Most of the challenges facing the health care industry today are well known. They range from tiring and time-consuming data sharing procedures, ambiguous clinical trials, complex billing, and below-standard patient adherence. Health care providers are put under constant pressure to control costs, and, at the same time, offer the best health care management to patients. Medical Business Services LLC looks into the potentiality of blockchain transforming health care management.
What Is Blockchain?
The blockchain is simply a decentralized secure database. It is like a storehouse that validates past events. The blockchain is incredibly appealing to health care providers who need efficient and secure access to a patient’s medical history, given the following qualities:
- You can only add to the previous information; you can’t change it.
- It is decentralized, and the flow of information can’t be controlled by a single entity.
- New data can’t conflict with already existing data. Everyone in the network can replicate stored data.
The blockchain is bound to shape the future of health care in the following ways.
Billing Management, Claims, and Fraud
It is estimated that around 5-10% of health care costs are fraudulent. The health care billing management could make use of a blockchain automation-based system to reduce the administrative expenses related to payments, claims, and processing time.
There is yet another problem with health care revenue cycle management. Currently, the processing of claims is done manually. There is a possibility of payer networks breaking down if a provider moves or relocates out of or into the payer’s network. Payers also take up the costs of verifying provider details yearly. If data changes, the cost of processing is high as it has to be processed through more than one payer network.
Blockchains could be the solution as they offer a single source of accurate provider info. A blockchain ledger unifies every network stakeholder including providers, payers, and patients, and efficiency is boosted as only one entity can make updates.
Medical Data and Sharing
Aside from cancer and heart disease, medical error is another major cause of death among patients in the United States; this could be attributed to a lack of transparency between health care providers and medical institutions. With blockchain, patients’ records can be transferred easily. This will boost stakeholder management as well as health care billing and coding management. No single entity will control the information on the blockchains, and thus, it can be safely distributed to interested organizations and individuals.
Blockchain technology can curb the issue of snooping in medical research. This will foster collaboration between different researches in various fields. Blockchain will give every innovator proof of date, which will prove ownership of any innovation transacted through blockchain.
The health care industry faces data security issues as the number of patients keeps increasing. Blockchain has the potential to ensure the security and privacy of medical data.
It is no doubt that blockchain cuts across various fields in health care industry management. Utilization of this technology will engage health care entities, individuals, and medical researchers to share data and ensure privacy and security. Blockchain will go a long way in health care billing management as well as coding management, which means the health care industry is bound to benefit a lot if the stakeholders involved embrace this technology. To learn more about this transformation, contact Medical Business Services LLC, your trusted medical billing and coding company.