How healthcare industry can deliver faster with blockchain based medical records Ensuring stakeholder value is crucial to bring about better health outcomes. For medical practitioners, it means fast and timely access to medical history, while for insurance provides, it means timely payments. For patents, it results in better access to medical care. Everyone wins with streamlined data management Medical data management is a major advantage of blockchiain technology. By integrating blockchain technology in health IT systems, existing challenges plaguing the healthcare industry like security, interportability and reliability of data can be met with, and even rendered non-existent. Timely access to immutable health data makes it possible to carry crucial diagnosis and deliver appropriate treatments. The concept of blockchain technology in healthcare is absolutely disruptive. It’s an evolutionary journey where blockchain is integrated step-by-step. We are now seeing a rapid adoption of the technology in healthcare, pharma and biotech spaces. Taking back control Creating usable, high integrity records of patients despite their moving through different healthcare domains is a big challenge for healthcare IT that can be overcome using blockchain technology. One of the strengths of blockchain is distribution that makes the system more secure as there isn’t a single place of
attack or failure. Since there are multiple checkpoints, the entire data filing and exchanging is done in ultimate secrecy, while patients have better control over them. They can even decide who could access their records and effect changes to them.
Faster adjudication of cases Patient names are spelled differently, addresses change, and so do the insurance providers. Different EHRs have different schemas for every single field with multiple ways of entering and manipulating the simplest of data sets. Tracking and adjudicating such data is a constant struggle for the hospitals, insurers and service providers. With blockchain, entire data set is hashed to a ledger. There can be multiple address and multiple keys, but they will all yield to a single patient identification. Master patient index of health records Creation of a blockchain-based Master Patient Index (MPI) will allow hospitals to track the individuals as they consume healthcare from different sources because blockchain identifies a patient with its data, not identity. MPI is a low hanging blockchain fruit for the service providers who have to share patient data to multiple stake holders and provider systems.
Blockchain technology facilitates faster processing of cases, data encryption and built-in fraud detection, offering a right mix for an indelible healthcare IT experience. Encrypted records simply mean more efficiency, better value and more peace of mind for all concerned. Blockchain, in a single go, provides data access security, privacy and scalability. The road ahead The stream of new possibilities is flowing as well. Blockchain technology is seeing emerging use cases in clinical trials, adjudication and supply chain. Blockchain has gone beyond its innovation trigger and is all set to transform how we view healthcare and data together. Through blockchain, it is possible to accommodate unforeseen data in the future, making these data structures flexible and extendable. Opportunities in hospital and pharma cyber security, IoT data management and precision medicine lie on the horizon. Blockchain survey Group50 business consultancy is developing a blockchain utilizing hyperledger to enable full provenance available at your fingertips. It is also conducting a blockchain survey on the adoption of blockchain technology by various sectors like healthcare, aircraft, food, automotive and aircraft. To participate in the blockchain survey, please visit https://www.group50.com/quiz/block-chainsurvey/