Digitization
driven primarily by blockchain technology and Internet of Things (IoT) will
prove to be a catalyst in transforming the healthcare industry that is ripe for
innovation. The use of the digital technologies will bring down healthcare
industry's treatment expenditure by 50 per cent by 2020 from existing 70 per
cent.
Blockchain,
a peer to peer distributed ledger technology for a new generation of
transactional application, enables hospitals to decrease the cost of audits and
compliance, reduce compliance risk by ensuring increased transparency in claims
activities, put in place tamper-proof audit trails, and enhance patient data
security. This will help healthcare facilities improve patient care and make
greater profits, said Dr Sandeep Narula, professor at IIHMR University, Jaipur
.
Blockchain
technology having features like decentralization of control, high availability,
and data integrity through end-to-end encryption, facilitates safe data
exchange and transactions across the healthcare sector, encouraging precise
diagnosis and improved care at low costs, while fostering greater revenue cycle
management, he said.
IoT
is primarily sensor devices, through cloud computing people are using this
technology. It gives medical devices ability to store and share crucial
information through the use of data-capturing sensors and radio-frequency
identification (RFID).
“With
the help of IoT, a person’s data is collected throughout the care pathway which
helps diagnose the patient so they can receive the best treatment at the
earliest. It enables people to lead better lives by using connected devices
viz. tablets, wearables and hand-held devices,”
said
Dr Narula.
The
data that could be taken from a network of IoT devices will also be able to
significantly lower margins of error. It could be able to detect several health
issues, from high blood pressure to early signs of delirium thereby lowering
emergency hospitalisation. By embedding IoT-enabled devices in medical device,
doctors will be able to monitor patients more effectively – and use the data
collected from the devices to determine who needs the most hands-on attention,
he added.
Blockchain
plays a massive role in the IoT by enhancing security, enabling incorporation
of devices to be viable. It enables IoT devices to take part in transactions.
There
is a rise in volume of patient data handled by hospitals, doctors, and
insurance companies annually. Patient data comprises electronic health records,
health information exchanges, data collected from monitoring systems and IoT
devices, medical insurance claims. Blockchain technology helps verify the
integrity of patient data shared between organizations, prove the integrity of
data collected in clinical trials.
The
technology is helpful when new drugs, innovation are launched. Misuse of drugs
and overuse of drugs, insurance can be tackled through block chain technology.
It brings transparency.
Now
we are moving from healthcare to wellness market. IoT and blockchain will play
crucial role towards this. For healthcare industry 70 per cent expenditure
occurs on treatment. By 2020 we expect treatment cost will be reduced to 50 per
cent from 70 per cent. Preventive care will increase to 12 per cent by 2020
from existing 5 per cent. Diagnostics will rise from 15 per cent to 21 per
cent. Monitoring will grow to 25 per cent from 7-8 per cent. There will be
millions of healthcare monitoring devices using IoT. Today data storage costs
USD 40,000 a month. It will be come down USD 4 a month by 2020 because of cloud
computing. When patients are not well, signals can be transmitted to doctors
who rush to patients immediately and timely treatment is assured to patients.
It will reduce treatment cost dramatically, he concluded.
The article is
authored by Dr. Sandeep Narula,
Associate Professor at the
IIHMR University
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