The blockchain has the potential to transform healthcare, from the delivery of everyday treatment to the discovery of groundbreaking new medicines. Because of these enormous opportunities, more and more companies are entering the market, from traditional healthcare companies, like IBM, to brand-new startups.
While these companies differ substantially from each other both in terms of business strategy and product readiness, identifying and understanding these differences can be difficult. We've been fielding a lot of inquiries about differences between particular projects and how companies will drive adoption in the notoriously difficult healthcare IT landscape.
On our Medium page
here, we've posted two articles that summarize Coral Health’s commercialization strategy, as well as target customers and products, and highlight some key distinctions between Coral Health and other blockchain healthcare companies.
Many of the blockchain healthcare companies we have researched require widespread adoption before they can add value for participants. However, without immediate benefits, key stakeholders such as patients and physicians often resist adopting new technologies. In the past, this obstacle has led many healthcare IT companies to fail to attract sufficient participants to realize the potential of their solutions.
Coral Health is approaching commercialization differently: We plan to use a suite of business applications to immediately deliver value to individual participants. As more entities participate in the Coral Health ecosystem, Coral Health will drive additional value by facilitating efficient data exchange between these entities and providing applications to automate cross-party administrative processes (e.g., prior authorizations, claims processing, prescription refills).
For example, our lab record application will allow patients to securely receive, access, and share their results from partner labs. In the short-term, this gives patients a simple way to view their lab results and reduces our lab partners’ data transmission costs. In the longer-term, as more patients post their results and Coral Health builds up a rich resource of lab and genomic data, we can facilitate a marketplace between patients and researchers in order to use this data to drive scientific discovery.
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