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Modernizing healthcare: Is blockchain technology the next step?

Interoperability is at the heart of the blockchain technology and for the health care industry, this ability could power a more accessible yet safer way of health information exchange. For instance, taking advantage of this innovation for electronic medical records sharing will not only provide patients with real-time information but also deliver a faster way of data sharing among institutions and healthcare providers.

 

Image source: btcmanager.com

 

The technology could give rise to new health information exchanges (HIE) models that will create more efficient electronic medical records. Although it still in its early stages, here are the potential uses of Blockchain technology that will revolutionize the healthcare industry.

 

  1. Health record management

The technology has the potential to build a less complicated and more updated digital record-keeping system. As a ledger technology, it can promote interoperability, ensuring integrity and privacy for patient records.

 

  1. Patient-centered approach

Patients can have the full control and real-time access to their own medical data so that they can easily share it with other healthcare providers like hospitals, insurance companies as well as laboratories.

 

  1. Secured sharing

With its real-time access and control capabilities, patients can share data to various groups or individuals. Data sharing are pre-approved so that it will only be shared with the patient’s chosen group of individuals or organizations.

 

  1. Cost-efficient

Transferring a patient’s medical records between institutions and healthcare providers will be faster and will cost less. In addition, compliance costs will be reduced and the digital nature of this technology will make auditing easier.

 

Image source: ancapetre.com

 

Blockchain technology has not yet reached its full maturity in its possible applications in other industries and there are still issues that need to be addressed. However, many experts believe that it has the revolutionary potential to transform the health care industry in the future, which can spell a healthcare boom, higher client satisfaction rates, and even increased value of healthcare stocks—the latter a major plus for investors.

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