How healthcare is moving to blockchain

Although individuals on different political spectrums are likely to disagree on what should be done to improve the U.S. health care system, the situation in this health care field is rough and there will be more turmoil on the horizon. Few people would argue that we are facing Here are some of the challenges facing the U.S. healthcare system and what blockchain can do to help.

US medical issues

There are many issues plaguing the U.S. healthcare sector, but besides astronomical treatment costs and insurance premiums, patient data and information is paramount. Patient data is often spread across different facilities, and sometimes even across different counties or states. This dispersion of information makes it difficult for physicians to provide continuity of care because critical medical information is not accessible when it matters most.

Growing data requirements

According to the World Economic Forum, a single hospital generates 50 petabytes (15 zeros) of health data annually (approximately 137 terabytes per day). These numbers include the increasing use of connected medical devices within hospitals to record patient data. Hospitals must either rent storage capabilities from other companies or build their own storage facilities and data centers. All of this networking and storage increases healthcare costs.

data security

Data storage also raises cybersecurity issues. Because patient data contains personal information, stolen patient data can lead to identity theft, insurance fraud, credit issues, and more. These vulnerabilities place patients in need of care in a more precarious position. Additionally, if data is hosted externally, hospitals must ensure that their chosen data storage provider does not violate privacy laws.

Record transfer error

Many healthcare networks are spread out across different cities and towns, requiring patients to travel between specialists. Records are stored on a network of these facilities in a format accepted by these facilities. However, due to a lack of record-keeping standards, the records used by the original provider's hospital may be in a different format.

A lack of industry-wide input standards in medical patient databases can fragment patient medical histories and generate incorrect information, leading to misdiagnoses, medical errors, or untreated health problems. There is.

processing time

Payment processing times and billing errors can delay hospitals receiving payment for services, creating extra stress for patients with health problems. Medical costs increase as hospitals attempt to collect medical fees, and inappropriate billing further increases upward pressure on medical costs.

If you have to request records from outside providers in addition to payment processing, it can slow down patient processing. The information in these records can be important in identifying the problem, as it may be related to previous problems and treatments. Faster access to records allows physicians to see what else has been done on the patient, eliminates the need to perform tests completed by other health care providers, and reduces diagnostic time. Increased chances of getting patients.

Private equity firms own many hospitals

One of the most pressing problems in the United States when it comes to health care is that many hospitals are owned by private corporations or corporations that prioritize profit over patient care. According to the Private Equity Stakeholder Project, approximately 460 hospitals in the United States are owned by private equity firms, representing approximately 8% of all private hospitals and 22% of all private for-profit hospitals. . Even more alarming is the fact that an estimated 22.5% of the hospitals it owns are psychiatric hospitals, meaning that PE firms are very interested in profiting from the treatment of mental illness.

Hospital privatization creates additional barriers to patient data and treatment accuracy. Silos exist because patient data is not only private; It becomes the property of the hospital, which uses it as a means to generate more money.

How can blockchain help healthcare?

Blockchain technology has the potential to revolutionize the way health data is stored and transmitted. In fact, blockchain technology could be a solution for the industry as it has an ultra-secure cryptographic database and shared ledger that can provide fast and accurate communication.

Blockchain allows healthcare systems to store medical records confidentially and update patient data across multiple facilities and locations in real time with a high level of security. This frees up healthcare facilities' time and resources to focus more on patient care and innovation rather than administration.

Patients, rather than companies or businesses claiming ownership of the data, can reclaim their information and charge hospitals for its use through tokenization. Patients could refuse to monetize their information or force these companies to pay to share their information with other companies.

Blockchain solutions are already in place

Several companies are already leveraging blockchain to power healthcare. Although these ventures have not yet begun on a national scale, they demonstrate interest within the industry and theoretical openness to new technologies.

Hashed Health is one such company. Hashed Health leverages blockchain to generate a free and open community for healthcare professionals to discuss and partner to explore blockchain's uses in the industry. The company also offers an advisory board to help healthcare organizations understand how blockchain can be integrated into their existing systems. Finally, the company has a lab aimed at developing new blockchain technology solutions to problems plaguing the healthcare industry.

Medrec:M is another company focused on blockchain in the healthcare sector. Operate a transparent peer-to-peer ledger that allows providers to seamlessly track files and information. This service also facilitates direct communication with patients. Clinicians, facilities, and large-scale systems are connected on a single platform, enabling the most efficient communication of information currently possible.

conclusion

Indeed, many companies are looking to revolutionize healthcare through blockchain. It remains to be seen whether any of these operations will be successful in transforming the industry's ills and problematic practices. There is a lot of work to be done before healthcare systems can work together internally to make blockchain work.