5 Compelling Ways Blockchain Companies Can Transform the Healthcare Industry

Cryptocurrency-And-Blockchain

The healthcare industry is no stranger to process issues. Most problems are the result of labour-intensive administrative methods, outdated programs, complicated supply chains, and the absence of a unified protocol in a sector that involves numerous stakeholders. Blockchain companies can solve these issues for good and improve healthcare operations with a decentralised ledger system.

Blockchain Technology Is Set to Revolutionise Healthcare

The blockchain’s decentralised ledger system makes it the perfect solution to most of the data-based problems that plague the medical industry. Here are five ways it can transform healthcare processes:

  1. It can simplify data sharing.

Patient records, insurance information, prescription drug history, and medical test results —these are only some of the data managed in healthcare institutions. The way these files are handled varies from facility to facility, which contributes to mismanagement issues and slows down information sharing.

Blockchain companies can develop platforms that enable efficient data sharing across a network. Such programs can consolidate a patient’s medical data records from various medical specialists, regardless of the doctor’s healthcare institution or specialisation.

A healthcare specialist only needs to get access to the platform to benefit from the recorded data. With the highly accessible database, doctors can get an accurate and comprehensive view of the patient’s medical history in a few moments.

  1. It can improve drug supply chain management.

The blockchain provides an efficient way to track the data of pharmaceutical products, such as their type, name, manufacturing details, and expiration date. The technology guarantees that once the drug is tracked and registered, the tracking data cannot be compromised or removed.

Blockchain-based data tracking programs can also interface with location-based technologies, such as GPS, to monitor a product in transit. Environmental sensors are especially helpful, especially when dealing with temperature-sensitive medications.

  1. It can prevent insurance fraud in the healthcare industry.

Blockchain technology providers guarantee that blockchain is fraud-proof, which makes the technology an excellent solution to insurance scams. Such cases happen when unscrupulous providers and patients submit false claims to receive benefits.

Blockchain-based platforms record all data in a network that is accessible to all parties that need the information. The information is impossible to alter once it is recorded.

If a patient’s health records and insurance information are recorded in a blockchain-based database, it only takes a few clicks to verify their identity and details. This can effectively prevent document tampering or falsification of documents that pre-empt insurance fraud cases.

  1. It can reduce paperwork.

Paperwork is reduced with blockchain technology since all the information and transactions are recorded and processed electronically. This simplifies paper-dependent processes, such as insurance claims, and speed up transactions.

  1. It can ensure compliance with facility rules and policies.

Blockchain technology can assure a deal between parties is carried out according to the policies of the agreement through smart contracts.

A smart contract is a computer algorithm intended to digitally facilitate, verify, and enforce the agreement stipulated in a contract. It can be applied in healthcare insurance management to ensure patients meet the requirements identified in their plans for cost coverages. Smart contracts can also automatically transfer money from the insurance company to the hospital.

Learn More About Blockchain Technology

Healthcare is not the only industry that can benefit from the blockchain’s features. Blockchain can also augment retail, marketing, manufacturing, food, and other sectors. Discover the ways it can revolutionise the way the world works by keeping up with blockchain news!

Leave a Reply

Your email address will not be published. Required fields are marked *