How Using Blockchain In Healthcare May Help Ease The Industry’s Pain

The healthcare industry is one of the most complex and challenging industries globally. It is constantly evolving, and new technologies are emerging that can help ease some of the pain points commonly experienced by both patients and healthcare providers. One such technology is blockchain. We will discuss how blockchain may help improve the healthcare industry as a whole.

1. Increase Transparency

One way that blockchain could help is by increasing transparency in the healthcare system. For example, when a patient goes to see a doctor, they trust that the doctor will have their best interests at heart. However, sometimes this is not the case.

With blockchain, each interaction between a patient and provider could be recorded on a decentralized ledger. It would allow patients to see what treatments they are receiving and how much each treatment costs. It would also allow patients to shop around for the best possible care.

Blockchain could also help increase transparency in terms of prescription drugs. Currently, there is a lot of fraud in the prescription drug industry. Blockchain could help track each step of the supply chain, from manufacturing to distribution to sale. It would help ensure that patients get the real thing, not a counterfeit drug.

2. Improve Data Security

Another way that blockchain could help the healthcare industry is by improving data security. Healthcare providers are sitting on a goldmine of patient data. This data is valuable to both insurance companies and pharmaceutical companies. However, it is also susceptible, and if it were to fall into the wrong hands, it could be used to exploit patients.

Blockchain could help secure this data by encrypting it and storing it on a decentralized ledger. It would make it much more difficult for hackers to access and give patients peace of mind knowing that their data is safe.

3. Streamline Claims Processing

Another pain point in the healthcare industry is claims processing. It can take weeks or even months for a claim to be processed. There is a lot of paperwork involved, and it can be challenging to keep track of everything.

Blockchain could help to streamline this process by automating it. For example, when a patient receives treatment, the provider could input the information into a blockchain-based system. It would then trigger the insurance company to process the claim and pay the provider. It would significantly reduce the time it takes to get claims paid and save both patients and providers a lot of frustration.

4. Reduce Drug Prices

Blockchain could help to reduce drug prices by creating a more competitive marketplace. For example, if multiple companies were manufacturing the same drug, they would be forced to compete on price. It would lead to lower prices for patients.

Blockchain could also help to reduce drug prices by eliminating the need for intermediaries. Currently, when a patient buys a prescription drug, they are paying for the drug itself and the cost of manufacturing, shipping, and marketing. By eliminating the intermediaries, patients would only have to pay for the drug itself.

Conclusion

The healthcare industry is in dire need of some help. Blockchain technology has the potential to provide that help. By increasing transparency, improving data security, streamlining claims processing, and reducing drug prices, blockchain could ease the pain of the healthcare industry.