The healthcare industry is plagued by errors, bureaucracy, inefficiencies, and high administrative costs. To deliver a single healthcare service, healthcare providers need to access patients’ critical data which is typically scattered across different departments and systems. A hospital’s administrative staff is responsible to accumulate the required data. However, a complex and sluggish information ecosystem renders the administrative staff struggling to collect vital data. Following are some stats that highlight the inefficiencies the healthcare industry suffers from:EDIT
The medical industry produces a lot of valuable patient data that can be used for treatment. Since the data is distributed across different networks it becomes difficult for healthcare providers to deliver appropriate care or necessary treatment in real-time. Drug counterfeiting is one of the major issues of the healthcare industry which leads to losses of around $200 million every year. To avoid such undesirable instances, a reliable and verifiable information tracking system is the need of the hour.
Blockchain technology has the potential to eliminate inefficiencies and inconsistencies in the healthcare industry. It can reduce the information gap between patients and healthcare providers by significantly eliminating the role of intermediaries. Blockchain application development solutions can connect fragmented systems to generate insights and enable healthcare professionals to serve their patients better. They can transform healthcare systems with better privacy, security, and interoperability of healthcare data. Blockchain technology creates a new model for health information exchanges (HIG) to enable stakeholders to access and store data effortlessly and securely.