Healthcare businesses are looking for appropriate prospects that will not only condense cost but also provide enriched and quality patient care globally. The health industry is progressing side by side with the market that is disrupting technologies with an enlarged demand and need for supportable synced data. Companies are becoming more modest and it is becoming progressively challenging for businesses to be on top of their game amid disruptive market forces. Technology giants like IBM have begun a wide-ranging study on blockchain solicitation growth to cognize the impact this technology has on the healthcare sector. Over half of the executives who contributed in the above project from IBM are looking to contrivance blockchain in their operation sometime in future.

Challenges faced by the Healthcare sector & how blockchain can help –

Healthcare industry nowadays faces numerous challenges and one of the supreme challenges as digital medical technology progresses, is the diffusion of patient data across a wide range of geographical factors without conceding on security and privacy. This encounter brings about other apprehensions and some of them are listed below:

  • A disintegration of data –

The traditional healthcare system entails of a network of private and government organizations that have deprived communication and edifice between organizations. The medical system in the US is confined and fragmented. Blockchain technology can be used to engender trust and make data readily accessible to accredited users in decentralized networks. Therefore, in healthcare, blockchain technology can offer data that is more available over prevailing technologies.

  • Data security –

Data security is one of the most perilous concerns in the IT industry. Around 1.13 million patient record was conceded with 110 data breaks in the first quarter of 2018. Blockchain is a technology that averts the altering of any data as it safeguards the security of this highly private data. Patient privacy is secured by the digital identity of the blockchain. Patients who are part of blockchain would be able to favor or refute any sharing or deviations to their data, helping to confirm a higher level of privacy and control.

  • Patient results –

It is claimed that a blockchain based application can accomplish better accord on patient data which comprises of user authentication, physician credentialing, coding, records retention and reimbursement. Physicians could reach into the patient records directly based on their credentials.

  • Billing and fraud avoidance –

For the Global healthcare system, blockchain based billing is a great option. Lack of pellucidity in the healthcare sector has made it susceptible to insurance and billing fraud. This has intensified into tens of billions of dollars in money lost. It needs authentication and verification capabilities that blockchain based application offers which can likely reduce the number of frauds and errors.

Conclusion –

Blockchain is one of the most favorable technologies, but it cannot solve completely all the problems of the Global Healthcare industry by itself. One key that lies in the implementation of technologies or working in tandem with other technologies, like the practice of Artificial Intelligence (AI) for the programmed clinician workflows.

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