Why Should Health Institutions Adopt the Blockchain Technology?

The healthcare sector has gone through many transformations. This is in a bid to ensure patients get the best on what they spend. However, there are many bottlenecks that have made healthcare management stagnate. This has led to many Healthcare institutions look for solutions to these problems hence turning to the blockchain technology.

When it comes to blockchain technology, you are assured of secure data collaboration between healthcare institutions. The diagnosis process is accurate; you are assured of an immutable database. With the right diagnosis, you get the right care at reduced costs. This also benefits healthcare institutions manage their revenue cycle with ease.

Healthcare data continues to grow each year hence the need for an easy way to store and disseminate it. With the blockchain technology, your data is secure and protected against interoperability and theft. The technology offers a robust data storage and exchange solution that saves lives and eases their financial burden on matters health.

Many healthcare institutions store patient-related data in independent hubs like Electronic Health Record (HER) systems, data warehouses and Health Information Exchanges (HIE) which do not guarantee you interoperability. With blockchain technology in the healthcare ecosystem, the patient benefits. You get the right diagnosis, effective treatment, and a seamless follow-up. Your data can be easily shared across platforms.

Blockchain technology is decentralized and highly available. Is has the high level of data integrity based on end-to-end encryption. It is backed by peer-to-peer (P2P) protocols that are ideal for the healthcare institutions. Your data will be stores in a distributed and decentralized public ledger and can only be altered if there is the consensus among the platform participants.

The beauty of the blockchain technology to healthcare institutions is that it allows access to all the players in the network. Hospitals, currency processors and patients have access to the network using their private keys. This makes it easy for magical institutions to gain access to verified information that leaves a trail of accurate transactions.

With blockchain technology, you have access to authentic medical history and bill payment reports. This helps medical professionals make fast and accurate decisions in an open but secure ecosystem. Decisions that are data-driven are easily concluded with the technology. Clinical data transactions and events are logged in for ease of monitoring as well.

There are two ways that the healthcare institutions can tap blockchain technology for benefits; they can build a private blockchain system that only has a few trusted participants. Secondly, they can build a public blockchain where participants can use their private keys to access or for verification.  To participate in a public blockchain network means you have the power to verify the data history and integrity.

Using the blockchain in health institutions, you can create processes to share medical information. The model captures patients’ health history, doctor visits, previous prescriptions and other procedures if any. Blockchain gives you access to globally authenticated and verified records that boost the general population health.

With blockchain technology, you have your health in your hands. You can store the information in your smartphone and ease the burden of healthcare managements storing your personal medical data. Your medical data and records should be private, and that is one of the solutions of adopting blockchain technology in health institutions. You have the upper hand of disclosing data that your doctor required at any given moment.

With the growth of portable internet-enabled gadgets, Portable, Patient Generated Health Data (PGHD) has become a reality. However, with the increase online threats, it is important to guard your data by encrypting it. This is possible using blockchain technology and anytime time data is added to the network, you get notifications.

Adopting blockchain technologies by health institutions means it is easier to extract valuable data for clinical studies from a big population. This means the results will be accurate since your sample is large. With the anonymous and encrypted nature of the technology, your data cannot be linked to an individual or a particular population.

Once health institutions set up a blockchain network, it is easy to link it with insurance companies, other hospitals, clinics, and patients. This is a stress-free integration that guarantees you fast response time and transactions are not delayed especially during emergencies. This translates to saving lives since redundancies are eliminated, and the cost of accessing health care is reduced as well.

Lastly, adopting Blockchain in health institutions reduces audit cost, enhances transparency and offers you a secure platform that is immutable and your data is safe. This results in patient satisfaction and greater experience whilst boosting profits not only for the health institutions but all participants in the network. more info please visit http://healthureum.io/