Many people are familiar with blockchain technology because of its association with cryptocurrency. What may not be as recognizable is how this tech can make information storage and sharing safer and more secure.
Healthcare providers around the world are shifting toward the use of electronic medical records. This data storage effort makes it easier for everyone to visit a doctor or hospital anywhere in the world with complete details about their treatment plan history.
Deltec Bank says, “Blockchain makes it possible to eliminate the security issues in the Cloud or the loss of paper files by creating a trustless network. If you do not have the correct credentials to access the information, then you don’t get to see it.”
There are also several additional blockchain applications to review in the healthcare field that can provide doctors and patients with some unique benefits.
1. Accounts Payable and Receivable
Estonia first embraced the blockchain in 2012 for its healthcare data. The country discovered that the structure of this technology made it useful in the processing of transactions. About 99% of all health-related information is now available on the ledger, with virtually all of the prescription data there as well. Providers can use this structure to create more efficiencies in their billing efforts to both patients and insurance providers.
2. Single Point of Truth Establishment
One of the biggest issues that doctors face is information reliability. If a patient sees someone for the first time, then there is an automatic reliance on the integrity of that data. An individual with healthcare knowledge can manipulate their appointment to receive specific prescription drugs or other wanted outcomes. The blockchain establishes a single point of truth that follows each person to every clinic, hospital, and doctor they visit. It is an advantage that eliminates any ambiguity.
3. Telemedicine Payment
Rural families typically have the least amount of access to healthcare providers. That’s why telemedicine is such an exciting concept. It allows a patient to speak with a doctor over the Internet to determine if treatment is necessary. The presence of the blockchain allows for tokens to become useful as a form of payment. You could pay for a consultation without the need to bill an insurance provider from almost anywhere in the world.
4. Care Coordination
If someone visits a general practitioner to discover that they must see a specialist, data can get lost between appointment. The blockchain creates a trustless system where doctors can coordinate with each other about patients so that a complete level of care occurs without patient involvement. When there are higher levels of transparency between institutions, then the diagnoses can become more accurate at the individual level.
When doctor-patient interactions improve, then the quality of care that people receive is immediately better. Blockchain creates a link that encourages people to form relationships. Then the accuracy of the information available in the medical record can create positive outcomes faster and with lower costs.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in Economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.