Blockchain Changing the course of Healthcare System

 

As a result of repeated lockdowns and social-distancing protocols, the global coronavirus

pandemic paralysed the healthcare system worldwide. Even though the COVID-19

pandemic has clearly reiterated the need for secure, Blockchain-based, multifunctional

technologies for coordination of large-scale sharing of personal data, such as contact

tracing, vaccination status monitoring, and COVID-19 health certificate disbursement,

widespread adoption of Blockchain technology in health care may still be limited by

various organisational, technological, and governance barriers. These requirements

create a powerful premise for a conscious and deliberate effort to increase Blockchain

use and remove some of the hurdles for its large-scale implementation.

 

In June 2021, Cleveland Clinic, IBM, Aetna, and Anthem announced their cooperation to

launch Avaneer Health, a Blockchain health start-up, making it one of the first healthcare

organisations to embrace Blockchain technology. The new company will rely on a wide

range of technological platforms to not only cut administrative expenses, but also to

improve patient experience by speeding up healthcare and supporting improved claims

processing.

 

Medical insurance claims that are pending or denied owing to missing or erroneous

information, such as the patient’s name, diagnosis, or procedure codes, are a major

source of frustration in today’s healthcare. As a result of the inefficient and age-old

healthcare payment procedure, millions of dollars have been squandered due to claim

errors and disputes. Consider a scenario in which all stakeholders in the business

networks have access to the same data, implying that there is only one version of the

‘truth’ that is always up to date. The Blockchain stores data format standards, ensuring

that all data is entered correctly. As a result of this clarity, claims that are returned due

to insufficient information are minimised or eliminated.

 

The distributed ledger technology in healthcare offers an unparalleled level of privacy

and security for all parties, preserving data integrity while providing patients authority

over their personal information. Blockchain in healthcare could solve some of the industry’s biggest concerns, from maintaining patient data to tracking pharmaceuticals through the supply chain.

Experts predict Blockchain Technology in Healthcare Market to reach $1.21Billion, enlisting a CAGR Of 68.3% By 2030. The increased awareness among patients of the benefits of Blockchain technology in healthcare will open new avenues for market expansion.

 

Healthcare spending in the United States alone is expected to rise by 20% in the near

future as per a 2018 report by the Wall Street Journal. This, coupled with rising

healthcare costs and malpractices, underscores the need for better planning and

technological implementation. There has been a lot of buzz in recent months about the

potential role of Blockchain technology in the long-term transformation of healthcare in

the United States.

 

With Blockchain, medical records and insurance claims will be managed more efficiently

and accurately while it will also act as a stimulus in furthering clinical and biomedical

research. All this is possible due to the many benefits of Blockchain technology,

including decentralised record management, immutable data audit trails, data

provenance, robustness, and improved security and privacy. As most healthcare

businesses are yet to implement this technology, the sector is on the brink of a

Blockchain revolution.