Cryptocurrency in the Healthcare Industry
Cryptocurrency and blockchain applications have risen well above the preconceptions that they are technological curiosities, interesting only to the technologically enlightened. Both blockchain and cryptocurrency are poised to become massive disruptors in finance, cybersecurity, supply chain management, and even governance and democratic voting. Healthcare also stands to benefit from the implementation of cryptocurrency and blockchain applications going forward, and if adopted widely, this tech could potentially change the way that the healthcare system functions on a fundamental level.
Revolutionizing Transactional Security
Through blockchain and cryptocurrency, patients may soon be able to completely replace cash or government-backed currencies when making healthcare payments. Conducting transactions with a decentralized currency provides added security and can reduce instances of fraud that take place when dealing with traditional billing. Healthcare billing fraud is a real problem; it was found that $30 million in fraudulent billing for services that were never performed occurred in 2016.
The transparency that blockchain provides essentially makes falsification or corruption of records impossible, making it not only attractive to patients but to hospitals as well. Hospitals that successfully implement blockchain technology to handle their billing and accounting won’t have to worry nearly as much about fraud being committed either by employees of the hospital or from the patients themselves. Instead, they will be able to focus on providing care to patients instead of spending countless resources pouring over billing records looking for discrepancies that might put them in a compromised position.
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Another reason that the increased security of the blockchain is beneficial to patients is that it protects their financial information from potential theft. Around one in four data breaches are targeted at the healthcare industry, and sensitive patient banking and Social Security information are easily compromised when using traditional banking and billing. With cryptocurrency and blockchain, the risk of identity theft and financial fraud due to a data breach are made practically nonexistent.
Increased Quality Of Care
Beyond the transactional security that cryptocurrency and blockchain can provide the healthcare industry, it also has the potential to increase the industry’s ability to provide quality care. Electronic Health Records, or EHRs, need to be easily accessible in a timely manner in order for a healthcare provider to begin providing care to a patient. This is because EHRs contain vital information like medical histories, previous diagnoses, current medications, allergies and immunization dates which are all important to physicians when first seeing a patient.
Taipei Medical University Hospital in Taiwan has already implemented a blockchain-powered medical record keeping system to great results. This blockchain storage system allows hundreds of clinics to share and request patient records quickly, regardless of physical distance. It also provides patients with all of their data, including treatment history and lab examination results, all through an app. Cutting down the time it takes to get important information into the right hands could potentially be the difference between life and death depending on the situation.
Blockchain also has the potential to improve the effectiveness of clinical trials, bringing new treatments to market much more quickly. Trial recruiters could use the patient data stored on blockchains to find potential patients that might benefit from the drugs being tested, which would significantly improve enrollment in clinical trials. Additionally, blockchains could be further used during the trials themselves to ensure that the data being collected is properly protected.
Patient Information Is Being Safeguarded
Health Insurance Portability and Accountability (HIPAA) compliance is one of the biggest issues any healthcare provider regularly faces. Nearly all patient data is protected under HIPAA, and fines can range anywhere from $100 to $50,000 per violation. Digital storage has made the risk of inadvertently committing a HIPAA violation much more likely as there tends to be many different iterations of patient data that could be compromised. Unlike shredding physical documents to maintain HIPAA compliance, digital files can be harder to verify their complete destruction.
Record security and the protection of the personal health data of patients isn’t only a legal necessity, but also something that patients themselves value highly. Blockchain is the perfect way to not only maintain HIPAA compliance more easily but also assuage any fears that patients have in regards to the protection of their consumer identity.
It isn’t a particularly far-out idea to implement blockchain in healthcare with the goal of protecting patient information, as there are already several companies doing just that. Companies like BurstIQ, Factom, and Medicalchain are all using blockchain to maintain records of origin, securely store digital health records, and to overall improve the way medical data is shared and used. As more and more healthcare facilities and businesses see the value that cryptocurrency and blockchain bring to the industry, it will naturally begin to cement its place as an invaluable tool for both improving security and patient outcomes.
Cryptocurrency and blockchain are far from a novelty and could realistically change the healthcare industry for the better. While many may be slow to adopt the new technology, those who begin to implement blockchain and cryptocurrency into healthcare will begin to reap the rewards almost instantly. From securing transactional and healthcare data, protecting patient privacy, and even improving the quality of healthcare that people receive, cryptocurrency and blockchain will completely restructure how the healthcare industry operates.
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