BCC Research’s recent report Global Blockchain Technology in Healthcare provides an in-depth view into the market and technology background for this sector. Download your complimentary report overview or purchase the report in full here.
Healthcare providers are no strangers to compliance, financial, and operational challenges. These range from streamlining complex multiparty engagements and maintaining patient data integrity to auditing the prescription drug supply chain. With blockchain technology’s ability to help reduce costs, fix administrative inefficiencies, and drive profits, promising applications are emerging.
Professional credentialing in healthcare is an expensive process. Caregivers are required to maintain their separate credentials with dozens of organizations, which can be costly. Blockchain can help spread out costs with decentralized credentials. For example, Nashville-based Hashed Health has created a blockchain exchange for driving professional credentialing. Through this, healthcare providers can leverage a single shared source that offers the most verified and recent credential information associated with each exchange member.
Blockchain-based smart contracts are a key innovation, driving transparency in typical healthcare ecosystems. The technology is fostering trust among industry stakeholders including doctors, hospitals, specialty pharmacies, and health plan providers. With the use of blockchain technology, healthcare payers and drug makers will be able to write and encode smart contracts to enforce negotiated pricing for prescription drugs. The system triggers an instant payment to the manufacturer when a patient orders any drug in the favored formulary.
Evidently, blockchain has huge scope to transform healthcare. Patients will receive better care and costs will be reduced considerably, a win-win for both patient and provider. But the industry should continue to foster an atmosphere of growth and innovation to truly maximize the potential of blockchain. Some key future developments that could help bolster blockchain include:
Blockchain is gaining momentum around the globe. In healthcare, this means a patient-centric approach can be prioritized, and critical patient data can be effectively managed. With tremendous growth on the cards, there’s never been a better time to deepen your understanding of the market for blockchain within healthcare.
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