Healthcare In 2030: Discussing The Future of Blockchain and The Road To Adoption
By Chrissa McFarlane, CEO, Patientory, and Jonathan Fuchs, FACHE, member of the board, Patientory Association.
As we approach a new decade, there are a plethora of predictions being made around the future of the healthcare industry. Healthcare’s journey to value will, of course, continue, however, industry challenges and boundaries (i.e. competitive pressure, lack of transparency, limited patient access and erosion of trust) are still areas of concern and opportunity as the industry progresses.
My education, experience, and journey as an entrepreneur led me to create Patientory to empower consumers with an application they can use to improve their overall health and well-being. We are the world’s first healthcare cryptocurrency and HIPAA-compliant blockchain network, with more than 50 nodes registered worldwide.
I recently sat down with Jonathan Fuchs, FACHE, veteran healthcare executive, who also serves as a board member for the Patientory Association. With more than four decades of experience in healthcare management and operations, Jonathan’s expertise in health information technology, data analytics has allowed him to focus on assisting healthcare startup companies on reimbursement strategies, the impact of data and analytics on value-based care.
Chrissa McFarlane: Jonathan, thank you so much for sitting down with me to talk about Healthcare 2030. Taking a look back at how the healthcare industry has advanced over the past two decades is astounding. However, as we look ten years ahead, I believe a consumer-centric healthcare system will be crucial for industry growth. What do you say to this and how do you believe technologies such as blockchain will lead the way in advancing this mission?
Jonathan Fuchs: Chrissa, of course. To your question, health information exchange will be critical in advancing the healthcare industry and honing in on the consumer-centric approach over the next decade. Blockchain will essentially help with interoperability by streamlining efficiencies, making health care an achievable and cost-efficient reality for all. The ability to transmit patient records safely and securely will, in turn, allow patient data to be viewed by hospitals and other providers in any participating region, city or country meaning the potential of blockchain will be boundary and boundless. In addition to this, the issues of cybersecurity are also top of mind. The ability to encrypt data (specifically on a healthcare blockchain) prevents unauthorized parties from accessing and reading patient data, even if they are able to access the blockchain itself.
Blockchain technology will help create better privacy standards within the industry.
Chrissa: What would you say are some of the roadblocks to Blockchain adoption?
Johnathan: Until the ability for various healthcare information technology systems to exchange, interpret and use data cohesively occur, we will continue to see latency in the adoption of Blockchain. The very structure of the technology enables data exchange to happen at a higher level of transfer. Which, currently, electronic servers and EHR systems are not set up to handle the volume or power requirements. Another roadblock is scalability, blockchain is expensive (for now)and at this point requires more power resources to handle the speed at which it operates. That’s not to say this will always be the case, but it’s definitely true today.
Chrissa: Historically, healthcare has been slow to change. Many would argue that healthcare should be more realistic than futuristic. What do you say to this?