Even a few years back, Blockchain was solely a part of cryptocurrencies. People less interested in cryptocurrencies did hardly pay any attention to Blockchain and its benefits.
But, as time goes by, people and industrialists have learned that Blockchain is a blessing in disguise. This chunk of technology holds power to transform anything that comes into contact.
And now, nearly all industries are looking for ways to dip their toes into Blockchain technology.
The healthcare industry is no exception to it. In fact, Blockchain is a prominent emerging technology in healthcare for now.
The Indian healthcare industry will generate $372 billion in revenue by 2022. (IBEF)
On the other hand, the global healthcare market will produce $11.9 trillion in revenue by 2022. (Businesswire)
Both the developing and developed countries spend a noticeable chunk of their GDP on improving their healthcare sector.
Despite all the efforts, the rising healthcare expenses, patient data breaches, Etc., hinder the healthcare industry growth.
Multiple evaluations on Blockchain and healthcare show that Blockchain implementation can help the healthcare industry overcome its challenges.
Consequently, the industrial investment in Blockchain will rise to $ 11.7 billion in 2022. (Investopedia)
Let’s unpack Blockchain for the healthcare industry. Unless we will never become able to learn what benefits it holds for the healthcare industry.
What Are The Challenges Ruling In The Healthcare Industry?
The healthcare industry is growing leaps and bounds.
But, it does not necessarily mean that it is free of challenges and obstacles.
Firstly, we must learn about the dominant challenges running across the healthcare industry.
And then, we can analyze the Blockchain benefits of overcoming those challenges.
Implementing Advanced Technology
Most healthcare companies, hospitals, and clinics fail to upgrade their systems as per the present market demand.
In terms of both software and hardware, around 48% of healthcare devices are harnessing the power of IoT at present. It has to rise to 68% within the coming -5 years. (UK Center For Health Solution)
• Cyber security is a rising concern in the healthcare industry.
• Because of the rising concern of malicious hackers, healthcare service providers are struggling with keeping their patients’ data safe.
• Furthermore, data breaches regarding patients’ medical records, medical research, and patient diagnostic analysis are also a rising tension.
• In terms of payment processing and billing, there are two contrasted scenarios in the healthcare landscape.
• On one side, there is the implementation of advanced payment processing equipment. On the other side, patients struggle with the mounting healthcare service expenses.
• As a result, it affects the payment processing on the whole.
The Implementation Of Blockchain Eliminating Healthcare Industry Challenges
Blockchain in the healthcare industry will grow at a 72% CAGR by 2028. (Data Bridge Market Research )
A survey by IDC reports that 55% of healthcare applications will experience Blockchain integration by 2025.
The Blockchain integration will serve commercial purposes.
The proper implementation of Blockchain in the different facets of the healthcare industry can enable businesses to eliminate obstacles.
Improving Health Record System
• Patient history, diagnostic analysis, medical records, autism treatment, are some of the most sensitive information in the healthcare industry.
• From giant to small, nearly all the healthcare service providers deal with the struggle to manage all the information in systematic order.
• Additionally, sometimes even the electronic health record system fails to keep and manage complex patient data securely.
• Blockchain technology allows healthcare providers to experience top-notch security standards for patient data storage and access.
• The longitudinal record system improves patient medical data accessibility.
• This remarkable technology compliments all the shortcomings of the data storage of healthcare providers, making data sharing seamless.
Healthcare Industry Supply Chain Management
• Seamless medical supply management is another crucial aspect of the health industry.
• Blockchain enables healthcare providers to accomplish secure and safe entry of medical supplies, including medicines, medical equipment, Etc.
• Blockchain-enabled supply chain management system also allows the patients to track their medicine orders and monitor the supplies if there is any delivery delay.
• As Blockchain systems functions on an authentication-based exchange, healthcare providers can easily verify the patients’ claims.
• With Blockchain, there will remain fewer chances of fraudulent activities in case of claim verification.
• When employees evaluate the already stored and synchronized patient’s medical records, the claim processing will become effortless.
Refined Patient Care
• Blockchain brings revolutions to patient data storage and supply chain management in the healthcare industry.
• Consequently, it eliminates all the miscommunication between the healthcare providers and patients.
• Moreover, the single ledger information storage system ensures zero duplication of data.
• Blockchain makes it possible for the health industry to measure the parameter of disease transmission. It helps medical practitioners to detect the specific pattern of disease outbreaks.
• The real-time report analysis has lowered the delay in treatment.
• Adequate and secured medical data storage, fast claim processing, seamless payment processing, a quick analysis of medical reports, Etc. have leveled up patient care.
70% of decision-makers in the health industry expect significant changes in clinical trial management through Blockchain. (IBM)
To conclude, being a mainstream sector, the health industry never runs in shortage of challenges. Blockchain technology, a prominent emerging technology in healthcare, helps the industry eliminate all the obstacles and march ahead.
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