Blockchain: The Next Big Catalyst in Healthcare
This year’s tech buzzword, Blockchain is poised to become the next big catalyst in healthcare innovation. According to the BIS Research analysis, the global blockchain in the healthcare market is forecasted to reach $5.61 billion by 2025 with double-digit growth throughout 2018-2025. The use of blockchain for healthcare data exchange will contribute the largest market share throughout the forecast period.
What is Blockchain?
Blockchain is a distributed database that maintains a list of records. Each record is called a block, and each block contains the history of every prior block. It is described as an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions, but virtually everything of value. Satoshi Nakamoto is the pseudonym of the person or group of people, who developed Bitcoin and devised the first blockchain database.
This new distributed ledger technology has the potential to transform the healthcare ecosystem through the increase in security, privacy, and interoperability of health data. It could also provide a new model for health information exchanges by making electronic health records (EHRs) more efficient and secured.
Benefits of Blockchain Healthcare Ecosystem
The lack of interoperability in healthcare data storage systems can cause difficulty to health providers and payers to transmit, retrieve, and analyze data efficiently. Recent data breaches and malicious attacks on healthcare organizations have become a widespread concern.
Blockchain healthcare ecosystem offers the possibility of creating a reliable platform to track the changes across proprietary systems and answer many of the concerns associated with data integration. Some of the key benefits of utilizing blockchain in healthcare include the following:
1. Greatly Reduce Costs
The adaption of blockchain technology in healthcare can streamline operational processes and promote more transparent procedures for both providers and payers. The BIS report says blockchain could save the healthcare industry up to $100 billion per year by 2025 in data breach related costs, IT costs, operation costs, personnel costs, and health insurance related frauds. Smart contracts can automate transactions on blockchain to enhance data quality and reduce administrative costs. Health insurance is expected to get up to $10 billion reduction in costs annually.
2. Enhance Value-based Care
Blockchain can pave the way for the shift to a more value-based healthcare system from the existing fee-based healthcare model. It can provide a new model for health information exchanges (HIE) by making electronic health records more efficient and cryptographically secure. It can improve patient engagement and provide opportunities for more customer-centered approach. Capitalizing on this technology has the potential to connect fragmented systems to generate better healthcare insights. It can increase accuracy in providing medication prescription and provide tamper-resistant means of storing medical histories.
3. Simplify Claim Processing
Blockchain technology functions as a distributed encrypted ledger that is shared across network users and devices. It can help payers and providers sort out payment disputes by automatically verifying information, leading to faster claim payments. It can simplify the complex medical billing process by eliminating the series of validations and multiple third parties. It can expedite and secure claim adjudication and payment processing activities. In effect, blockchain can act as a catalyst in unifying a highly fragmented healthcare record system.
4. Secure Data Integrity
Blockchain creates a secure network of authentication that is verifiable and prevents fraud. With blockchain, a device cannot access a network unless it is verified through the entire ledger. It forms an immutable record of changes that could be examined to verify what was changed, when it was changed, and who changed it. This blocks identity theft, prevents data tampering, and stops distributed denial-of-service (DDoS) attacks. It promotes data integrity and transparency by distributing evidence across many blockchain nodes, thus making it difficult for hackers to manipulate data without being caught.
5. Promote Mobility and Medical Tourism
Blockchain technology can help standardize and decentralize global health management records. It leads to better interoperability of healthcare systems that can be accessed via internet anywhere in the world. This can encourage customer mobility and promote medical tourism as more than half-a-million Americans regularly travel overseas for medical care. Insurance organizations plan to leverage medical tourism to offset the high costs of domestic healthcare. Regardless of the geographic location, blockchain can facilitate mobility in healthcare across the globe while keeping patients in control of their medical data.
Healthcare Information Technology Outsourcing
A total shift to blockchain based solutions will require significant investments and may face challenges in building seamless integration with legacy infrastructure. A more practical approach is through Healthcare Outsourcing, which can offer you customized solutions for your cybersecurity, operational productivity, and other customer engagement requirements.
Infinit-O Global is a trusted leader in Healthcare Information Technology Outsourcing solutions. We are committed to providing quality-based solutions that consistently delight our clients. We place such high importance to our performance commitments that we guarantee our work.
Infinit Healthcare offers comprehensive healthcare management solutions for your business success. Our software engineers and IT professionals are adepts in using SaaS and blockchain-based applications that enhance the data integrity and cyber security of your organization. Our clients commend us for consistently delivering optimum results and a delightful customer experience.
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