The costly nature of healthcare management is a well-documented problem. This costliness could be attributed to some reasons, but one thing is certain, it is a problem that threatens to make healthcare unaffordable, inadequate or both for a large proportion of the public. This is where Healthureumcomes into play. Healthureum is s project aimed at improving the quality of healthcare services while also increasing the efficiency of processes involved in its delivery. Though, this is the major objective; it cannot be achieved without correcting the flaws in the financial skeleton of the system.
The innovation powering the transformations proposed by healthureum is the Blockchain technology. The decentralized and distributed database of a blockchain which contains its data allows for an auditable and distributed public ledger, which in turn renders every transaction open for all to see. This openness makes the blockchain technology a perfect fit for handling the complexities of transactions involving health information technology. The proposed use of this blockchain-based system as opposed to the resource-intensive system in place promises a lot of advantages.
The use of the blockchain-based distributed ledger and smart contracts in health information technology has major advantages that could go a long way in cutting costs. The blockchain technology can be used for the easy identification of patients by providing medical practitioners with quick and easy access to needed information. This would consequently allow for such patients to be easily and efficiently monitored, at the same time paving the way for seamless and efficient delivery of service. This use of the blockchain technology could provide the development in quality and delivery of healthcare services that its stakeholders have been craving.
Another key advantage of the healthureum project would be the autonomous automatic adjudication. This has been created to simplify the procurement of and payment for medical services. It would also assure increased efficiency in the management of claims and other healthcare transactions, all through the use of smart contracts. These smart contracts are binding agreements between participating parties that monitor the terms of a contract, whether or not they are met, before confirming any payment for the services rendered. The major principle behind these contracts is that, until all relevant conditions are met and confirmed on the blockchain, the payment would be withheld. The benefit of the smart contract is that the whole contract is on a blockchain, transparent and protected from any fraudulent activities or alterations. This would also mean the elimination of third parties, which have been known to increase costs and increased speed and efficiency in the assertion or denial of claims.
Some information technology systems currently exist in the healthcare system. These numerous systems have understandably immense problems communicating properly with each other. These problems, in turn, result in expensive errors which only serve to raise the administrative expenses of the healthcare system. Healthureum, with the aid of blockchain technology, would provide a replacement for these numerous systems with a single system that would increase interoperability. By using smart contracts and the public ledgers, the Blockchain would ensure irrevocable, cryptographically secured transactions among participating parties. It would also allow for secure and easier communication as information could be designated, through the blockchain, to all relevant persons using keys that the information holder has access to. This access could be controlled so that service providers have access to data only when needed. Use of the blockchain to transfer information between the numerous systems and people would, therefore, increase interoperability and thus, efficiency. As a result, some of these systems could even be eliminated due to the transition to a blockchain-based system, cutting the expenses generated by their maintenance.
Overbilling is a popular phenomenon in the healthcare industry. This vice can, however, be curbed through the deployment of the blockchain technology. This is also due to the utilization of smart contracts and a verifiable ledger of all service and payment activities. The automatic confirmation of the smart contracts would make overbilling almost impossible, and in the same vein, the public ledger would integrate an openness into every transaction. This openness would, in turn, make every fraudulent scheme easily noticeable if present at all. These innovations would be beneficial to all stakeholders of the healthcare system, both public and private, as it would reduce the risk of fraud.
Healthureum promises to increase data security and privacy, reduce administrative costs by transitioning to a more effective system and eliminate fraud, through which a sizeable percentage of healthcare funding is lost every year. And to achieve all these, it uses the Blockchain technology whose flexibility and tested efficiency is key to the success of the project.