Blockchain technology helps to make many medical processes easy and also eliminate errors by using electronic batch records in pharmaceutical companies. Before you discover how blockchain technology will help healthcare, you must understand what blockchain does. Blockchain is a public ledger, but private ledgers are also available for crucial information like medical and law.
The blockchain technology is well placed in the cloud so that hackers cannot reach your network. In this technology, the blocks are created using the encryptions of cryptography. Hence, this data will not be able to be viewed by anyone else except people with access to this network.
If you want to understand the better use of blockchain you can purchase bitcoins using smart contracts. This will help you to look at a blockchain facility closely.
Now, let us look into some of the ways how blockchain will facilitate healthcare.
- Managing and sharing medical data
There are many issues regarding medical data transfer and medical errors have resulted in being the third largest reason for death in the US. This is due to the lack of transparency between medical institutions and for the hospital management being incapable of sharing data unitedly.
EHRs have become one of the integral parts of the medical system. The patients visit multiple medical institutes in their lifetimes but often fail to secure the entire data on their health. For this reason, many have developed their own way of managing medical data leading to a complex process of medical data-keeping.
But when blockchain is introduced it will make assured easy transfer of data across the healthcare industry. This will allow the users to send the data both nationally and internationally. This will also lower the transaction fees, risk data breach, and also provide medical tourism.
Anyone will be able to alter the medical data that will be stored in blockchains. This network is a distributed ledger, hence, after the patient leaves the report will be uploaded in a block that can not be changed and stored for future reference.
- Developing and supplying drugs
Fake is increasing in the market, hence there is no telling who is lying and who is telling the truth. This is resulting in losses of over $200 billion every year, and also affects people who take those medicines. Even though the people who are purchasing these medicines can ask for certificates, some tricksters can also arrange those certificates.
The blockchain will help increase the transparency in the supply chain. Every action in the supply chain from small to big will appear on this system. Blockchain is also being used by some of the reputed companies like UPS, IBM, and Walmart.
Through the blockchain, the patients will be able to check the new drugs that are being introduced by pharmaceutical companies. They will also provide the data on which retail shops will be receiving them for sale. Every single detail about that drug can be integrated into the blockchain for consumers to grab all the information they need.
- Billing, Claims, and Frauds
Around 5-10% costs on healthcare are fraud, in 2014, the government discovered over $5.7 billion in fraud cases of healthcare. It is said that medical frauds result in an annual loss of $30 million. But when blockchain is introduced the system will reduce admin costs related to payments, claims, and time required to process by eliminating the middlemen.
The claims have been done manually, hence a lot of data in between gets lost, when the user relocates or moves form their networks. Over 40% of the user’s data has errors when it comes to information. If the data changes then it will need to be processed over many systems and on one or many user networks.
The blockchains will help in providing accurate information. A blockchain network can bring together the stakeholders in one place. The chain consisting of providers, payers, and patients will be brought in one place for making the process efficient. Smart contracts can also be generated for blockchains that will assure the right usage of the system by the right people. This can also make bills automated and include the insurance companies on the blockchain payment network.