Distributed Ledger Technology: How it Applies to Health Care
IN A NUTSHELL:
- Businesses will increasingly focus on operational matters
- Financials and health supply chain management top uses
- DLT also a possible solution for personal health records
A greater number of applications are coming to light for the use of distributed ledger technology (DLT) in the health care industry.
The Healthcare Information and Management Systems Society (HIMSS) is a nonprofit organization founded in 1961 that describes itself as being dedicated to improving health care in safety, cost-effectiveness, quality and access through uses of information technology and management systems.
The Society recently released some of its findings as to how DLT can be used in the health care industry, highlighting two promising use cases: A.) financials, insurance, and records; B.) health supply chain management.
A different report also found that during 2020, businesses will increasingly focus on operational matters, demanding adaptability for deployment and interconnectivity between networks. Experts predict many of the innovative firms will explore calculated approaches to the tokenization of digital and physical assets, supported by smart contracts and DLT.
A Frontiers in Medicine report found substantial evidence for the use of DLT as a solution for Personal Health Records (PHR), which is defined as “a health record that can be accessed, and to some extent, controlled directly by the patient to whom that record belongs and requires such interoperability in order to actually deliver the more personalized care their concept promises.” The report cited several solutions to challenges that DLT could offer to provide PHR, including privacy of information, decentralized ownership, and a strong identity.
Intiva Health’s DLT-based Ready Doc™ platform offers a health care credential management system to expedite the process from months to minutes. On average, health care workers spend 55 days credentialing a provider. With Ready Doc, the process can be cut down to a fraction of the time.
Providers can upload their credentials to the Ready Doc™ platform, allowing facility staff, managers, and CVOs to review and share the documents. The end result is spending less time on credentialing and more time with patients, boosting the quality of care and revenue for the facility.