Healthcare is a complex industry. Besides, most of the traditional systems used in the healthcare sector are outdated in terms of cost, efficiency, and security. As a result, most of the private patient information ends up in the wrong hands. Every time a patient visits a hospital, the management spends a long time to fill up the forms. The long and tedious processes often lead to wrong diagnosis or errors.
Having a common platform, such as blockchain provides a single form of truth. It harmonizes all the activities and prevents the errors and mistakes associated with third-party interference. Doctors also save time and thus reduce their expenses. Since its introduction in the healthcare industry, blockchain technology has caused an overhaul in different segments.
It has also facilitated the establishments of multiple initiatives such as MedRec. MedRec is an MIT open-source blockchain solution. Its main aim is to provide safe storage of medical records in the blockchain.
Discussed below are the main benefits of blockchain in the healthcare industry:
Protects crucial data– most research and development activities in the healthcare industry are affected by data leakages. They also face the authentication challenge since the loss of the patients’ private information is recorded in different phases.
When the healthcare machines are equipped with blockchain cryptographic features, the process of checking data authenticity becomes easier. This provides a precise solution to all issues related to data security and trust.
Easy access– by automating healthcare activities, blockchain technology helps the industry to get maximum workforce potential. This enhances human productivity and increases the level of production.
As compared to the traditional budget control methods, blockchain produces a higher output within a shorter period. Also, slicing the processes into many phases keeps the total budget under control. It cuts down the administration costs and provides a better allocation of funds and resources.
Blockchain technology prevents patients form faking their medical history. This is most beneficial in cases of unknown medical histories, false medication claims, and missed vaccinations. The technology also aids to trace manipulation and data manipulation with ease.
Enhances security – the healthcare industry deals with sensitive information. Leaking the data or changing it in any way can lead to legal actions. Both insurance companies and doctors must access the information as part of their duty.
With the help of blockchain technology, the patient’s data remains intact. This is because blockchain uses cryptographic algorithms to save information and communicate with different entities.
Apart from the high interoperability associated with blockchain in the healthcare industry, the new technology improves transparency. With it, medical practitioners no longer give false prescriptions or create a list of ghost patients. Additionally, the latest technology reduces paper documentation when filing for claims.
Improves effectiveness– the streamlined data sharing among the leading healthcare providers enhances efficiency. It gives a precise diagnosis, offers efficient treatments, and eventually enhances all the activities in the industry. Quality, agility, and uniformity are some of the features that blockchain technology offers to improve effectiveness in the healthcare industry.
Smart contracts– Smart contracts are beneficial to the health industry in many ways. Firstly, they allow all health-related information and records to be kept securely in the digital ledgers.
With the ledgers, patients can be transferred from one health center to the other without having to fill many forms. This is because the preferred doctors can view their records on the network. Tracking the insurance payments for the patients is also made easier by the smart contracts. The system releases insurance payments to the appropriate entities immediately once everything is found to be alright. The smart contracts also help to facilitate the compliance of the regulatory standards.
Secondly, smart contracts help in telemedicine. Telemedicine assists doctors to reach their patients quickly through electronic devices such as mobile phones, Wearable Body Area Networks, and other IoT devices. In most cases, telemedicine is used in chronic health management and collating the real-time measurements of the patients. The advancements are highly beneficial to the healthcare industry as they reduce the administrative inefficiencies and thus enhance the patient’s outcomes.
The blockchain technology is still in its early phases. Although it is associated with some downsides such as increased overheads, the benefits outweigh the downsides. By storing all information in a single place, blockchain technology has been proven to reduce the costs for processing medical data. More and more healthcare companies should adopt it to increase transparency, security, and improve the general performance of the companies.
