Blockchain can aid in better management of medical records. It can also enhance pharmaceutical supply chain and smart contracts for payment distribution. At the end of the day, healthcare is a business, whether for-profit or not-for-profit. Healthcare companies need to use same logic like any other business firm when making purchase decisions, thinking about efficiency and savings.
2017 was a good year too for projects that launched healthcare services on the blockchain. Below are some of the few companies that are using blockchain to change healthcare services.
MediLedger Project is led by the LinkLab and Chronicled and started in 2017. It brings competing pharmaceutical manufacturers and wholesalers. The company uses blockchain innovation to improve track-and-trace capabilities for prescription medicine. It meets the U.S. Drug Supply Chain Security Act (DSCSA) as well as operational needs of the industry.
It consists of supply chain participants, service providers for the industry and trusted technology companies. These operate nodes on an open system architecture. The system allows for full privacy and there is no leakage of business intelligence. It also allows for capability of drug verification and provenance reporting.
SimplyVital Health was launched in February 2017 and runs a product called ConnectingCare that brings providers from various clinical organizations onto the same platform. They are able to view same data for shared patients. All users are able to benefit from strategic opportunities facilitated by AI-based algorithms.
This helps drive down the cost of care. Providers are paid for working together and for results. In other words, reimbursement depends on their ability to prove they worked together. This helps provide better quality for users.
They are also launching Health Nexus, a fork of Ethereum that enables sharing of data safely. It is a new validation and governance protocol focusing on HIPAA compliance.
Read more on the project here and website for ICO details.
Patientory is a foundation of entrepreneur and healthcare expert Chrissa McFarlane. It will offer health products through physician-coordinated care. It lets users manage health information in a true interoperability and security manner. Using a healthcare app, patients can keep a track of their health history. Patients can track doctor visits, medical bills, personal medical information, insurance, immunizations and pharmacy medications.
It also partners with Startup Health portfolio, which runs a global campaign to transform health. Some of the people in its advisory board include Shawn Wilkinson, CEO of the blockchain company Storj.
The data is distributed in a encrypted form and adheres to the Health Insurance Portability and Accountability Act (HIPPA) Security Rule.
It launched PTOY token ICO on May 31 2017 and raised $7.2 million in three days. It facilitates exchange of blockchain-powered health data and information.
Blockchain, for instance, could help the U.S. healthcare system move from the current fee-for-service model to value-based model.
Payors can transfer PTOY tokens as incentives to providers as incentives to providers who offer superior care with better patient care outcomes.
Patients can instantly access and manage their health information and reach out to the community to learn about their conditions. They can also interact with providers. Healthcare can save costs by providing coordinated care.
Robomed Network is a decentralized medical network that connects service providers and patients using smart contracts. Patients pays for results and not the medical process. It was launched in Dubai and has around 30,500 services and around $2 million worth of services.
The company raised a total of $14 million from an ICO that concluded in December 2018.
Well started its ICO on January 3 and has already been raised $3million. It is raising funds for its platform that seeks to connect healthcare specialists and patients worldwide through a blockchain-based marketplace for healthcare. It is already a working and profitable business so it is not starting from scratch in the area of health. For instance, it had the largest therapist network in 2017 and had conducted 22,916 consults as of January this year. It will be using blockchain to expand business.
Well tokens will solve the problems of cross-border payments, data accessibility and at-risk populations. The platform has a built-in secure messaging and private clinical network with over 1,600 providers in 49 U.S. states and other places around the world. Blockchain will lower the barrier for contacting physician and lower costs of healthcare. It is also more private and could generally save thousands of cost in healthcare systems for operators.
Clinicians hosted by the platform speak different languages and it is supported by many companies.