Within eight years of its inception, blockchain technology is already disrupting the healthcare industry. This IT permeated blockchain technology fosters healthcare ecosystem which ensures privacy, security and interoperability of health data keeping patient at the center.
The stakeholders of healthcare sector are gradually inspired by the promising features of blockchain technology as they are well informed about the euphoric moment delivered by the technology in fintech industry.
The deployment of Blockchain in healthcare industry is expected to present new possibilities due to which stakeholders are motivated to invest in blockchain technology.
Health data exchange and interoperability: Blockchain enabled data exchange systems are cryptographically secured and immutable. The technology provides a shared platform that can decentralize health data interactions ensuring authenticity and integrity of exchanged health information.
- The technology maintains longitudinal health record which helps physicians to retrieve health history of the patients at the time of need
- Patients have more control over their health data
- The feature of seamless health data exchange enabled by blockchain remove burden and data reconciliation cost
Claims Adjudication and Billing Management: Blockchain technology contributes healthcare sphere by minimizing fraud related medical billing. The technology automates claim adjudication and payment processing activities by eliminating intermediaries and trustless exchange. It is estimated that up to 10% of healthcare costs are the result of overbilling or billing for non-performed medical services.
- It reduces administrative costs
- Helps insurance companies to figure out fake claims
- Patients are well informed about projected medicinal cost
- Removal of human judgement will lower the fraudulent cases
Drug supply chain integrity and remote auditing: Drug counterfeiting and theft is one of the major concerns of healthcare sphere across the globe. As per industry based estimation, pharmaceutical companies bear around US $200 billion loss every year due to counterfeiting and theft.
Blockchain technology based chain-of-custody log is helpful in tracking every step of supply chain by individual product or drugs. Further, the implementation of proof of identity by concerned authorities can minimize counterfeiting and theft of drugs.
The blockchain technology also supports in remote process auditing through the blockchain verifiable source of truth.
- The system promotes pharmaceuticals supply chain finance by lowering credit and encouraging fast payment
- Optimise workflow and eliminate intermediaries
Cyber security and healthcare IoMT: Blockchain technology helps in bridging the gap of device data interoperability. It supports large number of internet connected devices—Internet of Medical Things (IoMT)—in the healthcare organization. This ensures data security, privacy and interoperability around IoMT. Moreover, blockchain enabled technology supports in the storage of patients’ health data permanently.
- Helpful in providing remote diagnose through internet enabled devices
- Tracks patient’s health condition through IoT devices
- It secures the data emphasising patient’s health data privacy
Subarna Poudel is a researcher with Frost & Sullivan. He can be reached at firstname.lastname@example.org
Sapan Agarwal drives content and marketing for Frost & Sullivan. Sapan is based out of Kuala Lumpur Malaysia and can be reached at email@example.com | +603 6204 5830