Securing patient data is the top security concern facing the healthcare industry today. As such, you would think the healthcare industry would be first in line to implement technology that would greatly enhance it. Unfortunately, this industry tends to lag on the deployment of new IT tools. So let’s discuss blockchain utilization and how it can change the face of patient care.
The electronic protected health information (ePHI) contains patient data, information shared with insurers, and any other data related an individual’s health record. However, much of the same processes that have been used for decades are still being used, and with the major leaps in security technology and mandates issued from governments, remaining a persistent issue. The most cited reason the industry hasn’t been brought up-to-date not is the cost to develop the infrastructure and support. But a recent study found that the financial services industry could save as much as $15-$20 billion dollars a year by implementing blockchain technology. Couldn’t the Healthcare industry see the same level of savings?
As such, blockchain technology is poised to change healthcare forever. Since blockchain is an immutable and encrypted ledger technology it provides the following benefits:
- Decentralized Information – The data is not owned by a specific organization and will be readily available to those that require access.
- Superior Encryption – A patients data is secured and can’t be changed. If the patients file needs to be updated, a new node is created which amends previous information.
- Extremely Reliable – Once a patient’s data is entered, it is on the healthcare blockchain in forever. Any information about an individual’s health can be read by looking through the chains history.
- Improves transparency – It removes patient data responsibility from any organization to maintain their medical records. Allowing for all relevant parties to be on the same page and provides ready access to the patient.
Though the benefits seem to be clear, blockchain being adopted into the healthcare industry is moving at a glacial pace. We will be keeping an eye on this and provide updates as progress is made.
What do you think? Is have the ability to secure and share your healthcare information with your doctors and providers instantly and without potential bureaucratic errors? Do you think that your healthcare provider does enough to keep your health information secure? Leave your thoughts in the comments section below.
If you happen to be looking for comprehensive security solutions for your healthcare practice, contact us or give us a call at 623-312-2440.