One by one the blockchain technology has charmed it’s way in every industry we can think of. It’s getting more powerful as we speak of it. After All, why shouldn’t it, it’s truly a liberating technology. But, how does the healthcare industry benefit from it? It’s a valid question and the answer is not as simple as we thought.
When we think of health care, what are the first few words that pop up in your head. Doctors? Hospitals? Pharmacists? The people behind the curtain are often unintentionally forgotten; we’re talking about important stakeholders, insurance companies and the government. You see, while they might not be in the front line, they play an important role in the running of a hospital. But, what seems to be the problem?
The flow of information between the front rowers and the people behind the curtains. For a very long time, the unclear exchange of information has been a huge problem and it affects the entire healthcare ecosystem. Which is not good for you either! Imagine stepping into a hospital where you can’t use your insurance or it takes forever to get a prescription? It’ll be infuriating! And, this is not even a life and death situation. But, imagine if it was? Get the picture?
However, thank god for blockchain, it’s here to save lives!
Different Set of Goals
Since there are different stakeholder involved, each one has their separate set of goals. What this really means? The healthcare system is fragmented, which simply results in disorientation and inefficient services, including you my friend! Yes we know! Conflict arises everywhere and is inevitable. However, bringing effective ways of communication will help in data handling and the services provided in hospitals will improves more than ever. That’s the power of effective communication, now we know.
There is more! The blockchain technology will easily connect key stakeholders to each other which will have a top-down effect on the entire healthcare industry. The governments and insurance providers will have access to real-time high-level data, and that can easily help everyone is making more informed decisions. For instance insurance companies can investigate and prevent insurance frauds. Yes, that happens a lot more than you can think.
The Priority List
91% of the US consumers believe that pharmaceutical companies have profits as a priority and the parents are at the bottom in their priority-list. Can we blame them? We’re completely surrounded by huge companies who have often compromised their ethics for profits. However, blockchain has a solution! Drug manufacturers can use blockchain-based Supply Chain to gain the trust back of its customers. The cost of the drugs will be publically available to everyone. This way, the customers will be able to understand the pricing decisions made by companies.
Saving the Trees
The amount of paper used for patients files, record keeping, billing, communication with insurance companies and so many other services in a hospital is insane. Blockchain has the ability reduce paperwork because once everything is digitalized. It’ll not only reduce costs but it’ll also be more efficient. We can see how blockchain can bring a great deal of change in the healthcare industry and this will further progress in doing so once the healthcare industry starts reaping of the benefits of this new technology in town.