Top 5 Blockchain Uses In Health Insurance & Medical Technologies
When it comes to blockchain, most people inevitably think about Bitcoin and other similar technologies. The truth is blockchain is an updated list of digital records. They're all linked one to another. A transaction is checked, then stored within all the networks associated with it. Nothing can be deleted, yet new information can be constantly added. From this point of view, specific groups of professionals can use, share and add details through a safe and efficient system.
The concept of blockchain started gaining popularity about a decade ago, yet it was first heard of in the 1950s. Only in the last years people realized that such applications go way beyond Bitcoin and other similar currencies. So, what are the most popular uses of blockchain in the medical world?
According to the experts at My Insurance Guide, blockchain would ensure that an insurance claim is 100% accurate. It would also help in rejecting fraudulent claims in a more efficient method. In certain medical systems, payments should be coordinated between multiple parties, such as banks, providers, payers and even the government. Every change must go through all these parties, making such procedures extremely frustrating and long lasting.
There is literally no easier way to handle the proof of adjudication. For instance, imagine a patient checking in for a routine operation, be it an investigation or a surgery. When checking in, the patient could easily be confirmed by the respective system.
Such an entry would combine with other entries related to the same case or clinic. Once done, it's submitted to the blockchain. Basically, the patient is confirmed.
At this point, health plan employees can make sure the transaction has been successfully completed. Therefore, the health system will be reimbursed immediately. Data can be checked at a glance and never goes away.
Moreover, health experts can also connect one to another, not to mention checking the blockchain whenever they feel like. Whether it comes to verifying or covering patients, blockchain can make everyone's life easier.
Relying on blockchain allows multiple medical institutions to share specific details about patients. Such details are generated and updated based on clinical trials. They might be related to adverse effects to particular medications, as well as demographics.
Blockchain is quite efficient at collecting data on patients and helping medical professionals make more informed decisions. Moreover, even patients might have to benefit on them. For example, patients can be given access to the respective information, as well as the people requiring it. Simply put, blockchain works like those credit referencing companies.
Using blockchain properly can certainly benefit the patient as well. Most people don't have access to their full medical history. Besides, even if they did, they wouldn't be able to remember treatments or diseases that they had to deal with years ago. With blockchain, all this information is responsibly stored – from pharmacy orders and healthcare plans to diagnoses, claims, procedures and prescriptions.
All these details would be readable by more than just the patient – doctors and medical systems would also have access to them. However, they can be managed by patients, so they're not public.
Some biopharmaceutical businesses have already tried implementing blockchain in their operations – mostly large companies aiming to ease their operations. Practically, blockchain can track products, as well as orders and stocks. Tracking the flow of specific products has never been easier, yet all kinds of relevant details can be added as well.
For example, some medications must be stored and transported at specific temperatures. Lighting conditions are also important in the process. Some of these systems are based on sensors, so the temperature is automatically transmitted to the blockchain at regular intervals.
With these ideas in mind, such technologies can be ideal in preventing counterfeit medications.
It's quite likely for more hospital directories to adopt blockchain based technologies, mostly because of the decentralized consensus protocols. What does that mean? In other words, providers and plans will add information to certain listings in no time. It's a quick move to keep listings updated. For example, there's no better way to correct mistakes or change networks while letting everyone know.
As a short final conclusion, blockchain is not all about cryptocurrency. In fact, this technology has a wide plethora of applications in the medical industry. Most importantly, it represents an innovative way to make medical insurance prompter and more efficient.
Blockchain is about two major aspects. First, it's all about automation. Automated systems allow a well-organized structure based on efficiency. Second, blockchain is about making information accessible – not through phone calls, emails, letters or the human interaction, but at a glance. When something is added to a certain bit of information, it becomes available to the whole group.