The Benefits of Blockchain in Healthcare
The healthcare industry is currently set to face a massive overhaul. With change knocking on the doorstep, it really begs the question: how will technology have its hand in shaping this transformation? While many answers have been asserted none look more promising than blockchain technology. This new technology has professionals excited about how it can revolutionize data stored by healthcare providers.
Currently, the flow of information within the industry is largely controlled by middlemen. These middlemen often come in the form of insurance providers, who take a profit for their services. Thanks to the addition of a go-between, inflation exists in the cost of healthcare for consumers. Oftentimes, it doesn’t provide the highest quality services, or really even quality services.
Bringing Healthcare into the 21st Century
So how do we get rid of the middleman? Great question! It look like blockchain is poised to become the next big shift in technology, particularly as it relates to payments and payer contracts. For example, in a situation when an insurance company and patient are dealing with a contract, the blockchain can automatically verify and authorize information, as well as the contractual processes. There is no more back-and-forth haggling with the insurance company regarding what was paid, why it was paid, or whether it should have been paid. Once an action is recorded (a payment in this case) on a blockchain, it’s there for good. With transparency and automation, greater efficiencies will lead to lower administration costs, faster claims and less money wasted.
The inefficiencies within the industry are far-reaching and are quite deeply rooted. Because of this, blockchain technology looks to be such a promising innovation for healthcare. It looks to simultaneously address several problems facing the industry, all under the blockchain umbrella. Once stakeholders realize this potential, they will be far more ready to implement the new technology.