Provide solutions that increase accessibility, transparency, and security of healthcare data and transactions.
Solution providers are beginning to understand that blockchain and healthcare are a logical fit. Blockchain technology, which leverages a distributed, immutable ledger to record data, facilitate agreements and track assets, offers healthcare organizations new tools that can streamline processes, build trust, and enable practitioners to devote more of their time to patient care.
Expanding your business to provide blockchain solutions for healthcare may be a beneficial move in 2022. Mordor Intelligence predicts that the global blockchain market in healthcare will grow at a CAGR of 8.7 percent through 2026 to reach a value of USD 3.49 billion.
Blockchain’s ability to address common challenges in healthcare IT is driving adoption for use cases, including:
Hackers and ransomware groups target healthcare organizations for valuable, monetizable patient data. Furthermore, IBM Security reports the average cost of a healthcare data breach has risen to USD 9.3 million per incident. Although hacking a blockchain is possible, it’s difficult to seize control of more than half of the mining processes that would allow it. As a result, blockchain solutions can create a single, immutable copy of patient data and immediately detect any effort to steal or corrupt it and – when used with other security solutions – offer strong data protection.
Medical Records Access
Blockchain may be the key to managing patient data and enabling access to new providers and specialists. Storing data on a blockchain can give authorized users easy access to the data they need.
Blockchain can also provide a mechanism to collect data after patients leave the hospital and keep their caregivers informed.
Insurance Fraud Prevention
Blockchains are characterized by transparency. Parties involved in contracts or agreements can see when conditions are met, services are provided, and funds released. In addition, blockchain can be used to track services, claims and reimbursements, with its “smart contract” functionality, eliminating the time-consuming workload from healthcare organization staff.
This feature of blockchain solutions can also provide patients with a greater sense of empowerment. Blockchain technology can clearly show them which services are covered, payments made on their behalf, and the remaining balance.
Medical Credential Tracking
Solutions leveraging blockchains can make medical credentials more transparent, easily accessible, and save time during recruiting and hiring processes.
Quickly accessing information on medical equipment, its status and location are vital to providing patient care. A blockchain can provide a single record of assets by their serial number or other identifiers, as well as a history of each asset’s maintenance and use.
Blockchain technology offers researchers the ability to track data from clinical trials with a fully integrated, tamper-proof system. Furthermore, all researchers have near-real-time access to a single source of truth on data from the study.
Blockchain has the potential to end the problem of counterfeit drugs. These solutions can confirm that pharmaceutical companies have produced drugs compliantly, then track inventory and authenticate it as it’s transported to providers or pharmacies. Blockchain can make it possible for consumers to see the lifecycle of their prescriptions as well.
Integration is Key to the Benefits of Blockchain and Healthcare
With Blockchain, you may hold the key to greater visibility, security, and efficiency for your healthcare clients. The most successful solution providers will take a big-picture view of healthcare solutions, addressing how blockchain solutions will work with existing data collection systems, patient monitoring, electronic health records (EHR), and other IT systems essential to operations.
Differentiate your business by building holistic IT environments that include immutable data via blockchain and enable better decision making, greater patient empowerment, and ultimately, better patient outcomes.