Blockchain technology has significant implications for every industry, but healthcare is ideal for the increased security and efficiency that come with this new trend. Read on to ensure you’re prepared for what’s coming.
Although the technology was first associated with Bitcoin and other digital currencies, blockchain is not exclusive to the financial sector. To grasp why blockchain is such a game changer, there are three basic components you need to understand:
In the financial industry, blockchain technology means transactions and account balances no longer need to be validated by a centralized authority, like banks. One person can transfer money to another because each computer in the network can examine the chain to confirm he or she has the funds, and add a block logging the transfer and updating both account balances.
The record of a transaction can’t be altered unless the security of every computer in the network was compromised simultaneously. That level of data security and integrity is perfect for reducing costs in the healthcare industry.
Even as providers shift from paper documents to digital files, data loss continues to be one of the biggest problems in the industry. According to CRICO Strategies, miscommunication causes $1.7 billion in damage and results in as many as 2,000 lost lives. Test results get lost, records aren’t properly updated, and care settings are misunderstood; whatever form miscommunication takes, it’s losing your practice money.
For now, there are three main benefits of blockchain technology in the healthcare sector:
The past few years have been tough on the healthcare industry. Ransomware has taken a toll on data security, and providers are relying on costly solutions to keep up with the exponential growth in digital records. Blockchain technology is poised to take care of both problems in one fell swoop.
Adopting new technology is intimidating, especially in a heavily regulated industry where data security is so important. We’re starting to see blockchain-based healthcare startups pop up, but before you can embrace this shift, you need a full-time team to manage the integrity of your files. To find out how we can protect you today and prepare you for tomorrow, give us a call.