The main benefits of Blockchain technology for the healthcare Sector include reduced chargeback claims, lower energy consumption, and elimination of duplications. Listed below are some of these benefits. To learn more, read on! Getting Started
Reduces chargeback claims
A healthcare organization that is trying to improve the quality of its service can benefit from blockchain technology, as it can help decrease chargeback claims and ensure a safe, transparent, and decentralized data ecosystem. In fact, blockchain can help prevent the development of counterfeit or substandard drugs, a problem that is prevalent in the pharmaceutical industry. Moreover, it is an ideal solution for reducing costs related to the use of counterfeit medications, which are usually the fault of unscrupulous actors.
Blockchain can help in this endeavor by supporting smart contracts. Smart contracts enable the privacy and control of patient data, which is relevant in accordance with the European General Data Protection Regulation, which prohibits the processing of sensitive personal data without consent. By encoding rules, smart contracts allow healthcare practitioners to manage their patient data on the blockchain and ensure that it is not shared without authorization. Furthermore, blockchain can also help in the development of an EMR management system that is compliant with the GPDR.
How much energy is wasted in the healthcare sector:
While many health systems are looking for ways to lower their energy costs, many of them also want to help the environment. By implementing energy efficiency measures, hospitals can lower their energy bills and lessen their carbon footprint. Here are five steps to reduce energy use in the healthcare sector:
First, consider how much energy is wasted in the healthcare sector. The healthcare sector uses nearly 600 million BTUs of energy each year, more than any other building type. A hospital can save money by reducing energy use, but it also has a negative impact on health. Poor air quality can worsen conditions such as asthma and other illnesses, and energy waste can add to those costs. In addition to cost, hospitals can also save lives through energy efficiency measures.
Eliminating duplications in the health sector can have a dramatic effect on patient care. According to William Marella, executive director of operations and analytics at the ECRI Institute, approximately 8% of medical records are duplicates. While this figure may not seem alarming, consider that most of these duplications occur at the time of registration. If you’ve been in a hospital, you probably know that duplicates are costly. Here are five ways duplications affect healthcare providers and hospitals.
Impatience – Medical workers are impatient and do not take the time to review the patient’s profile before inserting more information. The faster way to create a new record may be more effective, but in the long run, it may cost more in denial claims and tests. Many leaders believe data entry mistakes cause a substantial amount of duplications in healthcare facilities. Fortunately, there is a solution.
Health insurance companies and pharmaceutical companies will benefit from the integration of blockchain technology. It will be easier to track drugs and reduce operational costs. Fraudulent and counterfeit medicines cost the healthcare industry over $200 billion every year, according to a recent study by BIS Research. Healthcare companies can also save money by eliminating third-party intermediaries. According to the study, healthcare companies could save over $50 billion per year by 2025. Blockchain technology is already being used to improve health insurance systems in the United States.
Currently, blockchain technology is still relatively immature and struggles to process large transactions. Building and scaling blockchain is expensive. For instance, the startup Synaptic Health Alliance plans to charge its members $100,000 a year to maintain their blockchain infrastructure. A business must decide whether the benefits outweigh the cost and the risk of losing sensitive information on the blockchain. Additionally, companies must make sure that the data they store on the blockchain is secure.
Blockchain technology can help the healthcare sector by making data sharing much easier. By using smart contracts to control access to data, a subset of medical records can be stored on the blockchain and linked to the physical location of the data. These contracts are also encrypted, which makes it much harder for unauthorized third parties to access the data. By storing minimal but adequate amounts of Personal Identifiable Information (PII) on the blockchain, it will allow for a secure and reliable EHR.
By creating immutable distributed records, blockchain is preventing data breaches. The decentralized nature of blockchain allows it to enable real-time data updates across all networks. Additionally, data encryption is preventing unauthorized access, while individual cryptographic access keys protect sensitive patient data. Patients can now take more serious their prescriptions and GPs will be able to collect more data about treatment efficiency and identify major problems early. These benefits will help the healthcare industry save time and money.
Also Read: How Blockchain Networks Maintain Security