Today’s healthcare industry faces a rising tide of expenses associated with everything from trauma care to transcription services. Fortunately, blockchain technology is here to help. It’s a valuable tool for improving the quality of patient care, heightening transparency, and streamlining office processes. Used properly, the blockchain will promote cost savings in many ways. This article explores five of them.

The Future of Blockchain

The future of blockchain technology offers many possibilities, especially in healthcare. For providers and patients feeling the pinch of higher costs, the blockchain can make healthcare more affordable. Ideally, this technology will boost cost savings in several ways:

1. Increasing Transparency into the Total Cost of Healthcare

Transparency holds healthcare organizations more responsible when it comes to billing. In turn, there will be a smaller chance of overcharging patients for needed care. But the benefits of increased financial transparency start well before the patient makes his or her first appointment. If optimal practices are in place, patients have an easier time comparing prices across providers and making cost-effective decisions.

2. Allowing Patients to Submit their Information for Research Purposes without Risking Confidentiality

This has huge potential not only for clinical research, but also for the cost of healthcare in general. When various medical conditions have been studied in detail, there is less trial and error involved in diagnosing and treating individual patients. Doctors will have more data available to figure out which medication or treatment is most effective in multiple patients with the same diagnosis. And choosing the treatment options that research has shown to be most efficacious can reduce the amount that patients must pay.

3. Promoting Automation in Data Transfers between Providers

In today’s complicated technological landscape, the methods used to relay patient information from one healthcare provider to another tend to be less than ideal. The need to input medical data manually can strain office budgets and lower the efficiency of doctor-patient consultations. Constructed properly, blockchain technology can streamline the time-consuming process of information management, thus potentially optimizing data access, reducing the labor costs associated with manual entry, and increasing provider effectiveness.

4. Giving Patients Easier Access to their Test Results

Secure blockchain technology diminishes the likelihood that a given test will need to be performed more than once. When a doctor asks a patient about tests that were administered by a previous provider, there is little chance that the patient will remember every single result. This can lead to repeated testing and follow-up appointments, all of which can be costly and time-consuming for both the provider and the patient. This technology can minimize the need for duplicating procedures.

5. Offering Providers a 360-degree View of the Patient’s Condition

Blockchain can help providers evaluate each patient’s healthcare needs based on all of his or her medical information, not just the most recent symptoms or test results. And being able to solve a diagnostic puzzle is critical. Making the right evaluation can save time, money, and potentially even the patient’s life.

If this technology is used to its fullest potential, patients and healthcare providers will reap numerous benefits. With secure and transparent data stewardship, the possibilities for a healthier world are endless. To learn more about these possibilities, check out the source article at the Biz Journal website.

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