The challenges now facing the nation’s healthcare system are well-known. From onerous data sharing procedures and the ambiguity about clinical trials and medical research to complex billing and less-than-optimal patient adherence, healthcare stakeholders are under increasing pressure to both control costs and continue to provide high-quality care to patients. In this article, we unpack the massive potential of blockchain technology to transform healthcare and four key ways it can do it.
Drug Traceability and Clinical Trials
Statistics reveal that pharmaceutical companies globally incur up to $200 billion annually in losses associated with counterfeit drugs. More than one-third of drugs sold in developing countries are thought to be counterfeit. With Blockchain technology, barriers to supply chain tracking can be eliminated by creating a chain-of-custody log, using AI-based add-ons to build proof of ownership data for medicines.
Faster, cheaper, better patient care
Blockchain can create a single system for stored, constantly updated, heath records for secure and rapid retrieval by authorized users. By avoiding miscommunication between different healthcare professionals involved in caring for the same patient, innumerable mistakes can be prevented, faster diagnosis and interventions become possible, and care can be personalized to each patient.
Tracking diseases and outbreaks
The unique capabilities of blockchain can help real-time disease reporting and the exploration of disease patterns that can help identify its origin and transmission parameters.
Scam Claims and Billing Management
Medicare fraud caused more than $30 million in losses in the United States in 2016, and blockchain-based systems could help minimize it. In addition, it could reduce admin costs for billing by eliminating the need for intermediaries with automated activities and more efficient processing.
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