How do providers get better access to patients, deliver the best possible care, and get paid for their services in an accurate and timely fashion? The answer could be found in a game-changing technology called blockchain.
Blockchain is one of the hottest topics in healthcare today because of its promise to improve transparency, drive clinical quality, relieve administrative burdens and reduce costly waste within the system.
One need only look at the financial services industry to understand the value of blockchain technology. Initially used to lower the worldwide cost of cross-border payments, security trading and compliance, blockchain technology now has the potential to save the banking industry an astounding $20 billion by 2022, according to estimates by the management consulting firm Accenture.
What makes the technology so desirable for healthcare providers is its ability to eliminate the dependence on a centralized clearinghouse and ensuring that the information is timely and accurate across all participants in the “chain,” In short, blockchain technology could unlock the value of interoperability and allow for true coordination of care administration by replacing duplicative processes with a synchronized model that is efficient and effective. In addition, it creates a permanent record of online transactions that can be securely stored and selectively shared with targeted users via a network of personal devices.