Everyone can agree that modern healthcare system leaves a lot to be desired. Patient is excluded from most decisions. Administrative transactions are so complicated that they can weeks even months. Coordinating care is manual and frustratingly difficult.
This leads to inefficiencies, waste, fraud, and over-utilization.
Proper application of Blockchain/DLT gives us an opportunity to decentralize the administration and coordination of healthcare, in a manner that will bring clarity and efficiency to the system.
We can actually optimize and automate much of the friction associated with the 3rd party payment model. And we can fundamentally change the way care is coordinated. The result will be savings of billions of dollars every year and perhaps more importantly, engagement and empowerment of consumers and care providers.
What is it that healthcare is lacking now? Is it that the clearence for payments in single payer systems isn't all that fast, or could you be talking about non single payer systems? Either way, I think that manual procedures are necessary to some extent when it comes to health-care. Sure, blockchains are good for transactioning, rpoof of payment and perhaps even record keeping but I wouldn't see them becoming a major part of helathcare orgs
The advantages of blockchain are obvious, but with any new technology there are questions about efficacy and efficiency.
The benefit of blockchain in healthcare would take place across the entire supply chain spectrum. Contractual agreements between payer and patient or provider and patient (or between provider and payer) would be implemented with the use of smart contracts within the blockchain. Smart contracts lead to efficiencies as they enable a reduced number of intermediaries that exist today which lead to more streamlined transactions. These transactions would enable a more holistic view of the patient’s record for all parties involved and lead to an increase in transparency.
Beyond contractual transactions, clinical transactions based on electronic health records would also occur on the blockchain. This would enable clinicians to have access to different components of the patient’s data throughout the patient’s lifetime with an increase in transparency (this access would be controlled so that providers have access to data only on a need-to-go basis).
Improvements in the supply chain from blockchain would be extended to drug companies and manufacturers, as well as improvement to pharma clinical trials and longitudinal health research for the patient.
