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How Blockchain is Improving Healthcare Payment Management

How Blockchain is Improving Healthcare Payment Management

Blockchain has already disrupted how we pay for everyday goods through cryptocurrencies like USDC and Tether, but it’s also revolutionizing how payments in the healthcare industry are being handled.

Why?

One in three Americans are currently unhappy with the patient billing process, but now with blockchain technology that process can be significantly quicker, easier and more secure.

How?

For example, when a hospital or health plan provider is working out a contract with a patient, blockchain can instantly identify and verify all the necessary information for that transaction, eliminating the tedious authenticating and negotiating process we have all gone through with our healthcare providers.  This makes the payment process more efficient and thus, more affordable.

Blockchain can also be used to remove the middleman from the healthcare payment process entirely, making the transaction much more transparent on what a payment is going toward, and again, more affordable for the patient.

Whether allowing insurance companies more rapid access to medical information and authentication or allowing patients to buy care directly from providers, blockchain makes healthcare convenient while also providing increased security, better access and user friendly applications that lead to an overall streamlined patient care process that will be unmatched.

But, it’s not just the improved speed and security through blockchain that is revolutionizing the medical industry. Blockchain also makes for a more pleasant patient experience regardless of the healthcare service by giving patients the ability to contact providers securely at home while maintaining control over their health information, and gives the healthcare providers the ability to collect real-time, quality assured patient data to provide rapid and effective care which will inevitably save lives.

Decisions need to often be made quickly, and delays can cost lives. A car crash victim being rushed to the ER could have his/her medical records accessed instantly and securely through the blockchain network to ensure they receive the appropriate medicine and treatment needed to save their life.

So, how will you take advantage of the blockchain network to improve patient experiences and your healthcare business?

Check out more of our thoughts on blockchain and drop us a line here to reinvent together!

 

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