Leveraging Blockchain based EHR platforms & Data Analytics to create quality workflow in Healthcare.
Business Overview
Healthcare has got tremendous potential for improvement worldwide. According to some estimations, around $800+ Billion are spent on duplicating services due to poor communications between doctors and hospitals.
More than $500 Billion are allocated for administration of healthcare; substantial budgets are needed to provide protection of health data. Only Billing and Insurance Related costs are projected to reach $315 billion dollars by 2018.
Blockchain technology holds the potential to provide economical alternative to humongous costs that are involved in Electronic Health Record management and transparent medical billing.
USA alone, had $3.55 trillion expenditure in healthcare in 2017, and predicted to reach more than $5.5 trillion in 2025. The main source of these outrageous costs are high administrative fees, overpriced medical tests, useless treatments, medical fraud and missed prevention opportunities.
The Challenge
Electronic Health Records (EHRs) were designed to make record keeping more seamless and standardised but it has opened pandora’s box when it comes to managing multiple providers and maintaining patient records for life.
Current system does not provide patients with kind of portability they enjoy in other aspects of life like communication, non medical insurance and business in general.
Providers — not patients are enjoying greater control over EHRs and patients face major bottlenecks while viewing their reports, correcting erroneous data, and distributing the information.
The situation is similar to finance, where an individual may deal with many banks and credit agencies but not a uniform interface to access the information at the fingertips.
Our Approach
Current State of EHR demands for technology like Blockchain to bring in much required changes for seamless access of Patient information for better informed decisions. Our blockchain-based solutions developed in the field of Blockchain for Healthcare in general and specifically for EHR to achieve the following benefits:
Business benefits of Blockchain EMR:
EHR blockchain
Enables changes to an individual’s EHR (new imaging, procedures, labs) to be updated in real time on an EHR blockchain
Private key
Patient data can only be accessed by the patient’s private key, even if the database is hacked, the data will be unreadable
Control over data
Patients have full control over accessing their healthcare data. The patient will be in total control when it comes to how much of his data is being accessed
Seamless data transfer
Transfer of medical data will become more seamless and instant. All the stakeholders in distributed network of EHR blockchain will have the same set of patient’s data
Standardization
Platform provides for standardization and scalability, while tackling the inflated costs, limited access to adequate services and stop misuse of patient data
Smart contracts
Platform operates on the Ethereum blockchain using an ERC20 standard to deploy smart contracts for health-related services
Project Highlights
Results – a journey from ideas to success
Innovative analytics and real-time data visibility
Clinical health data exchange and interoperability
Claims adjudication and billing management
Drug supply chain integrity and provenance
Pharma clinical trials and population health research