This article is brought to you through The European Sting’s collaboration with the World Economic Forum.
Author: Pradeep Goel, CEO, Solve.Care
- Global health systems are under extreme pressure.
- Blockchain technology could create an efficient, transparent, secure and efficient way to communicate data in global healthcare.
- Blockchain technology can also support the development of healthcare, save money and support new investments in essential resources.
The global healthcare system has been deteriorating for what feels like decades. With bed shortages, long waiting lists, rising costs and global pandemics, the state of the global healthcare system has never been more challenging for healthcare providers, practitioners or patients. patients.
According to Deloitte’s Global Health Care Outlook 2022, the sector is at breaking point. The COVID-19 pandemic has exhausted healthcare workers, overwhelmed institutions, disproportionately affected and further marginalized large swaths of the population, and reduced access to and demand for non-COVID-19 medical care.
How does the World Economic Forum enable an inclusive global health ecosystem?
How do we ensure that everyone has equal access to the highest standards of health and healthcare?
The World Economic Forum’s platform to shape the future of health and healthcare is built on a data-driven delivery system and virtual care, from precision prevention to personalized care delivery. It works to preserve health, allow access to care, accelerate the sustainability of health systems, as well as prepare for and respond to epidemics.
- The Forum actively supports the global delivery of vaccines, launching Gavi, the Vaccine Alliance, and helping to save more than 13 million lives over 20 years, and helping COVAX deliver more than 1 billion COVID-19 vaccines around the world.
- Through its COVID Action Platform, the Forum and its partners have provided solutions to navigate the COVID-19 pandemic around the world, launching over 40 initiatives to protect lives and livelihoods.
- Together with the Global CEO Initiative on Alzheimer’s Disease, the Forum launched the Davos Alzheimer’s Collaborative to accelerate progress in the discovery, testing and implementation of interventions for Alzheimer’s disease.
- In partnership with Deloitte, the Forum has developed a Global Governance Toolkit for Digital Mental Health to help policymakers craft effective policies on technology for mental health.
- The Forum’s Global Coalition for Value in Healthcare works to create a more sustainable and equal healthcare sector. Its first value-based healthcare innovation hubs in the Netherlands, Portugal, Wales and Denmark are working to eliminate inefficient spending in global health.
- The UHC2030 Private Sector Constituency, organized by the Forum, released a statement highlighting the role the private sector can play in achieving universal health coverage.
Contact us for more information on how to get involved.
In short, the pandemic has exacerbated an already broken health sector dogged by decades of inefficiency, budget cuts, failed reform, and over-centralization. But this can be fixed.
To ensure that the global healthcare system does not completely break down, drastic measures must be taken. The introduction of blockchain technology will enable a decentralized and distributed environment that will ultimately serve and protect everyone – as any good healthcare system should.
Improve communication and efficiency
Blockchain technology is massively underutilized in global healthcare. It can ensure an efficient, transparent, safe and effective way to communicate data and information to all parts of the health sector. Through tokenization and the use of smart contracts, it offers the possibility of reducing or eliminating the pre-authorization process in the healthcare sector.
Blockchain-based solutions for healthcare documentation offer secure encryption techniques that protect the integrity of individuals’ information when communicating with different parties. Through tokenization, smart contracts, and encryption techniques involved in blockchain network transactions, the pre-authorization process will be significantly reduced, allowing patients to more efficiently receive needed and informed care. This is because the health care provider can quickly access relevant information, where previously they would have depended on the patient or physically mailed or emailed files from disparate sources, such as physicians. premises, laboratories, etc.
Not only can tokenization facilitate more effective interaction and communication between healthcare providers and insurance companies, but it can also support and improve communication between patient and healthcare provider.
Introducing a decentralized platform in the global healthcare system will bring different benefits to the patient. For one thing, it will allow medical records to belong to the patient rather than the healthcare provider. Decentralization will also allow health care to become more accessible to all, as it will remove barriers and allow patients to provide their medical records to any practitioner, anywhere in the world.
The tokenization of personal information means that patients will be able to provide and receive information quickly and efficiently when interacting with different healthcare professionals and providers around the world throughout their care journey. Critical information, such as medical history, insurance details and personal information, will be provided through a platform to ensure information is readily available and stored for every use.
By giving patients access to their medical records, they can ensure that the information held about them is accurate and correct. A study conducted to investigate the accuracy of medical records found that healthcare providers would enter only 18% of progress note text manually, leaving 46% copied and 36% imported. This leaves a large window for errors and stale data.
Support outpatient services
Outside the hospital environment, people find themselves cared for by several providers: a primary care establishment, their general practitioner; specialist practitioners, such as dentists and physiotherapists; and everyone across the spectrum of the medical profession. With so much to track and manage, a system that ensures all parties are aware of appointments, prescriptions, and medications can be challenging, especially when providers are part of different global healthcare networks. .
With blockchain-based medical records, prescription data can be updated in real time by any provider, streamlining the flow of information and reducing the risk of errors and contraindications between medications.
Patients can even add information about their over-the-counter medications or homeopathic remedies, ensuring healthcare providers and pharmacies have all the information they need to give the right treatment and advice. From the user’s perspective, this means that there is a single access central repository of information that is securely stored and hosted on a decentralized blockchain.
The future of global healthcare
Blockchain technology can help support the development of the global healthcare industry, save money and encourage new investment in critical resources. With so much at stake, it is impossible to think that the inefficient, overly bureaucratic and failing healthcare industry that we know today can continue. For patients, practitioners and executives, it’s time to embrace the technological and systemic advances available to us.
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