Blockchain technology can radically transform how healthcare players operate. In addition to enabling efficient management of current processes, blockchain has the potential to upend the healthcare industry by eliminating third-party involvement and charting a path for new business models.
From the supply chain to aggregating clinical data to streamlining health insurance, there are several ways blockchain can drive value to the healthcare industry. Many leading industry players globally are leveraging digital transformation consultancy services to ride the next wave of progress in the healthcare industry.
Applicability of blockchain across the healthcare industry
- Counterfeit drug detection
Counterfeit drug estimates range between $75 billion and $200 billion globally, and counterfeit drugs make up 50% of all drugs sold in low-income countries. Simultaneously, consumers are asking for better transparency about the products they buy, especially drugs and food.
Blockchain can authenticate drugs that are sold and provide a full audit trail of production – from provenance of raw materials to manufacturing, packaging, and distribution. In addition, blockchain can automate the supply chain and empower healthcare organizations with real-time tracking of drug manufacturing details, like the ingredients and distribution across the supply chain.
- Peer-to-peer health insurance
Peer-to-peer (P2P) health insurance driven by blockchain technology holds massive potential to transform the health insurance market, making it more transparent and cost-efficient. Furthermore, smart contracts can replace many administrative functions to settle claims, forging the path for P2P business models. The new entrants will likely harness digital transformation advisory service to identify, implement and pilot blockchain use-case for health insurance.
- Improved data quality and reduced errors
Healthcare organizations need solutions to ward off medical fraud and false claims. Blockchain can help achieve the same through automatic identification of duplicate claims or prescriptions by providing stakeholders with a clear view of transactions. Furthermore, blockchain enables the sharing of attested provider credentials and other data, thereby eliminating redundant processing costs. The ease of real-time tracking of transactions, offered by blockchain, can prevent problems such as double spending and inappropriate repudiation.
- Better patient care through data interoperability
Blockchain has the potential to enable efficient aggregation of clinical data across various healthcare organizations visited by patients over their lifetime. This can allow the physicians and clinicians to gain an in-depth understanding of the medical situation and history of each patient, enabling the physicians and clinicians to make well-informed decisions about their patients. Better access to clinical data can also reinforce research carried out on the effectiveness of medical procedures. The underlying technology of blockchain, Distributed Ledger Technology (DLT), can also provide a single source of truth, irrespective of patient, payer or provider records. It can lead to better collaboration and improved efficiency.
Blockchain promises to transform the way healthcare organizations conduct business. Organizations should act now to devise a cohesive blockchain strategy to gain first-mover advantage, rather than following a wait-and-see approach.
At Millennial Partners, we offer digital transformation advisory service to help enterprises identify and harness the potential of blockchain. We, backed by a cross-functional team, offer complete solutions – from use-case identification to pilot use-case to implementation and deployment – to help enterprises ride the next wave of digital business.
Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence and IoT.
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