Blockchain is the new cloud but instead of having data condensed into one server, it is securely divided amongst multiple secured systems. Here at the top 5 reasons Healthcare companies should consider the benefits:
- “Smart” Contracts
- Faster way for contracts to get automatically processed. Once the conditions are met it will immediately be administered. It will eliminate the middle-man of having to approve each contract individually.
- Supply Chain Processes
- This new development can help supply chains become more efficient. It will help bring to speed supply and demand. It could assist in the prevention of fake or fraudulent drugs/medical devices entering the system.
- Physician Credentialing
- This may be the most efficient way to make sure a physician has all their credentials and that they are up to date. This will increase patient safety, quality of care and risk management.
- Peer-to-peer data exchange
- Blockchain will help avoid double entries such as prescriptions. It will also decrease wait time for authorizations and assist in the prevention of prescription shopping by drug dealers/junkies. It also increases the portability of personal data, meaning someone who lives in California could easily transfer their medical records to a New Hampshire Doctor whilst on vacation in that state or to a local hospital in the case of an emergency.
- Proof of Work
- Block chain utilization could act as a system of verified checks and balances against fulfilment of medical analysis/procedures . Physicians will not be able to alter their entries since these will be logged and timestamped accordingly. It will also highlight excessive medical procedures, assist in federal/state/insurance company fraud prevention, and act as billing mechanism for work completed.
Read more about blockchain here.
This article was created by Stephanie Sok, Business Researcher, Global Healthcare IT, Inc. with assistance from the following base line articles: For more on each please click on the link.
Stephanie can be reached on email@example.com.