blockchain help in Healthcare
blockchain help in Healthcare
The healthcare industry is under extreme pressure to both
regulate costs and to provide high quality to patients. As the industry evolves
alongside emergent market-disruptive technologies, it becomes increasingly
difficult for businesses to keep costs down while remaining competitive.
Numerous federal regulations are adding to industry pressure.
Government mandates such as health insurance marketplaces, Medicaid expansion, and
health information exchange (HIE), Meaningful Use and the Medical Loss Ratio are
working to ensure that effective patient care becomes the focus of healthcare
delivery—with all suppliers and providers in compliance.
This shift in focus has required participating healthcare
businesses to continuously look for opportunities to reduce costs while
enhancing the quality of care that patients receive. Keeping up with these
market changes would not be possible without the technological advancements
that support the healthcare industry.
This paper discusses the evolution of block chain technology and
how its application can produce a breakthrough in the healthcare industry; more
specifically, the benefits it can bring to case management and member health
management.
Block chain has the potential to alleviate one of the major
challenges of the industry: the transmission of patient data across geographies
without compromising its privacy and security. This application of block chain
can have a major, positive impact on member health management and also provide
a critical link in the support of medical tourism.
The distributed ledger methodology known as block chain is
piquing interest in the healthcare industry as organizations search for more
secure and trusted strategies for managing big data.
By decentralizing ownership of key data sets, yet increasing the
strength of permissioned sharing protocols, block chain proponents hope to
create an interoperable, patient-centred big data ecosystem that prioritizes
accuracy, timeliness, and shared-decision making.
Providers are eager to invest in this vision, which could be
game-changing for payers, patients, and their clinicians. Interest in
blockchain-based tools is strong, with 68 present of payers and 12 present of
providers planning on at least one blockchain implementation by the end of 2018,
according to a recent Black Book poll.
Early
use cases for blockchain have
included the creation of a truly longitudinal health record controlled entirely
by the individual and a more robust patient matching and identification system
that improves patient safety while eliminating administrative pain points.
But as blockchain gains ground among health data management
experts, the number and scope of these use cases continues to grow.
How Blockchain help in Healthcare
Today healthcare services are more demanded and lot of expensive.
Growing demand for healthcare services and integrated-care delivery, coupled
with increased focus on member-health management, accentuates the need for an
information technology system that can remove dependency on middlemen.
Blockchain can help overcome most, if not all, of these challenges. A system
built on distributed architecture, blockchain doesn’t require multiple levels
of authentication and—at the same time—gives complete, on-demand Access to
chronologically-arranged data. It is a robust technology that can drive
healthcare Industry performance, improve quality of care and lower the cost of
delivery.
Healthcare Industry Challenge
|
Blockchain Opportunity
|
Fragmented Data
|
·
Decentralized storage using computer networks for patient
·
Shared data across the network and
nodes
·
Decentralized source of internet of Things
(IoT) data
|
Timely Access to Patient Data
|
·
Distributed, secure access to patient health data across the
distributed leadger
·
Shared data enable real-time updates across the network
|
System Interoperability
|
·
Decentralized Internet and computer networks across geo graphics
·
Enables authenticity (system authentication)
|
Data Security
|
• Digitizing data security
of transactions – digital identity
protects patient privacy
|
Patient Generated Data
|
·
Data from wearable devices (IoT)
aggregated to provide
holistic patient care
|
Access and Data
Inconsistency
|
• Smart Contracts create a consistent
and rule- based method for accessing and
analysing patient data that can be permissioned
to selected health organizations
|
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Purpose
The health care industry is one of the largest industries in the world,
and it has a direct effect on the quality of life of people in each country.
Health care (or healthcare) is the diagnosis, treatment, and prevention of
disease, illness, injury, and other physical and mental impairments in humans.
Health care is delivered by practitioners in medicine, chiropractic, dentistry,
nursing, pharmacy, allied health, and other care providers. The health care
industry, or medical industry, is a sector that provides goods and services to
treat patients with curative, preventive, rehabilitative or palliative care.
The modern health care sector is divided into many sub-sectors, and
depends on interdisciplinary teams of trained professionals and
paraprofessionals to meet health needs of individuals and populations. The
health care industry is one of the world's largest and fastest-growing
industries and forms an enormous part of a country's economy.
blockchain help in Healthcare
Reviewed by Vikas Kumar Singh
on
February 28, 2018
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