Blockchain Technology in Healthcare industry

How blockchain disrupts Healthcare industry

Current issues in the Healthcare industry

 Healthcare data management is critical to the claims process, which has struggled to maintain accurate and consistent information.

The healthcare industry suffers from an inability to share and exchange information due to complicated agreements between shareholders. The outcome is an inefficient outdated healthcare payment process that leads the millions of waste spent resulting from claims errors and disputes.


Now imagine a world where all parties in a business network have access to the same information that means there’s one version of the truth which is always in sync.

Blockchain-based solution:

The blockchain solution can enable just that simply the find blockchain is a shared distributed ledger that facilitates the recording of transactions and asset tracking for anything of value.


The shared ledger allows all parties to monitor and analyze the status of an asset in near real-time.


Another pain point today is denied claims due to missing or inaccurate information such as patient’s name, subscriber information, diagnosis and procedure codes.


The term clinical attachments is a concept surrounding the need for additional clinical information when a payers adjusting a healthcare claim. The basic premise is that sending a claim without all supporting data is time consuming, costly and challenging for all parties involved.

 

Blockchain enables claims process provides transparency into claim requirement and reimbursement rules for all parties. If the agreements between providers and patients payers and government regulators were agreed upon and then stored via smart contracts on the blockchain.


Providers would know exactly what information is needed prior to submitting claims.


Proper data formats requirements are stored on the blockchain would enable providers to easily format the claim data to ensure that all information is entered correctly. This clarity reduces or eliminates claims being returned due to insufficient information.


The potential use of blockchain technology in healthcare are multiple and varied. Here we present the wide-ranging list of prospective healthcare related use cases that the industry has been debating.


Notarization / Identity verification

Registration of EMR, insurance, and other healthcare records.


Collaboration of crowdsourcing

Open bazaar for services, transparency in pricing, and health property exchange.


Medical banking

disintermediating counterparties.


Counterfeit drugs prevention and detection
introduce blockchain enabled solution to protect and enhance the pharmaceutical supply chain.

Clinical trial results
Improve accountability and transparency in the clinical trial reporting process.

Smart property
Track provenance and introduce anti-counterfeit measures for health assets.

EMR
Personal health record storage and access administered using blockchain, with user key                    permission for doctors and other authorized parties.

Health document notary services
Proof-of-insurance, test results, prescriptions, status, condition, treatment, physician referrals.
Genomics                   research

Population health management

A blockchain based personal record (PHR) system measuring customer outcomes and influencing medical actions. 

IOT

Consumer-generated health data meets IOT wearables through data accessibility and interconnections with health records.

Validation and payment claims

Consumer-generated health data meets IOT wearables through data accessibility and interconnections with health records.

Outcome-based payments
Assigns each consumer a unique digital identity with data from blockchain.

Real-time / Contextual forms of insurance
Assigns each consumer a unique digital identity with data from blockchain.

Health research commons
Aggregated personal medical records, qualified self-data commons(DNA bits), genome and connectome files.

..

Genomics research
Accessibility to genetic data secured on the blockchain.

Blockchain Technology for Electronic Health Records

One of the biggest problems in healthcare today is that organizations hold multiple and fragmented health records about patients. Kare portals solve these problems by putting medical records transactions on the blockchain to create a smart healthcare ecosystem. With Kare portal, a smart contract is launched to give time-limited access to patient electronic health records.

Doctors write notes add scans, add lab results which are all recorded as transactions.


The pharmacy dispenses medication and also records the transaction on the blockchain.


The patient gives time-limited access to their insurer for verification of treatment and payment settlement.


With smart contracts, patients rewarded doctors to remotely review medical cases and provide advice or a second opinion.


Patient give health insurers access to their health record to monitor fitness progress and are rewarded with tokens or reduced insurance premium.


For the economic purpose, you can trade the stored data and get the med tokens as a reward.


Patients are also rewarded for giving research institutions, time-limited access, to their health records for a medical trial purpose.


Kare portal is issuing med tokens which patients will use for storing electronic health records on the blockchain.


Data from wearable fitness devices and transfer value and payments. Kare portals healthcare ecosystem will be a platform for developers to build smart applications that analyze health data and provide recommendations such as nutrition and fitness routines.


We are a real company driven by Australian doctors and the blockchain community. Phase one of the medical chain is already running at various hospitals across Australia.


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Benefits of Blockchain Technology in Healthcare industry

  • Improved data integrity when shared.

  • Decentralized of ownership of information.

  • Improved trust and security in the patient-doctor relationship.

  • Reduce transaction cost.

  • Potentially reduced healthcare cost.