“Blockchain is poised to go big in healthcare soon” according to CB insights. Using blockchain for projects that do not require patient data, can help prepare healthcare organizations for larger blockchain projects while adding value by reducing costs and improving the efficiency of the process.
Why it matters?
Blockchain is an emerging tech, with numerous exciting potential use cases.
Blockchain could help solve some of the industry's biggest problems, because of its robust privacy design and interoperability; it can be applied to a wide range of healthcare applications as well. Current healthcare record systems are incompatible and are fragmented. The financial losses due to healthcare fraud are in the tens of billions of dollars each year, according to the National Health Care Anti-Fraud Association (NHCAA) in the US.
Blockchain could benefit in many ways to name a few of them we have some use cases like:
Medical Records: When a medical record is generated it can be written to the blockchain, which in turn will provide proof and confidence that a medical record cannot be tampered.
The same concept can be applied to keep a track on drug records.
Security: Reducing counterfeit drugs, fraudulent billing, and medical/ drug supply chain.
Personalized Medicines: Genomic risk prediction
Consent Management: Patients will have control of their own data and they can make decisions to whom they want to share it with.
Identifying Patients: When you consider the fact that a unique patient identifier can solve the problem of mismatch patient EHRs (Electronic Health Record), which in past has led to several errors in patient care and increased the risk of patient harms.
Micro-Payments: The patient can also be incentivized to for good behavior via a reward mechanism. Example, they can get tokens for following a care plan or for staying healthy. They can be rewarded by tokens for giving their Electronic Health Records for clinical trials and research.
Administrative and Financial information: For Insurance eligibility and claims processing workflows with decreased transactional costs.
Insurance fraud is the major problem affecting the healthcare industry, this happens when providers and patients submit false papers & documents to receive the payable claims.
Research: Medical institutes around the world conduct their own research and clinical experiment on various new drugs and medications. A blockchain will help create a single database to collect all this data and put it in one place.
This space has no lack of money considering these facts and figures:
1. Global health care spending is projected to increase at an annual rate of 4.1% in 2017-2021, from just 1.3% in 2016.
2. Per-person health care spending will continue to vary widely, ranging from $11,356 in the United States to just $53 in Pakistan in 2021.
According to the figures, it definitely looks like the future of the healthcare industry is indeed decentralized and hope that the blockchain technology provides the innovation boost to this industry that it needs.Blockchain has potential to make Health information exchanges(HIE) more secure, efficient and interoperable.