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Growth Opportunities for Blockchain in Healthcare

Article Synopsis :

This presentation from Frost & Sullivan evaluates the application potential of blockchain for three healthcare stakeholder groups:

 The Digital Insurer reviews Frost & Sullivan’s Report on Growth Opportunities for Blockchain in Healthcare

Intra-industry, use-case-specific blockchain consortiums will grow increasingly popular in 2018

  1. Medical Devices
  2. Pharma/Biopharma
  3. Health Insurance

Medical Devices:

Medical device OEMs, accountable for complete traceability of their devices, could use blockchain to achieve significant cost savings by streamlining the secure tracking and management of billions of medical devices and medical assets. The key benefits of blockchain for this use case include:

  • Unique identifiers for medical devices or assets on blockchain
  • Autonomous monitoring and preventive maintenance of medical devices
  • Promote Internet of Medical Things (IoMT) applications and smart contracts to automate device life cycle management

Due to privacy and security issues, medical device OEMs have only 20%–30% of their IoT medical devices connected in the hospital. Blockchain would provide an additional layer of trust to minimize cybersecurity threats for medical device and embedded IT systems, driving adoption. The key benefits of blockchain for this use case include:

  • Streamline and secure tracking and management of billions of medical devices, wearables, and medical assets, providing significant cost savings
  • Improve storage of device-generated health data with encryption, access control and smart contact features
  • Secure and selective access to patient-generated health data

Pharma/Biopharma:

The drug supply chain has grown increasingly complex with ever-present threats of counterfeiting, cargo theft, and the importation of unapproved drugs. Blockchain-based chain-of-custody logs to track each step of the supply chain could save the Pharma industry as much as $200 billion. The key benefits of blockchain for this use case include:

  • Ensure data integrity and improve drug traceability across the supply chain, reducing industry losses
  • Optimize overall marketing efforts and workflows
  • Facilitate medication adherence and incentive management programs toward a value-based care paradigm

Failed or fraudulent reporting of clinical trial results creates public safety issues and knowledge gaps for healthcare stakeholders and policy-makers. Blockchain enables unprecedented collaboration between participants and researchers to drive innovation in medical research. The key benefits of blockchain for this use case are:

  • Help make the clinical trial patient recruitment process more targeted and efficient
  • Promote research commons and remunerative models for data sharing, including crowdsourced research models
  • Thwart outcome switching, data snooping, and selective reporting

Health insurance:

About 6% of all medical claims are denied due to incomplete or incorrect information. Blockchain could dispel administrative layers to lower transaction costs and reduce fraud in the claims settlement process. The key benefits of blockchain for this use case are:

  • Reduce costs related to commissions, sales, and operations
  • Automate underwriting, policy insurance and other BIR activities
  • Improve claimant and beneficiary know-your-customer processes
  • Promote pay-for-outcomes and incentive-based behavioral health programs
  • Promote peer-to-peer insurance models (for example, peer-evaluated and peer-adjudicated health claims)

Blockchain solutions, according to the paper, will negatively impact Revenue Cycle Management (RCM) and claim management technology vendors; potentially replacing claims clearinghouses and decreasing the need for prior authorization.

Link to Full Article:: click here

Digital Insurer's Comments

Blockchain is the first system to solve the ‘double spending’ problem without requiring a central administrator or clearing agent. Redundant, immutable, encrypted, blockchain is ideally suited for any application requiring transparency on records with a permanent date and time stamp—such as the five use cases identified in this paper.

Standards are an issue. But people aren’t letting lack of standards get in the way of a good proof-of-concept. Collaboration is the larger issue, as the ideas outlined in this paper—though all good—all require cross-company participation. Intra-industry, use-case-specific blockchain consortiums will grow increasingly popular in 2018.

Link to Source:: click here

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