The healthcare sector in the United States or in many other countries is now a mess. Needless to say, the healthcare sector is looking forward to the Blockchain applications to make a turning point. Specifically, what can Blockchain do to improve the healthcare industry in the digital age?
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Blockchain has soon become a focal point in the field of health care. It's mostly discussed theoretically and experimentally as it is not yet clear whether the benefits of using Blockchain in general and hospitals in particular outweigh initial costs.
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However, the following undeniable evidence that will convince you of the practical and effective applications of Blockchain:
Thanks to Blockchain, instead of medical records stored on servers of many different parties such as hospitals, insurance companies, the patient is now the main owner of his medical records. Up-to-date health records help patients view the latest and most accurate information at any time; At the same time, the hospital also has direct access to the latest data in order to provide the best healthcare services to patients admitted to the hospital or emergency room, thanks to the Blockchain application.
In particular, its benefits are maximized in cases where patients are transferred to other hospitals. No matter where you are, every patient just needs to retrieve information and their check-up results on the blockchain, even if the two hospitals are not in the same language or use different softwares. This greatly minimizes the cost of checking up, as well as helping hospitals provide proper initial treatment schedule to the patients. Treatment time could be reduced to the minimum yet still ensures the effective performance.
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The authentication and updating system of the Blockchain application is far more secure than the conventional two-factor authentication system, which consists of a single identification token and a corresponding PIN, keeping the hospital far away from hackers. Patient information is kept secure and safe during the treatment. This is probably the biggest benefit for patients and relevant parties in the healthcare system.
Thanks to its advanced storage and security features, the third feature is to maximize the quality of service. Thanks to Blockchain, the ability to allocate each service, medical product or drug directly to each patient will be guaranteed to be conducted quickly, safely and accurately. Substandard products detected by the Blockchain application are also removed from the warehouse immediately.
Pilot projects applying Blockchain to healthcare
With such strengths, by 2018, many of the world's leading healthcare organizations have been experimenting Blockchain technology in their pilot projects.
US Organization Declaware: Conducted a Blockchain technology trial project, focusing on the authorization process for healthcare providers and health insurance companies.
UnitedHealth Group and Humana – rivals in the Medicare space – are looking to potentially cure inaccurate provider lists with some proverbial blockchain medicine. The two major health insurers are initiating a pilot program to study the positive potential of applying blockchain technology’s decentralized ledgers to what is currently an unorganized mess of incorrect information. This is considered to be smart and up-to-date idea when the insurers are most likely looking to prevent potential fines from the Centers for Medicare and Medicaid Services (CMS), which is considering penalizing insurers upwards of $25,000 per day for featuring provider lists with incorrect information.
Change Healthcare: Expected to launch the first Blockchain network model in the healthcare field, called the Intelligent Healthcare Network. The Intelligent Healthcare Network currently processes more up to 550 transactions per second through its blockchain applications, according to the company. This technology contributes to overcome all existing problems in healthcare: improving the transparency and efficiency in healthcare, take control over transactions, revenue and payment status to avoid any unexpected lost for healthcare service providers.
Medicalchain and Patientory: The two leading providers of Blockchain solutions for the healthcare industry, aim to help patients stay in control of their health information and manage their health care better using Blockchain.
Applying Blockchain to healthcare is a new approach, giving more opportunities with more diverse experiences in the field of global health.