How Blockchain Technology Is Enhancing The Healthcare Industry In Modern Times

According to IBM, the major impact of blockchain in the medical field is the progress of clinical trial management, providing a decentralized platform and regulatory requirements for sharing electronic health records (EHR). Along with big data, AI, IoT, and blockchain in healthcare has risen to the top of the list of the most advanced technologies. To see our blockchain technology in action, request a demo here.

There are numerous ways in which the adoption of Blockchain technology in healthcare might benefit the industry as a whole. Throughout this blog, we will discuss how it is used and how it is enhancing the healthcare industry.

Let us first analyze why blockchain is becoming so popular.

The Definition Of Blockchain Technology 

Blockchain technology is a shared ledger-based system in which information is stored and can be accessed with a key, making the data permanent. This means that all the data is kept in an open ledger. You can add data but not alter or delete transactions. 

The online health management platform incorporates blockchain technology services that can alleviate many of the medical industry's issues. These concerns involve medical data security, interoperability, clinical trials, the medical supply chain, and drug integrity. These problems affect even the most prestigious healthcare organizations. 

Let us now discuss the benefits that this technology is providing to healthcare.

• Interoperability with Population Health Management:

Blockchain technology can keep electronic health records, lowering the administrative burden on medical providers. It can also include data from other sources, like medications, IoT devices, and routine checkups. This can accelerate population health management throughout the industry.

As doctors from all around the world will have access to specific medical data, health research will expand, as will the ability to act effectively in emergencies.

• Constant Monitoring Of Health Transactions:

One of the most important things that the network management team in healthcare requires is strong monitoring of all types of transactions. 

The blockchain distinguishes itself from traditional healthcare management systems by documenting all types of transactions in the form of a decentralized record. Therefore, the records stay accurate and transparent to the core, saving time, effort, and money.

• Data Security:

Cyberattacks are becoming more common. As a result, adequately securing health data is tough. To some extent, blockchain technology can assist in overcoming this difficulty. Instead of storing this data locally on any device, a health blockchain data lake can be used.

Blockchain generates permanent records, stores the whole patient history, and notifies patients when new health data is added to the data lake. This gives patients more control over how their data is shared. Also, it can encrypt data and ensure patient anonymity following the HIPPA act. 

• Tracking Of Medical Drugs:

Businesses in the healthcare industry stand to lose vast sums of money from fake pharmaceuticals. These false medications have the potential to kill patients.

Blockchain technologies enable effective supply chain control and easy tracking of medicines and prescriptions. As the stored data here is unchangeable, it is quite simple to distinguish between legitimate and fraudulent behavior, also the source of medications. It can help pharmacists, doctors, patients, and other health professionals manage care plans, errors, inaccuracies, and addictions under control.

• Accurate Billing And Payment In Healthcare:

One of the industry's biggest struggles today is the seemingly endless period it takes to settle claims. Patients, hospitals, and payers can all benefit from blockchain technology. It could help them streamline claims and create hassle-free and well-integrated payment processes. Thus, decreasing errors, expenses, and effort.

Billing fraud is another issue that the healthcare business is dealing with. Blockchain can significantly increase invoice authenticity and security while improving payment and billing efficiency.

Implement Blockchain Technology In Your Healthcare Organization - PatientMD Can Help

PatientMD is a digital health platform powered by AI and blockchain that provides patient engagement and recruiting solutions. It incorporates blockchain in healthcare systems, enabling the full potential of interoperable services. It can minimize or even eliminate friction and expenses in your healthcare company. The platform offers an incentive mechanism, which uses its stable token to encourage desirable behavior and outcomes in patients. If you want to see a demo, please click here.

To find out more about our services, text us at +18727048154.