As we saw with the FDA crackdown, one regulatory agency will not solve all healthcare problems. However, one regulatory agency can prevent another agency from foisting its regulations onto an unsuspecting patient or clinician. Two seemingly disparate concepts are made more so by what seems to be a lack of communication between the two industries.
In healthcare, we are witnessing the emergence of new business models and strategies enabled by blockchain technology. Blockchain can change the way healthcare is paid for and delivered. However, for it to work, problems that have accumulated over many years need to be addressed.
Blockchain solutions in healthcare are often proposed as a method for delivering value-based care. While there is certainly some merit to this, it also opens the conversation to the possibilities of using blockchain for other scenarios.
Medical Records Can Be Shared Without Sacrificing Privacy, Bringing Significant Cost Savings.
According to a new study, medical records can be protected and shared without compromising the privacy of patients and doctors. Researchers from Brigham and Women’s Hospital, Harvard Medical School, and the University of California found that electronic records can be shared while maintaining strict privacy and security standards, a notable improvement on the high costs of paper-based records. Now, one of the ways in which this can be done is through medicare consulting firms that often work to improve the security of healthcare systems and electronic health records platforms. These firms enable healthcare providers to access relevant patient information efficiently which leads to better care coordination and outcomes. So, medical records can be kept secure and shared amongst the healthcare providers without compromising on the security.
Benefits of Blockchain Healthcare Ecosystem
Blockchain in healthcare technology works to solve one of the most nagging issues in healthcare: information silos. Each healthcare provider and facility holds its own patient records, and it can be difficult to transfer or access information between providers. To make it simple, Blockchain provides a single, secure, centralized ledger for all relevant information. By associating a patient with their electronic health record, blockchain is an example of how technology can help to address some of the biggest concerns in healthcare today.
Greatly Reduce Costs
It is a simple fact that many businesses today must cut costs to remain profitable, which makes it even more important for business owners to examine how they spend their money. A key area to focus on is understanding how to utilize their paper best. For example, the cost of printer ink can mount quickly, especially when you consider how many printers a business may have. By implementing simple strategies such as printing less, businesses can drastically reduce printer ink costs.
Simplify Claim Processing
Companies need to simplify their claims process. Paper forms, fax requests, and telephonic claim submissions must be replaced with electronic submissions to streamline and encourage clearer communication with health care providers. Electronic submissions are fast and easy and paperwork can be scanned directly into the system.
Through the use of blockchain technology, hospitals can revolutionize their managed care contracting processes with insurance companies, introducing more efficiency and transparency. This not only streamlines negotiations but also safeguards against fraud, ultimately enhancing the overall reliability of financial transactions in the healthcare sector.
Secure Data Integrity
Hackers are never truly gone. They’ve found a modus operandi that works, they’re good at what they do, and they simply aren’t going away. However, you can mitigate the risk and lessen the chances of something going wrong. This is where data integrity comes in.
Data integrity refers to the capability of data to be trusted and remain intact. It is an integral part of the technology systems used for processing and storing data. For example, making use of a robust AWS Global Infrastructure can provide a secure and reliable environment for storing and managing data, implementing encryption protocols, access controls, and regular backups to safeguard against potential breaches or unauthorized access. However, maintaining data integrity is not an easy task, as it requires continuous monitoring from data generation through processing to storage.
Promote Mobility and Medical Tourism
Medical tourism, which is the practice of traveling to another country to receive medical treatment, could soon be a major part of business travel. According to a 2016 Medical Tourism Association (MTA) report, more than 3 million Americans traveled to a foreign country for medical treatment in 2015.
Healthcare Information Technology Outsourcing
Healthcare Information Technology (HIT) providers are constantly working to change how healthcare is provided to patients and providers. Technology has dramatically changed healthcare, making it easier and more efficient. However, it also brings new challenges like security issues, compliance, and privacy concerns that need to be addressed.
Blockchain is a transparent way to securely and accurately record data, which will allow medical providers, insurers, and patients to share data more easily, lowering healthcare costs.
