K
Kathleen Martin
Guest
Although not yet widely implemented in healthcare, blockchain technology has tremendous potential and could be transformational by providing increased security, transparency and integrity.
However, some common myths around blockchain may be slowing its acceptance.
Kali Durgampudi is chief technology officer at Zelis, a healthcare payments company. He is a blockchain expert, which is why Healthcare IT News sat down with him – to discuss how blockchain can be used in healthcare, those stubborn myths and blockchain's transformational potential in the industry.
Q. What are the primary use cases for blockchain in healthcare?
A. Some of the biggest issues we have in healthcare are privacy and data security. Cyber-risk continues to grow exponentially as the industry moves toward digitizing and eliminating archaic paper-based processes.
Blockchain technology has the potential to alleviate many of these concerns. For those who are not familiar with it, blockchain is essentially a system of tracking and recording information. "Blocks" of data, or encrypted information, are widely distributed across a peer-to-peer network.
Any time the information is changed or shared, a new block is created to document the transaction. These blocks are strung together to create an impenetrable chain. Since the information cannot be modified or copied, blockchain technology vastly reduces security risks, giving hospital and healthcare IT organizations a much stronger line of defense against cybercriminals.
With cyberattacks becoming more and more frequent, implementing this technology will become essential to protecting sensitive patient and financial data. In the future, we will look back and ask why we didn't implement blockchain technology sooner.
Another area where blockchain can play a pivotal role is in healthcare payments. Shockingly, a lot of healthcare communications and many payment transactions still occur via mail and paper checks. Blockchain can help expedite financial transactions between payers, providers and members.
For example, many payers and providers are hesitant to share information over email because there is no proof of delivery or receipt. An email can easily be lost in a spam folder, muddling and delaying the payment process for all parties involved.
Yet blockchain technology offers a way to provide never-before-seen transparency for these transactions. Blockchain provides both payers and providers with complete visibility into the entire lifecycle of a claim, from the patient registering at the front desk to disputing a cost to sending an explanation of benefits.
In addition to explaining healthcare costs and providing transparency into the process, blockchain is ideal for exchanging healthcare payments, given the secure nature of the technology and its ability to facilitate faster transactions.
Continue reading: https://www.healthcareitnews.com/news/debunking-some-healthcare-s-biggest-blockchain-myths
However, some common myths around blockchain may be slowing its acceptance.
Kali Durgampudi is chief technology officer at Zelis, a healthcare payments company. He is a blockchain expert, which is why Healthcare IT News sat down with him – to discuss how blockchain can be used in healthcare, those stubborn myths and blockchain's transformational potential in the industry.
Q. What are the primary use cases for blockchain in healthcare?
A. Some of the biggest issues we have in healthcare are privacy and data security. Cyber-risk continues to grow exponentially as the industry moves toward digitizing and eliminating archaic paper-based processes.
Blockchain technology has the potential to alleviate many of these concerns. For those who are not familiar with it, blockchain is essentially a system of tracking and recording information. "Blocks" of data, or encrypted information, are widely distributed across a peer-to-peer network.
Any time the information is changed or shared, a new block is created to document the transaction. These blocks are strung together to create an impenetrable chain. Since the information cannot be modified or copied, blockchain technology vastly reduces security risks, giving hospital and healthcare IT organizations a much stronger line of defense against cybercriminals.
With cyberattacks becoming more and more frequent, implementing this technology will become essential to protecting sensitive patient and financial data. In the future, we will look back and ask why we didn't implement blockchain technology sooner.
Another area where blockchain can play a pivotal role is in healthcare payments. Shockingly, a lot of healthcare communications and many payment transactions still occur via mail and paper checks. Blockchain can help expedite financial transactions between payers, providers and members.
For example, many payers and providers are hesitant to share information over email because there is no proof of delivery or receipt. An email can easily be lost in a spam folder, muddling and delaying the payment process for all parties involved.
Yet blockchain technology offers a way to provide never-before-seen transparency for these transactions. Blockchain provides both payers and providers with complete visibility into the entire lifecycle of a claim, from the patient registering at the front desk to disputing a cost to sending an explanation of benefits.
In addition to explaining healthcare costs and providing transparency into the process, blockchain is ideal for exchanging healthcare payments, given the secure nature of the technology and its ability to facilitate faster transactions.
Continue reading: https://www.healthcareitnews.com/news/debunking-some-healthcare-s-biggest-blockchain-myths
