closed more than 20% up on Wednesday after the e-commerce company reported significantly better-than-expected earnings for its second financial quarter. Investors cheered SHOP also because the management issued upbeat guidance for Q3, indicating confidence in the company's ability to navigate higher tariffs under President Donald Trump. More News from Barchart Supermicro's Earnings Selloff Explained: Should You Buy SMCI Stock Now? Amazon's $36M Bet on Quantum Computing: What Investors Need to Know Can SoundHound's Q2 Results Send the Stock Soaring on August 7? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Shopify stock has been in a sharp uptrend over the past four months and is now up roughly 120% versus its year-to-date low in early April. Management Remains Bullish on Shopify Stock Other than the headline numbers, there was plenty in the management's commentary that warrants buying SHOP stock following its second-quarter financial release. For starters, executives confirmed that tariffs have not resulted in 'any drop in US demand, whether inbound, outbound, or local.' If anything, the market actually accelerated in the recently concluded quarter even in the wake of several Shopify merchants choosing to increase prices, added Jeff Hoffmeister, the firm's CFO. Shopify shares may be worth owning for the long term also because the e-commerce platform is aggressively spending on AI tools to attract and retain merchants. SHOP Shares Are Trading at a Premium Valuation While there was hardly anything in the quarterly release to discourage initiating a position in SHOP shares, investors are still recommended caution primarily due to valuation concerns. Shopify stock is currently going for a forward price-earnings (P/E) multiple of more than 120x, which is much higher than peers including Amazon (AMZN) and Etsy (ETSY), both of which are trading at around 30x only. That's why UBS analysts maintained their 'Hold' rating on the Canadian company last week, and left their $110 price target unchanged, signalling potential for nearly 30% downside from here. How Wall Street Recommends Playing Shopify Investors should remain wary of buying Shopify stock today since it's already trading significantly above Wall Street analysts' mean price target. According to Barchart, while the consensus rating on SHOP shares remains at 'Moderate Buy,' the average price target of about $119 only indicates potential downside of more than 20% from current levels. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on

A rally for Apple leads Wall Street higher
A rally for Apple leads Wall Street higher

Los Angeles Times

time8 minutes ago

  • Los Angeles Times

A rally for Apple leads Wall Street higher

NEW YORK — A rally for Apple led Wall Street higher on Wednesday as U.S. stocks reclaimed more of their sharp losses from last week. The Standard & Poor's 500 rose 0.7%. The Dow Jones Industrial Average added 81 points, or 0.2%, and the Nasdaq composite climbed 1.2%. Apple alone accounted for more than a third of the S&P 500's gain. It rose 5.1% ahead of a White House event where it was expected to announced an increase to its U.S. investments of an additional $100 billion over the next four years. Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald's and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts' expectations. Walt Disney Co. fell after its earnings beat forecasts but its revenue fell short. Worries are still high that President Donald Trump's tariffs may be hurting the economy, but hopes for coming cuts to interest rates by the Federal Reserve and a parade of stronger-than-expected profit reports from U.S. companies have helped steady the market. Companies are under pressure to deliver bigger profits to justify the big gains their stock prices have made since the U.S. market hit a low point in April. The S&P 500 is only a bit below its record, which was set late last month, and the big rally fueled criticism that the broad market has become too expensive. McDonald's climbed 3% after reporting stronger profit and revenue for the spring than analysts expected. Offerings tied to the 'Minecraft' movie proved to be a hit for the restaurant chain. Shopify jumped 22% after the company, which helps businesses sell on the internet, said it made more in revenue last quarter than expected. Analysts also said the company's forecast for revenue in the current quarter suggests the strong trends are continuing. Arista Networks leaped 17.5% after the networking company delivered a bigger profit for the latest quarter than expected. Its forecast for revenue in the current quarter also topped forecasts. They helped offset an 18.3% slump for Super Micro Computer, which gave back some of the huge gains the server maker has made recently. Super Micro came into the day with a nearly 88% gain for its stock so far this year, but it reported weaker profit and revenue for the latest quarter than analysts expected. It also gave a forecast for profit in the current quarter that fell short of what Wall Street had penciled in. Disney dropped 2.7% after its profit beat forecasts but its revenue fell short. Analysts said investors may have been looking for Disney to boost its profit forecast by a bigger amount. The NFL also announced that it had entered into a nonbinding agreement with Disney's ESPN, which will give the sports broadcaster the NFL Network, NFL Fantasy and the rights to distribute the RedZone channel. The NFL will get a 10% stake in ESPN in the proposed deal. Chip company Advanced Micro Devices fell 6.4% after its profit for the latest quarter only matched analysts' expectations. Analysts said the company's financial forecasts for upcoming results also looked solid, but that may not have been enough for investors after its stock had already soared 44.3% for the year so far coming into the day. All told, the S&P 500 rose 45.87 points to 6,345.06. The Dow Jones Industrial Average added 81.38 to 44,193.12, and the Nasdaq composite jumped 252.87 to 21,169.42. In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury remained at 4.22%, where it was late Tuesday. It's well below where it was last week, before Friday's weaker-than-expected report on the U.S. job market ignited worries that Trump's tariffs are pushing employers to hold back on hiring. That report has traders on Wall Street betting heavily that the Federal Reserve will need to cut interest rates at its next meeting in September. Such cuts can give the economy and investments prices a boost, but they also can push inflation higher. In stock markets abroad, indexes rose modestly across much of Europe and Asia. Choe writes for the Associated Press.

