Blockchain and Healthcare: A New Era of Transparency and Efficiency

Blockchain has the potential to revolutionise many sectors of economy, including health care. Online health insurance could be another revolution where blockchain benefits the end-users since it might become more transparent and secure, but mostly cost-effective. Let´s go into detail.

Greater Transparency and Trust

With its decentralised and immutable nature – an asset shared by no other technology system – the blockchain can both open up and secure a much freer and more honest system for the healthcare sector. The health insurers and their policyholders could finally see in real time the status and history of claims, which might drastically reduce the number of disputes. There could be a new level of transparency.

Enhanced Security

The issue of security to healthcare, particularly in respect of health information that must remain private. Blockchain’s potential to dot each transaction with an ever-changing and encrypted code linked to the last makes it almost impossible to breach and access without permission and authorisation. A blockchain system, which would create a permanent record of every transaction, could minimise the probability of breaches and cyberattacks to PHI; a win-win situation for both provider and patient!

Increased Efficiency

Many complicated processes, such as verifying claims and settling payments in a timely fashion and with fewer errors, depend on health insurance. Smart contracts – one of the most promising applications of the underlying blockchain technology – automatically execute actions when pre-defined conditions are met. Usually, there is no or very little human intervention required. Consequently, not only settlements of claims but any other process, such as tasks that have to do with prescription drugs, are speeding up, while administrative costs decrease. Automation of routine processes would allow human resources to work more efficiently and refrain from doing unnecessary work tasks, enabling frontline staff to spend more time with patients.

Combating Fraud

Fraud is rife in healthcare and blockchain’s transparency and security features will help to shine a light on it. With a clear, irreversible record of all transactions, double-billing or false claims will be far harder to perpetrate, and much easier to root out. A clean record of all transactions, unadulterated and pristine, would help everyone involved, from the vulnerable patient to the hard-working medic, to operate on the level.

In Conclusion

Blockchain could revolutionise the way health insurance is processed in internet ecosystems, by ensuring that the process is transparent, secure and highly efficient. By cutting down the costs of bureaucracy and giving a better grip on expenditure, this new technology could help build people’s care system around what truly matters – better health for providers and happiness for clients. What do you think? Could the use of blockchain possibly lead to a more transparent and efficient system in the healthcare sector? Would you freak out if your doctor wanted to experiment it on you? Feel free to drop me a line in the comments section below.