Is Blockchain the Remedy for the Ailing Healthcare System?

By Lisa Bowman, editor, Data for XYZ.

Technological advancements have taken healthcare from a basic level to what, in comparison, seems sophisticated and state-of-the-art. For example, MRI, CT, PET and ultrasound technologies have drastically improved diagnostics and treatment in healthcare. Technology’s impact on communication has also radically changed healthcare. Images and information can be sent and received instantly, allowing medical professionals to consult and collaborate with each other regarding a patient’s diagnosis and treatment.

With digital means of recording and accessing patient medical history, continuity of care is easier than ever. With all of the changes technology has brought to the healthcare system, it would seem that patients and providers would be more than satisfied with the level of care and efficiency.

Unfortunately, reality says the contrary. According to a 2017 Gallup poll, over 70 percent of Americans think the healthcare system in the US is “’in a state of crisis”’. Patients, providers, and insurance companies face frustrations daily. Patients struggle to interpret their benefits and get approved for treatment. Denial of benefits and delayed payments plague patients and providers. The problem isn’t a lack of technology, as previously discussed. The problem is a lack of a mechanism to capitalize on existing technology. Information is already digital in the majority of medical offices, and a range of methods for electronic communication already exist. What the healthcare system needs now is a streamlined way of getting information where it needs to go in real time.

Blockchain to the Rescue

At first mention, it may seem far-fetched that blockchain technology would help the healthcare system. Most people know little about what blockchain technology, and if they are aware of it, it’s most often associated with cryptocurrency. Interestingly, the same blockchain technology that makes cryptocurrency possible is being applied in many arenas outside of cryptocurrency due to its ability to securely and efficiently verify and log transactions.

The blockchain is essentially a ledger of events that updates in real time. In cryptocurrency, for example, algorithms verify authenticity of coins, and coins are sent and received once verification is determined. The transaction is then stored in the blockchain. This is appealing to many people for many reasons. One reason is that quicker transfers of currencies are possible when the middle man is eliminated. Algorithms can do in seconds what banks take days to do. Another reason is that information is encrypted, which means privacy and security of information.

In terms of healthcare, a company called Solve.Care has undertaken the challenge of solving the existing problems in the healthcare system using the blockchain. The biggest plagues in healthcare are rooted in the administrative area. Many hours are spent tracking down information that should be easily and instantly available to relevant parties. For instance, it may take days or weeks to receive a letter denying an insurance claim.

Once the provider receives the letter and contacts the patient, the patient then has to contact the insurance company to see what information is needed to approve and pay the claim. This snowballs into a maddening web of phone calls and emails to get the information from the provider to the insurance company. Then, it could be days or weeks for the appeal to be processed. Countless hours are wasted by all parties, which is money and time lost. Patients suffer the stress of not knowing whether they will get the treatment they need, and treatment is often delayed until payment is approved.

Solve.Care created a system of applications and a communication network to eliminate that type of inefficiency. By storing information on the blockchain and providing keys to relevant parties, information like proof of service would be available instantly. In fact, Solve.Care uses smart applications to automate many processes and eliminate others. Appointment scheduling would be done using an application. Patients would have electronic access to benefits information and easily determine eligibility and cost, eliminating time spent on hold and on the phone with insurance companies to request benefits information and verification. The blockchain would replace faxing, scanning and emailing by storing that information for approved parties to access in real time.  

Beyond smoothly and securely coordinating communication, Solve.Care has integrated payment solutions, as well. Care.Wallet is Solve.Care’s blockchain app. The Care.Wallet can sync with other wallets and store Solve.Care’s payment token, Care.Coin. Using Care.Coin and smart applications integrated into Solve.Care, patients have access to all of their information and can control who accesses what information. As a cryptocurrency, Care.Coin provides a secure method of payment. As a cryptocurrency integrated into the Solve.Care system, Care.Coin allows all parties to capitalize on real time updates, eliminating the payment delays often seen in the current healthcare system.

Successful integration of blockchain technology into the healthcare system stands to be the change that patients, providers, and insurers have been waiting to see. The need for improvement in healthcare is undeniable, as is the incredible potential of blockchain technology. Streamlining information sharing, automating various processes, and providing payment solutions would significantly alter the healthcare system and the experience of all parties involved.

One comment on “Is Blockchain the Remedy for the Ailing Healthcare System?”

BlockChain technology is having the vast application according to the core domain, It is good news for a health industry. It will reduce the delay between the process of any operation. It helps for the betterment of humankind.
Thanks for sharing grate content.

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