How Blockchain can revive Healthcare Industry
The scope of medicine and healthcare has always been through dynamic evolution. However, as standards and consumers grow exponentially, healthcare services often tend to remain stagnant, thus sabotaging free workflow and service hierarchy. Various areas of medical management like administration, drug forgery, patient record handling, and clinical tests occupy a greater portion of the annual budget without delivering any changes in the system. This is where the significance of blockchain technology comes into play that is distributed across industries. Especially, while considering healthcare benefits, the automation and systematic functional structure of this technology become all the more defined. From electronic health care records or EHRs to production tracking, shorter data trial process to increased data security, the importance of blockchain in healthcare can potentially change global scrutiny to the epitome of social clearance and effective medical schemes.
EHR Decentralized with restricted access
When a patient pays a visit to the hospital, there is a lot of waiting involved. Even when their turn comes, patients have to verbally explain their condition and medical history which often results in missing out on valuable information which could have been significant in the current diagnostics. This is functional efficiency which can be curbed by blockchain technology. Electronic health records are patient libraries that lodge each and every medical detail and are circulated around various healthcare providers and institutes. Hence, doctor’s visits become easy and intuitive as the practitioner already has an intricate knowledge of your medical history. The process of setting up an integrated EHR may be time-consuming but once the technology is implemented, the overall function flow of the process becomes extremely convenient to handle as a benefit for both the doctor and the patient.
Drug Forgery forgery
Drug counterfeits continue to remain a major problem in healthcare even though various measures of regulations and restrictions have been incorporated in the system over the years of sustainable development. Blockchain’s utilization in the regulated supply of medicines is both revolutionary and utilitarian in the backdrop of the medical system. Blockchains being impenetrable and secure, medicine tracking right from its production stage to its market distribution among patients who are prescribed for consumption can put a check on the ongoing forgeries.
Secure Sensitive Medical Credentials
Nowadays, doctors are often being held legally for their lack of medical knowledge or proper degrees. This does not only sabotage life for the patients but also put a streak of doubt on the values of this sacred profession. Also, the process of recruitment of doctors in institutes, hospitals, and healthcare homes spend substantial time and labor to collect their credentials to pass their eligibility for the position. This issue can be addressed by blockchains that put doctor details in one accessible library from where details can be extracted and put to further use. The entire processing becomes easy and also lays the foundation for a secure information repository. The idea is not just to integrate hospitals but also include patients as apportion so that they can choose their doctor based on their degrees and specialization.
Reducing Data Breaches
Patient data is extremely sensitive and confidential and healthcare organizations invest a substantial amount in the protection of data. Data loss implies loss of business and patients gradually lose trust with the organization as a whole, the one which is incapable of providing data security to its clients and customers. One of the most important aspects of blockchain lies in its degree of data security and privacy. Blockchain utilizes encryption and if a system is developed where data can be accessed and extracted only by concerned parties, security will come effective and permanent in the healthcare industry.
Facilitate Speedy Clinical Trials
Clinical trials of new drugs often render a hindrance in pharmaceutical companies who spend substantial time and finances to arrange willing participants to test out new drugs before they are marketed. Due to medical history and other physiological issues, many people do not have the eligibility to qualify for the trial. With EHRs and patient medical records, these pharmaceutical companies will easily be able to identify the right candidate for their tests. This will not only help in reducing the preparation time of targeting the right human subjects for the trials but also the ones who are going through the examination will have the right medical requirements for qualifying the test with no or minimal health hazard. This again means lower costs with excess finances branching out across other medical utilizations.
Insurance Policy Benefits
Insurance and healthcare go hand-in-hand that has been integral to the whole system for the advantages of coverage and claim. Nowadays, banks have come forward with various health insurance schemes but in the end, the process of claim and reimbursement takes months to get through. At the same time, insurance policies are often perplexing that do not always ensure eligibility for patients. Paper-based and manual systems are prone to mistakes and patients receive the short end of the stick during situations of misunderstanding and mismanagement. Automation through blockchain technology will potentially reduce the collective fiasco surrounding insurance claims and help in concluding the entire processing within a matter of a few minutes. In practical statistics, blockchain, if implemented in medical insurance, will also cancel out fraudulent activities and any human errors that may have been the case in other manual systems. Insurance is not everyone’s area of interest and during times of crisis, the whole thing comes forward as a stressful liability. Blockchain technology can be instrumental in providing easy and efficient insurance claims for every party involved in the system and establish resonating integration all throughout its functional hierarchy.
Lower Costs and increase efficiency
With all the aforementioned points that direct towards the advantages and immediate need of blockchain technology in healthcare, the overall investment that healthcare currently incurs will be reduced significantly. This might be a worldwide victory if healthcare is structured with the help of this technology. Patients, doctors, organizations, and hospitals everyone will be privy of such a systematic workflow that will reduce time considerations and apply the same in saving lives.
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