How Can Healthcare Industry Benefit from Blockchain?
healthcaretechoutlook

How Can Healthcare Industry Benefit from Blockchain?

By Healthcare Tech Outlook | Monday, February 10, 2020

Blockchain technology uses advanced APIs to turn data storage and EHR interoperability into a consistent process. As the blockchain network is only distributed across the certified people and in a secure form, it eliminates the additional spending linked to data reconciliation.

FREMONT, CA: There are only about five to six percent CIOs and less than 12 percent of the industry executives who have employed blockchain in their roadmaps. This instance is the main reason why it becomes crucial to understand the practical applications of blockchain technology in the healthcare sector.

Below are five essential approaches to how blockchain could benefit healthcare:

1. Single and Longitudinal Records of the Patient

Individual patient records comprising laboratory results, disease records, and treatments can be accomplished with the employment of blockchain. Furthermore, the approach works by assisting providers in using relatively better techniques to take care of the patients.

2. Master Patient Indices

Often when one tackles a plethora of patients’ database, the records are mixed up or lost. Plus, based on the EHR the organization is hiring, there can be a significant amount of difference in the process of recording database, which can complicate even the simplest form of data. Simultaneously, all the reports are prepared in a single data entry book—ledger. For example, if one searches for the address-related details of a person, there will be several addresses and different keys; however, the process will give only a single patient ID.

3. Supply Chain Management

Implementing the blockchain can help healthcare companies in screening the supply-demand cycles. For illustration, questions, including: how does the monetary transaction happen? If the specific contract the company has accepted is running efficiently? Or is there any delay in it? All these details can be easily monitored using blockchain.

4. Claims Adjudication

As blockchain works on a validation focused exchange system and transaction, the claims get mechanically confirmed where the system accepts the process a contract is carried. Additionally, as there is no central authority, the chances of occurrence of mistakes and frauds are from rare to none.

5. Interoperability

Blockchain technology uses advanced APIs to turn data storage and EHR interoperability into a consistent process. As the blockchain network is only distributed across the certified people and in a secure form, it eliminates the additional spending linked to data reconciliation.

See Also: Top Blockchain Solution Companies

Weekly Brief