In recent years, the healthcare industry has witnessed a surge in digital transformation efforts aimed at improving patient care and data management. Among these technological innovations, blockchain technology has emerged as a promising solution with the potential to reshape healthcare systems and enhance patient care networks.
According to Andreessen Horowitz, a venture capital firm also known as a16z, the biggest company in the world will eventually be a consumer health tech company. Given that healthcare is one of the biggest sectors in the United States standing at $4 Trillion, there is a lot of opportunity for companies to integrate various technologies. This is also a perfect industry to innovate with new and promising technologies like blockchain.
There are two paths to a consumer health startup becoming the biggest company in the world. Firstly, a vertically integrated path of building a “Payvidor” (a combined payor and provider) that eventually owns most care services itself. Secondly, a horizontal path of building a consumer marketplace or infrastructure layer that enables all other care delivery companies. What type of company can ideally achieve both of these?
One company in particular, Solve.Care, enables payors and providers to build their own networks cheaper and faster. They are making these networks interoperable, removing extra burdens from providers, and are building a consumer marketplace where all healthcare stakeholders (e.g. physicians, insurers, patients) can connect and find the best care globally for themselves and their families.
On top of that, blockchain empowers security and control over data that belongs to patients, enabling secure, transparent, and efficient data sharing. Solve.Care, led by their CEO Pradeep Goel, is a blockchain platform putting the patient in the center of the healthcare delivery model, connecting insurers, physicians, patients, and employers on one decentralized platform where patients have full control over their data, creating the first global healthcare marketplace.
Companies like Solve.Care have shown that there are multiple components of the healthcare system that can be elevated through blockchain technology. Here are some of the ways these issues are being tackled:
Data Security and Privacy
One of the primary concerns in healthcare is the protection of sensitive patient data. Medical records, personal information, and payment details are attractive targets for cybercriminals. Blockchain technology can significantly enhance data security by using cryptographic techniques to secure information. Solve.Care can offer healthcare organizations, private practices, employers, and others protection over patient data, making it nearly immune to unauthorized access and data breaches.
Interoperability and Data Exchange
Healthcare is a highly fragmented industry with various healthcare providers, insurers, and institutions often using different systems and formats for data management. This lack of interoperability can lead to data silos, hindering effective patient care coordination. Solve.Care addresses this issue by providing a standardized and secure platform for data exchange. Blockchain can allow for the seamless sharing of patient information across different providers, ensuring that all stakeholders have access to the most up-to-date and accurate data.
Global Care Marketplace
In a digital world, we need more digital solutions around patient care. One of those solutions is Telehealth and being able to connect with a practitioner virtually from the comfort of your home. Solve.Care takes this to a whole new level on the blockchain, allowing healthcare providers to connect with their patients seamlessly and anywhere. This gives patients instant access to a global healthcare network with complete freedom of choice, minus the strenuous paperwork and costs involved with going to a physical clinic.
Streamlined Payment Processing
Payment processing is often a time-consuming and uncomfortable part of the healthcare experience. From getting your first medical bill, to insurance claim processing. Blockchain allows for a more transparent and simplified experience for patients by creating automated systems. Through the Solve.Care platform, these transactions are decentralized through smart contracts, eliminating intermediaries and allowing for quick transaction processes. This is accomplished through a full-stack network of identity verification, consent confirmation and interoperability.
Lastly, and most importantly, Blockchain empowers patients by granting them greater control over their healthcare data. Patients can securely access and share their medical records with healthcare providers, insurers, and researchers as they see fit. Solve.Care offers this level of increased control and transparency through their Care.Wallet, which enables patients to take a more active role in their healthcare decisions, fostering a patient-centric approach to care.
In conclusion, blockchain technology holds immense promise in revolutionizing patient care networks within the healthcare system by incorporating blockchain-based solutions around data security, interoperability, medical supply chain management, claims processing and patient empowerment.
This will become a powerful tool for healthcare stakeholders to enhance patient outcomes and experiences. While blockchain is not a panacea, its adoption can certainly drive improvements in an industry that is continually seeking more efficient, secure, and patient-centered approaches to care.