Apple, under pressure from Trump, says it's boosting U.S. investment
Apple, under pressure from Trump, says it's boosting U.S. investment

NBC News

time9 minutes ago

  • NBC News

Apple, under pressure from Trump, says it's boosting U.S. investment

Apple said Wednesday that it would expand its planned investment in the United States as it faces pressure from President Donald Trump to shift its supply chain to American soil. The splashy announcement came hours before Trump's wave of country-specific tariffs were set to go into effect. The president's levy barrage isn't over yet. He said Tuesday that shortly he will be announcing tariffs on semiconductors, which could affect iPhones, iPads, MacBooks and other popular Apple products. The announcement came as Apple CEO Tim Cook visited the White House to speak about the investment alongside Trump. The tech giant said it will manufacture the glass covers on all iPhones and Apple Watch devices sold worldwide in in the United States. Apple said manufacturing firm Corning will produce that glass at its Harrodsburg, Kentucky plant under a $2.5 billion commitment. "Apple will massively increase spending on its domestic supply chain for the iPhone, and will build the largest and most sophisticated smart glass production line in the world," Trump said. That plant has been producing glass products for over 60 years, according to a post on Corning's website. In 2021, Apple said Corning already supplied glass for iPhone, Apple Watch and iPad. Apple also said at the time that 'every generation of iPhone glass has been made' at the plant named in Wednesday's announcement. Apple supplier Applied Materials also announced that it would invest $200 million in an Arizona factory that manufactures chip-making equipment. That equipment will be used by Texas Instruments, another Apple supplier, to make some semiconductors used in Apple's products. Apple said the glass manufacturing announcement was part of a $600 billion commitment to bring parts of its supply chains to the U.S. Previously, the company had vowed to invest $500 billion over the next four years. "Apple will also build a 250,000-square-foot server manufacturing facility in Houston, and invest billions of dollars to construct data centers across the country from North Carolina to Iowa to Oregon," Trump also said. However, Wednesday's announcement doesn't mean manufacturing or assembly of any of the company's major products, such as the iPhone, iPad or MacBook, will come to the states. Most of Apple's most popular products are currently exempt from tariffs while the Commerce Department conducts a so-called Section 232 investigation to determine the national security impact of importing those products and their parts. Despite the exemptions, Apple took an $800 million hit in the last quarter from tariffs and predicted it will take another $1.5 billion hit in the next three months. In a May social media post, Trump said: 'I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else.' Apple's investment bears some similarities to recent announcements from the president. OpenAI, Oracle and Japan's Softbank collectively pledged $500 billion to invest in building out data centers across the country to power artificial intelligence applications. But months after being announced the plans reportedly hit some snags. The three firms said they would 'immediately' begin investing but now the plans call for just one small data center in Ohio by the end of the year. A trade agreement between the Trump administration and the European Union included what they said would be $600 billion of investments in the United States and $750 billion of energy purchases. 'They gave me $600 billion, and that's a gift,' Trump said on CNBC Tuesday. 'They gave us $600 billion that we can invest in anything we want.' However, the E.U. said in a statement that European companies have only 'expressed interest in investing at least $600 billion.' The E.U. does not have any mechanism in place to incentivize those investments. Similarly, the E.U. has said $750 billion is only a projection of potential energy purchases over the next 3 years.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store