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medical billing service company-Medphine



Ever since its inception in the year, 2008 with bitcoin, block-chain technology has been a creating ripple in industries, impacting everything.

So what is block-chain?

It is a chronological arrangement of write once read only data that can be shared and distributed across authorised users, but if one has to delete or alter any data, they need to seek permission from all the users. From messaging apps to banking to critical infrastructure security to education to crypto-exchanges, almost every industrial sector is disrupted by this revolutionary technology.

One such industry, on its road to being transformed by the block-chain technology, is Healthcare. Per statista report on Healthcare Block-chain adoption in healthcare application, 55 percent of healthcare applications will have adopted block-chain for commercial deployment by 2025. Although the applications are still being explored, block-chain is bound to have a considerably massive impact on how healthcare industry functions. Considered one of the most propitious medical billing and coding, Electronic Healthcare Record trends of this year, block-chain can help the healthcare industry in terms of inter-operatability and financially.

Let us have a look at how if implemented right, block-chain can enhance EHR functionality. But before that lets state some reason as to why EHR needs block-chain?

All healthcare service providers have three common concerns. How to keep the practice’s privacy intact? Medical records be it paper or electronic data are at risk of hacking or theft. Secondly, how to administer control over patient’s data, specifying who is in control of accessing, modifying and sharing electronic data. How is the sensitive and confidential information being shared? Then there is a looming concern of making information exchange more manageable and efficient. Additionally, another significant challenge for the smooth functioning of EHR is the authorization and consent of patients.

How can block-chain help Electronic Healthcare Record?

Electronic databases is in the form of bits and bytes, whose content is stored in the physical memory of a system, which can be accessed and tampered by anybody. The lack of central administer can be eliminated by blockchain cryptography. Block-chain thereby enables secure sharing of patient’s medical record and other sensitive information.

Block-chain can help in maintaining longitudinal patient records, meaning, visits, lab results, disease registry, treatment, etc., thereby enhancing the way by which patients are delivered care and treatment.

With implementing block-chain comes transparency in the medical billing and reimbursement methodology. This eliminates the back and forth between multiple parties regarding insurance coverage, which helps in alleviating medical billing related fraud.

Block-chain can facilitate inter-operability of seamless data, giving access to real-time as well as historical data. This help reducing the cost and burden of data rapprochement.

Considering block-chain works on validation, it eliminates the need for a central authority for claim adjudication. The claims can get verified automatically, as soon as a network is available. Similarly, it can also help in efficient monitoring of the supply-demand cycle.

Although block-chain has its share of controversies, it has the potential to reform and positively impact the health care system, which can not be overlooked.

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