Back

 Industry News Details

 
Should Healthcare Shift Towards A Blockchain-Based Efficiency Model? Posted on : Oct 22 - 2018

In times of medical emergency, an ambulance ride of just a few miles can cost thousands of dollars, and a lot of it may not be covered by insurance. That is the mindset of many consumers and patients today who would rather use ride-sharing services, than hospital-provided medical services. Why? Fear. It’s expensive and often, life-changing. People would rather use these services, simply to avoid having their entire financial world crumble to the ground.

With the emergence of blockchain technology, artificial intelligence (A.I.), and encryption, the health-care industry is now in the middle of a financial shift towards a different and more efficient delivery model.

“Value-Based Care”

Value-based care is a model in which hospitals and physicians are rewarded by providers, based on patient health outcomes. The providers are rewarded in turn for helping patients improve their health and lifestyles in order to reduce the effects and occurrence of chronic diseases.

But, while that looks great on paper, what sacrifices are required to achieve this?

Implementing this model requires that information systems adapt and change accordingly and timely. So how can health-care providers, researchers, and innovators acclimate themselves to these circumstances to consistently advance patient health?

Diagnosing the Future of the Medical Industry on the Blockchain

The industry must take advantage of new financial management tools that can be delivered via cloud services. Current value-based pricing models exist mostly in the nutrition supplement market, where consumers are guaranteed a full or partial refund if no positive effects are observed. So why can’t a similar pricing model extend to health-care and expensive drugs?

Thankfully, the current model shift is moving towards value-based services. But, they aren't short of medical silos and barriers, including, but not limited to managing patient records, itemizing bills, transparency in medical research, and the voluminous amounts of data out there, waiting to be sorted and encrypted.

With voluminous amounts of data to process, the industry is barely holding its head above the water. View More