Utilising Technology to Reduce Healthcare Costs

Utilising Technology to Reduce Healthcare Costs

Hospital costs, highly inefficient methods, and continual data breaches continue to rise in the health-care industry. These issues have pushed for increased efficiency and innovation.

Blockchain in healthcare could help alleviate the pain by deflating the present expenditure bubble, protecting patient data, and improving overall experience. The technology is already being used to perform everything from encrypting medical data to controlling disease outbreaks. At least one country sees blockchain healthcare as having great potential: Estonia. 

Estonia began using blockchain technology for healthcare data security and transaction processing in 2012. All of the country's healthcare billing is now done on a blockchain, and 95 percent of health data is now stored on a ledger, with 99 percent of all prescription data being digitised.

In the healthcare industry, blockchain has a wide range of applications and benefits. The ledger technology helps healthcare researchers uncover genetic code by facilitating the secure transfer of patient medical records, managing the drug supply chain, and facilitating the secure transfer of patient medical records.

However, you might be wondering how blockchain technology is now being applied in the healthcare industry.

Blockchain has a wide range of applications and functions in the healthcare industry. By facilitating the secure transfer of patient medical records and administering the ledger, blockchain technology aids healthcare experts in deciphering genetic coding.

• Blockchain is a new technology that may be used to provide novel solutions in a variety of industries, including healthcare

• Significant applications of blockchain technology in healthcare have been identified in new areas

• A blockchain network is largely effective to preserve and exchange patient data

• In the medical profession, a blockchain application can precisely identify severe faults, even dangerous ones

• Blockchain is critical in combating deceit in clinical trials in order to improve healthcare outcomes

• Leveraging Technology to Reduce Healthcare Costs

Thousands of Zimbabwean homes and patients participated in a local health survey study, according to Flexid Technologies, a blockchain business pushing the usage of digital IDs

According to the blockchain startup, it just made its digital identity solution available to 15,000 households and 50,000 patients who took part in a baseline survey in Zimbabwe. Ubuntu Clinic, a local healthcare facility, conducted the survey between 2021 and early 2022.

Flexid Technologies CEO and co-founder Victor Mapunga stated why his company opted to participate in the survey in statements published by Techzim following the release of the study findings. He stated, "We believe that leveraging the power of technology in the healthcare sector is critical in bringing down costs and, most importantly, improving patient outcomes."

The poll results, according to Mapunga, will be useful in defining his company's blockchain-enabled digital identity solution for patients and health staff not only in Zimbabwe, but also across the African continent.

Flexid Technologies' digital identity system, which is based on the Algorand blockchain, allows users to instantaneously validate a patient's medical data. Mapunga, on the other hand, suggested that storing data on the blockchain protects against common issues such as identity theft and data corruption.

Munyaradzi Chakonda, the founder and CEO of Ubuntu Clinics, said the survey results will be used in the development of a solution to lessen the risks that a lack of access to healthcare facilities poses to vulnerable groups.